15 Largest Defense Contractors in the World in 2022

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

The world appears to be heading into recession, despite seemingly overcoming the global pandemic due to the early development of a vaccine that has saved millions of lives. Inflation has reached record highs, and while you might think that most countries would be focused on their own economies and trying to make life easier for the people living in them, geopolitical upheavals make a mockery of this belief. In February 2022, Russia launched an unprovoked invasion of Ukraine, which, eight months later, is still far from over with heavy losses on both sides, although Ukraine has definitely suffered the worst of it, with thousands of civilians dead and major infrastructure destroyed. from Russia. The West, to counter the growing Russian threat, has united against it despite some disagreements, supplying weapons and aid to Ukraine so it can defend its territory. Regardless of who emerges victorious, the current geopolitical scenario bodes well for the defense industry.

The defense industry is one of the few industries that has emerged largely unscathed from the pandemic and has continued to maintain modest growth in the US while delivering significant growth in Europe, the PwC report said. 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 the major war that led to significantly higher military spending in 2022 than 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 of the military spending was on the fight against terrorism, especially in the US and Europe. For other countries like India and Pakistan, military spending is to ensure preparedness amid rising tensions between the two countries, especially after the Indian Air Force breached Pakistani territory and was shot down by the Pakistan Army. Meanwhile, China has also continued to spend massively on its military to establish its power, even as relations with the West continue to deteriorate and there are skirmishes with India, its neighbor. China, along 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 changed significantly, reverting more to Cold War-style priorities; for example, both Finland and Sweden applied for NATO membership after the invasion despite threats from Russia. Meanwhile, the United States, realizing the importance of countering Russian aggression, has pledged at least $16.9 billion to Ukraine since January 2021, of which $16.2 billion has been secured since the February invasion. The member states of the European Union are also not holding back, providing important weapons and aid to Ukraine, which is the main reason why it has been able to resist the Russian invasion to this extent so far, and this increase in defense spending is benefiting the world’s largest defense contractors in 2022.

According to the business research firm, the global defense market grew from $475 billion in 2021 to $514 billion in 2022, at a CAGR of 8.2%, helped by the war in Russia and Ukraine, and is expected to grow at a CAGR of 3 .2% to $581 billion by 2026. To determine the world’s largest defense contractors in 2022, we called the global Fortune 500 list and the Fortune 500 list. We then ranked each defense company based on its revenue, profits, assets and number of employees, with 40% weighting assigned to the first two criteria and 20% weightage was assigned to the last two. So let’s take a look at the companies most likely to benefit from Russia’s invasion of 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 number of 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 to the defense sector. Responsible for more ships than any other shipbuilder in the history of the US Navy, Huntington Ingalls Industries, Inc. (NYSE:HII) was launched in 2011 as a spin-off of 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 number of employees: 33,000

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

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

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

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

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

Total number of employees: 47,000

L3Harris Technologies, Inc. (NYSE:LHX) was formed in 2019 through the merger of L3 Technologies and Harris Corporation. Among the products offered by L3Harris Technologies, Inc. (NYSE:LHX) are night vision equipment, wireless equipment, C6ISR systems and products, and surveillance solutions. As its earnings decline in 2021, L3Harris Technologies, Inc. (NYSE:LHX) still managed to improve its operating income.

12. China South 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 that were sanctioned by Donald Trump in November 2020.

11. General Dynamics Corporation (NYS:GD)

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

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

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

Total number of employees: 103,100

According to the Stockholm International Peace Research Institute, General Dynamics Corporation (NYS:GD) was the world’s fifth largest defense contractor in 2020 by arms sales alone. While maintaining operations in over 45 countries, General Dynamics Corporation (NYS:GD) currently has ten subsidiaries. General Dynamics Corporation (NYS:GD) is a supplier of several products in the defense segment, including but not limited to combat vehicles, communications systems, nuclear-powered submarines, tanks, and weapons systems.

10. The Boeing Company (NYSE:BA)

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

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

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

Total number of 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 to the United States by dollar value. The Boeing Company (NYSE:BA) manufactures 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 number of employees: 142,000

All of China’s entries on the list of the world’s largest contractors are state-owned companies engaged in the production of strategic and tactical missiles, in addition to land-based investments. It is said to be the largest rocket manufacturer 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 number of employees: 88,000

Northrop Grumman Corporation (NYSE:NOC) is considered among the world’s largest arms manufacturers, as well as a major supplier of military technology. Northrop Grumman Corporation (NYSE:NOC) has won the Collier Trophy 8 times. Northrop Grumman Corporation (NYSE:NOC) is known for producing the world’s only known stealth bomber, which is now being replaced 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 earnings (in millions of dollars): 3,099

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

Total number of employees: 180,521

Although its primary dominance comes from being the prime contractor for China’s space program, it also manufactures strategic and tactical missiles as well as land-based equipment.

6. China Electronics Technology Group

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

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

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

Total number of employees: 202,561

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

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

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