European defense industry grew by almost 14% in 2024 — report

The European defense industry expanded by 13.8% in 2024, according to a report by the Association of Aerospace, Defence and Security Industries of Europe (ASD).

The study, which covers more than 4,000 companies, is based on analysis conducted by S&P Global Market Intelligence.

The report states that the defense sector generated €183.4 billion in turnover (+13.8% year-on-year) and created 633,000 jobs (+8.6% year-on-year), with nearly equal growth across the land, maritime, and aeronautical segments.

ASD noted that the sector’s strong growth reflects Europe’s accelerated efforts to strengthen its defense readiness and deterrence capabilities, as well as its continued support for Ukraine.

For the first time in history, Ukraine was included in SIPRI’s ranking as a full-fledged arms manufacturer. The Ukrainian Defense Industry joint-stock company was listed 52nd among the world’s 100 largest arms producers. By the end of 2024, Ukroboronprom recorded $3.01 billion in revenue and posted a growth rate of 40.7%, ranking sixth in overall growth and fourth in Europe.

• For the second year in a row, Ukraine has topped the rating of the largest arms importers in the world, and also entered the top ten countries military expenditures.