15 Largest Defense Contractors in the World in 2022

In this article, we will look at the the largest defense contractors in the world in 2022. To skip our detailed analysis, you can go directly to see the 5 the largest defense contractors in the world in 2022.

The world appears to be heading for recession, although it is apparently able to overcome a global pandemic due to the early development of a vaccine that saved millions of lives. Inflation has reached record levels, and while you might think that most countries would focus on their own economies and try to ease the lives of the people who live in them, geopolitical upheaval has made a mockery of this belief. In February 2022, Russia launched an unprovoked invasion of Ukraine, which eight months later is still no closer to an end with heavy losses for both sides, although the latter has definitely suffered the worst of it, with thousands of civilians dying and major infrastructure. was destroyed by Russia. The West, to counter the growing Russian threat, has united against it despite some disagreements, and has provided weapons and aid to Ukraine to be able to defend its territory. Regardless of who emerges victorious, the current geopolitical scenario bodes quite well for the defense contractor industry.

The defense industry is one of the few industries that has emerged largely unscathed from the pandemic and has continued to maintain moderate growth in the US, while achieving significant growth in Europe, according to a report by PwC. According to the Stockholm International Peace Research Institute, global military spending set a new record of $2.1 trillion in 2021, and remember, this was before a major war that has led to significantly higher military spending in 2022 by most Western countries. Although the industry was not greatly affected by the pandemic, it faced some problems especially due to the absence of workers and supply chain shortages, after the global supply chain faced significant challenges.

Before the Russian invasion, most military spending was to counter terrorism, especially in the United States and Europe. For other countries such as India and Pakistan, military spending is to ensure preparedness amid rising tensions between the two countries, especially after the Indian Air Force violated Pakistani territory and was shot down by the Pakistan Army. Meanwhile, China has also continued to spend enormously on its military, to establish its power even as the relationship with the West continues to deteriorate and spat with India, its neighbour, as well. China, together with the United States, dominates the list of the largest defense contractors in the world.

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The World's Largest Defense Contractors in 2022

The World’s Largest Defense Contractors in 2022

Photo by Somchai Kongkamsri from Pexels

After the invasion of Russia, the priorities of Western nations have changed significantly, returning more to Cold War style priorities; for example, Finland and Sweden have applied for NATO membership after the invasion despite threats from Russia. Meanwhile, the United States, realizing the importance of deterring Russian aggression, has pledged at least $16.9 billion to Ukraine since January 2021, of which $16.2 billion has been provided after the invasion in February. The member countries of the European Union have not held back either, providing important weapons and support to Ukraine, which is a big reason why it has been able to resist the Russian invasion to this extent so far, and it’ This increase in defense spending will benefit the largest defense contractors in the world in 2022.

According to the Business Research Company, the global defense market grew from $475 billion in 2021 to $514 billion in 2022, at a CAGR of 8.2%, helped by the Russia Ukraine war, and is expected to increase at a CAGR of 3.2% to $581 billion by 2026. To determine the largest defense contractors in the world in 2022, we consulted the global Fortune 500 list and the Fortune 500 list. We then ranked each defense company based on its revenue, profit, assets and number of employees, with a weighting of 40% is assigned to the first two criteria and a weighting of 20% is assigned to the last two. So, let’s look at the companies most likely to benefit from a Russian attack on Ukraine, starting with number 15:

15. Huntington Ingalls Industries, Inc. (NYSE:HII)

Total revenue (in millions of dollars): 9,524

Total profit (in millions of dollars): 544

Total assets (in millions of dollars): 10,627

Total employees: 44,000

Huntington Ingalls Industries, Inc. (NYSE:HII) is the largest military shipbuilding company operating in the United States and also provides additional professional services in the defense sector. Responsible for more ships than any other shipbuilder in the history of the US Navy, Huntington Ingalls Industries, Inc. was launched. (NYSE:HII) in 2011 as a spinoff from another company on our list, Northrop Grumman.

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14. Textron Inc. (NYSE:TXT)

Total revenue (in millions of dollars): 12,382

Total profit (in millions of dollars): 746

Total assets (in millions of dollars): 15,827

Total employees: 33,000

Textron Inc. was founded. (NYSE:TXT) started as a textile company about a century ago but is now a major defense company in the United Staes. Textron Inc. has (NYSE:TXT) operations in at least 25 countries. Textron Inc.

13. L3Harris Technologies, Inc. (NYSE:LHX)

Total revenue (in millions of dollars): 17,814

Total profit (in millions of dollars): 1,846

Total assets (in millions of dollars): 34,709

Total employees: 47,000

L3Harris Technologies, Inc. was formed. (NYSE:LHX) in 2019 through the merger of L3 Technologies and Harris Corporation. Among the products offered by L3Harris Technologies, Inc. (NYSE:LHX) is night vision equipment, wireless equipment, C6ISR systems and products, and surveillance solutions. While its revenue declines in 2021, L3Harris Technologies, Inc. (NYSE:LHX) has continued to improve its operating income.

12. South China Industries Group

Total revenue (in millions of dollars): 44,374

Total profit (in millions of dollars): 737

Total assets (in millions of dollars): 61,762

Total number of employees: 162,498

China South Industries Group is the first of several state-owned Chinese defense companies. It is among the Chinese companies approved by Donald Trump in November 2020.

11. General Dynamics Corporation (NYS:GD)

Total revenue (in millions of dollars): 38,469

Total profit (in millions of dollars): 3,257

Total assets (in millions of dollars): 50,073

Total employees: 103,100

According to the Stockholm International Peace Research Institute, General Dynamics Corporation (NYS: GD ) was the fifth largest defense contractor in the world in 2020 by arms sales alone. Conducting operations in over 45 countries, General Dynamics Corporation (NYS: GD) currently has ten subsidiaries. General Dynamics Corporation (NYS: GD) supplies several products in the defense segment including but not limited to combat vehicles, communications systems, nuclear submarines, tanks and weapon systems.

10. The Boeing Company (NYSE:BA)

Total revenue (in millions of dollars): 62,286

Total profit (in millions of dollars): -4,202

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Total assets (in millions of dollars): 138,522

Total employees: 142,000

One of two defense contractors better known globally for their commercial aircraft, The Boeing Company (NYSE:BA) is a major American corporation and the largest exporter in the United States in terms of dollar value. The Boeing Company (NYSE:BA) is involved in the production of satellites, spacecraft and military aircraft.

9. China Aerospace Science and Industry

Total revenue (in millions of dollars): 40,856

Total profit (in millions of dollars): -4,202

Total assets (in millions of dollars): 138,522

Total employees: 142,000

All of China’s entries in the list of the world’s largest contractors are state-owned companies involved in the production of strategic and tactical missiles, as well as land investment. It is said to be the largest producer of missiles in China.

8. Northrop Grumman Corporation (NYSE:NOC)

Total revenue (in millions of dollars): 35,667

Total profit (in millions of dollars): 7,005

Total assets (in millions of dollars): 42,579

Total employees: 88,000

Northrop Grumman Corporation (NYSE: NOC ) is considered to be among the largest arms producers in the world, as well as being a major military technology provider as well. Northrop Grumman Corporation (NYSE: NOC) has won the Miners Trophy 8 times. Northrop Grumman Corporation (NYSE: NOC ) is known for producing the world’s only known stealth bomber, now superseded by the company’s latest development, the B-21 Raider.

7. China Aerospace Science and Technology

Total revenue (in millions of dollars): 43,420

Total profit (in millions of dollars): 3,099

Total assets (in millions of dollars): 95,825

Total employees: 180,521

Although its main dominance comes from being the main contractor for the Chinese space program, it is also involved in the production of strategic and tactical missiles, as well as ground equipment.

6. China Electronics Technology Group

Total revenue (in millions of dollars): 55,457

Total profit (in millions of dollars): 2,152

Total assets (in millions of dollars): 85,806

Total employees: 202,561

The China Electronics Technology Group provides technological support to the Chinese military, including communications equipment, IT infrastructure, electronic equipment and software development.

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Disclosure: None. 15 the largest defense contractors in the world in 2022 was originally published at Insider Monkey.

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