{"id":67700,"date":"2024-08-06T16:45:37","date_gmt":"2024-08-06T16:45:37","guid":{"rendered":"https:\/\/staging.sightlinemg.com\/defensenews\/uncategorized\/2024\/08\/06\/push-for-self-reliance-drives-defense-revenue-surge-among-top-100\/"},"modified":"2026-08-20T12:31:08","modified_gmt":"2026-08-20T12:31:08","slug":"push-for-self-reliance-drives-defense-revenue-surge-among-top-100","status":"publish","type":"post","link":"https:\/\/staging.sightlinemg.com\/defensenews\/top-100\/2024\/08\/06\/push-for-self-reliance-drives-defense-revenue-surge-among-top-100\/","title":{"rendered":"Push for self-reliance drives defense revenue surge among Top 100"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">A twin-engine fighter jet bearing Turkey\u2019s red and white flag on its tail <a href=\"https:\/\/x.com\/Temel_Kotil\/status\/1760248600410349873\" target=\"_blank\">coasted down a runway<\/a> at an air base near the capital Ankara in February. The aircraft \u2014 somewhat similar in style to an American F-22 or F-35 \u2014 picked up speed and lifted off.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When the fighter, <a href=\"https:\/\/www.defensenews.com\/global\/europe\/2024\/02\/21\/turkeys-fifth-generation-fighter-plane-takes-off-for-maiden-flight\/\" target=\"_blank\">dubbed Kaan<\/a>, landed 13 minutes later, a mob of revelers flooded the flight line to celebrate with hugs, applause and cheers \u2014 not only for the jet but what it represented.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Turkey had flown its first homemade prototype fighter jet, which manufacturer Turkish Aerospace Industries says will have fifth-generation stealth capabilities and the weapons capacity to rival or surpass the F-35 Joint Strike Fighter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kaan\u2019s debut came almost 13 years after Turkey began developing its own combat aircraft, and four years after the U.S. <a href=\"https:\/\/www.defensenews.com\/air\/2019\/07\/17\/turkey-officially-kicked-out-of-f-35-program\/\" target=\"_blank\">kicked Turkey out of the F-35 program<\/a> over the country\u2019s plan to buy S-400 air defense systems from Russia. That punishment <a href=\"https:\/\/www.defensenews.com\/training-sim\/2020\/10\/16\/turkey-reportedly-test-fires-s-400-air-defense-system\/\" target=\"_blank\">failed to deter Turkey <\/a>from pursuing the S-400, and instead of the F-35, the country focused on its own indigenous fighter jet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Turkey\u2019s efforts to go it alone have proved fortuitous for TAI. In <a href=\"https:\/\/people.defensenews.com\/top-100\/\" target=\"_blank\">Defense News\u2019 latest Top 100 list<\/a>, which ranks companies around the world by defense revenue, TAI jumped from 58th place to 50th as its defense revenue ballooned nearly 50% to $2.2 billion in fiscal 2023.<\/p>\n\n\n\t<aside class=\"smg-interstitial-link wp-block-smg-interstitial-link\">\n\t\t<a href=\"https:\/\/staging.sightlinemg.com\/defensenews\/top-100\/2024\/08\/06\/the-top-100-is-here-find-out-how-defense-companies-performed-in-fy23\/\" class=\"smg-interstitial-link__inner\">\n\t\t\t\t\t\t\t<div class=\"smg-interstitial-link__media\">\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"169\" src=\"https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/8-test-image-clipped.jpg.jpg?w=300\" class=\"smg-interstitial-link__image wp-post-image\" alt=\"\" \/>\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"smg-interstitial-link__content\">\n\t\t\t\t<span class=\"smg-interstitial-link__kicker\">Related<\/span>\n\t\t\t\t<h3 class=\"smg-interstitial-link__title\">The Top 100 is here: Find out how defense companies performed in FY23<\/h3>\n\t\t\t\t\t\t\t\t\t<p class=\"smg-interstitial-link__excerpt\">We reveal who\u2019s up and who\u2019s down for 2024, based on fiscal 2023 defense revenue.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/aside>\n\t\n\n\n<p class=\"wp-block-paragraph\">TAI isn\u2019t the only firm seeing rising revenues. As <a href=\"https:\/\/www.militarytimes.com\/flashpoints\/ukraine\/\" target=\"_blank\">Russia presses its invasion<\/a> of Ukraine, <a href=\"https:\/\/www.militarytimes.com\/flashpoints\/israel-palestine\/\" target=\"_blank\">Israel attacks Hamas<\/a> in the Gaza Strip, the <a href=\"https:\/\/www.militarytimes.com\/news\/your-military\/2024\/02\/12\/all-the-houthi-us-navy-incidents-in-the-middle-east-that-we-know-of\/\" target=\"_blank\">U.S. and several allies fight Yemen-based Houthi rebels<\/a>, and <a href=\"https:\/\/www.militarytimes.com\/flashpoints\/china\/\" target=\"_blank\">tension over Taiwan\u2019s independence<\/a> and <a href=\"https:\/\/www.defensenews.com\/global\/asia-pacific\/2023\/10\/23\/philippines-rethinks-military-modernization-plan-after-china-clashes\/\" target=\"_blank\">disputed territory in the South China Sea<\/a> proliferates, nations are increasing their defense spending \u2014 and businesses are seeing their revenues climb.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThere\u2019s definitely a trend there,\u201d said Stuart Dee, a European defense research leader at the think tank Rand. \u201cThis rapid and marked re-securitization with three fronts of potential geopolitical instability \u2014 Ukraine; Israel, Gaza and the Red Sea; and then Taiwan \u2014 what we\u2019re seeing all at once is a whole lot of capability backfilling going on, right across the board.\u201d<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">A piece of the pie<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Defense News each year ranks the top defense contractors for its Top 100 list, by collecting and tallying information on firms\u2019 revenues from the companies, earnings reports, analysts and other research.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mega-firms based in the U.S., such as Lockheed Martin, <a href=\"https:\/\/www.defensenews.com\/digital-show-dailies\/smd\/2024\/08\/06\/rtx-gets-478m-to-replenish-germanys-patriot-missiles-sent-to-ukraine\/\" target=\"_blank\">RTX<\/a>, Northrop Grumman, General Dynamics and <a href=\"https:\/\/www.defensenews.com\/digital-show-dailies\/smd\/2024\/08\/06\/boeing-on-track-to-break-pac-3-missile-seeker-annual-production-record\/\" target=\"_blank\">Boeing<\/a>, remain some of the largest defense companies worldwide, as reflected in this year\u2019s list. But there are signs that non-U.S. businesses are playing greater roles across the sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, Aviation Industry Corp. of China is now ranked as the second-largest defense firm in the world, behind only Lockheed Martin. The Asian business saw its defense revenue jump by 45% from FY22 to FY23.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"3300\" height=\"1950\" src=\"\/wp-content\/uploads\/2026\/08\/SHARE-OF-THE-TOP-100-LIST.jpg.jpg\" alt=\"\" class=\"wp-image-118858\" srcset=\"https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/SHARE-OF-THE-TOP-100-LIST.jpg.jpg 3300w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/SHARE-OF-THE-TOP-100-LIST.jpg.jpg?resize=300,177 300w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/SHARE-OF-THE-TOP-100-LIST.jpg.jpg?resize=768,454 768w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/SHARE-OF-THE-TOP-100-LIST.jpg.jpg?resize=1024,605 1024w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/SHARE-OF-THE-TOP-100-LIST.jpg.jpg?resize=1536,908 1536w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/SHARE-OF-THE-TOP-100-LIST.jpg.jpg?resize=2048,1210 2048w\" sizes=\"auto, (max-width: 3300px) 100vw, 3300px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Over the last five years, the worldwide defense revenue share of Asia-based companies (including those in Russia) that have made the Top 100 rankings has fluctuated, but did increase from 16% to 21% from last year\u2019s list to this latest version.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The share for U.S.-based firms also fluctuated over the last five years, but declined from 59% to 54% from last year\u2019s list to this year\u2019s iteration.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For Europe-based businesses, including Turkey and Ukraine, the defense revenue share didn\u2019t change much over the last five years. In FY23, they took up 21% of the worldwide pie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Notably, the Ukrainian Defense Industry\u2019s defense revenue, which amounted to about $651 million in FY20, has skyrocketed to $2.2 billion. The company formerly known as Ukroboronprom jumped 16 spots on the most recent Top 100 list to 49th place.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">\u2018Wartime footing\u2019<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">The rising defense revenues among Asian and European firms likely reflect \u201can enhanced understanding of security challenges in the global environment,\u201d according to Cynthia Cook, who leads a defense industry research team at the Center for Strategic and International Studies think tank.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Russia\u2019s invasion of Ukraine pushed NATO members to spend more on military efforts, she told Defense News.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2014, the year Russia annexed Crimea from Ukraine, <a href=\"https:\/\/www.nato.int\/nato_static_fl2014\/assets\/pdf\/2024\/3\/pdf\/sgar23-en.pdf\" target=\"_blank\">just three NATO allies met guidelines<\/a> to spend at least 2% of their respective gross domestic products on defense; that number is <a href=\"https:\/\/www.nato.int\/cps\/en\/natohq\/opinions_227108.htm\" target=\"_blank\">expected<\/a> to reach 23 this year, according to the alliance, which based its findings on 2015 rates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And NATO Secretary General Jens Stoltenberg said in February that European members will spend a <a href=\"https:\/\/www.nato.int\/cps\/en\/natohq\/opinions_222605.htm\" target=\"_blank\">cumulative $380 billion<\/a> on defense this year, reaching a new record. In comparison, using the same rates, European allies spent $250 billion in 2014.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"8256\" height=\"5504\" src=\"\/wp-content\/uploads\/2026\/08\/GettyImages-1245407903.jpg.jpg\" alt=\"\" class=\"wp-image-117703\" srcset=\"https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/GettyImages-1245407903.jpg.jpg 8256w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/GettyImages-1245407903.jpg.jpg?resize=300,200 300w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/GettyImages-1245407903.jpg.jpg?resize=768,512 768w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/GettyImages-1245407903.jpg.jpg?resize=1024,683 1024w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/GettyImages-1245407903.jpg.jpg?resize=1536,1024 1536w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/GettyImages-1245407903.jpg.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 8256px) 100vw, 8256px\" \/><figcaption class=\"wp-element-caption\">From left, then-Polish Defence Minister Mariusz Blaszczak looks at tanks with a South Korean official and Polish President Andrzej Duda on Dec. 6, 2022. (Mateusz Slodkowski\/AFP via Getty)<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe increase in spending and the growth of European defense contractors is an important start for the rebuilding of their industrial base, which will be necessary in any future conflict,\u201d Cook said. \u201cEuropean nations, especially places like Poland, are looking to the right \u2014 to the Russian threat on their immediate border. And [Russian President Vladimir] Putin has not ever said anything like: \u2018Well, we\u2019re just going to take over Ukraine and then sit tight.\u2019 He\u2019s pretty bold in his territorial ambitions. He\u2019d like to do a Soviet reunion.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And in Asia, Cook noted, Japan and South Korea are increasing their defense spending in light of potential threats from China and North Korea.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cChina\u2019s industrial base is on a wartime footing if you look at things like how many ships they\u2019re producing and so forth,\u201d she said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But it\u2019s not just American allies investing in defense, she added. After initial setbacks in Ukraine, Russia has poured money into <a href=\"https:\/\/www.defensenews.com\/pentagon\/2024\/04\/03\/russian-military-almost-completely-reconstituted-us-official-says\/\" target=\"_blank\">reconstituting its military<\/a> \u2014 with success that <a href=\"https:\/\/www.defensenews.com\/global\/europe\/2024\/05\/21\/theyve-grown-back-how-russia-surprised-the-west-and-rebuilt-its-force\/\" target=\"_blank\">surprised some Western observers<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cRussia has ramped up its production,\u201d U.S. Defense Secretary Lloyd Austin said in April. \u201cAll of their defense industry really answers directly to the state, so it\u2019s easier for them to do that a bit quicker.\u201d<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Shopping local<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Global military spending has skyrocketed in recent years, reaching a record $2.4 trillion in 2023, according to an <a href=\"https:\/\/www.sipri.org\/publications\/2024\/sipri-fact-sheets\/trends-world-military-expenditure-2023\" target=\"_blank\">April report<\/a> from the Stockholm International Peace Research Institute. That was the ninth straight year in which defense spending increased.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cDefense spending is up,\u201d Rand\u2019s Dee said. \u201cBut at the same time, what that is being spent on is increasingly national supply chains [and] local champions\u201d so nations can be more self-reliant.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Take Turkey, for example. In the past, he said, the country would have bought more off-the-shelf military equipment from foreign providers, primarily from the U.S. But as Turkish President Recep Tayyip Erdo\u011fan\u2019s administration pivots away from dependence on the U.S. as a supplier, the nation has invested more into its domestic industrial base, Dee added.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is resulting in Turkey taking a \u201cquite interesting hedged relationship\u201d with the U.S. when it comes to military imports, he said. Turkey still <a href=\"https:\/\/www.defensenews.com\/top-100\/2020\/08\/17\/turkish-industry-prospers-but-foreign-relations-are-limiting-its-potential\/\" target=\"_blank\">relies on foreign military sales<\/a> for much of its \u201cbread and butter\u201d military capabilities, he added, while also investing in next-generation capabilities with <a href=\"https:\/\/www.defensenews.com\/top-100\/2022\/08\/08\/turkeys-defense-industry-eyes-export-expansion-as-government-navigates-geopolitical-stage\/\" target=\"_blank\">an eye on exports<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIf you went back 10 years ago, Turkey was an outright defense capability importer,\u201d Dee said. \u201cYou\u2019re starting to actually see Turkey transition to being a defense exporter for the first time.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Five Turkish firms made the 2024 list, with Dee specifically pointing to TAI and the missile manufacturer Roketsan as notable examples of local growth. The latter jumped from 80th place on the list to 71st.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And while drone maker Baykar did not respond to Defense News\u2019 requests for data, nor did it publicly share revenue figures by press time, the company touts its abilities as an exporter to 34 nations \u2014 including Ukraine, whose use of the Bayraktar TB2 drone was an <a href=\"https:\/\/www.defensenews.com\/global\/europe\/2023\/10\/31\/are-the-once-vaunted-bayraktar-drones-losing-their-shine-in-ukraine\/\" target=\"_blank\">early success story<\/a> in its war against Russia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A similar pattern is playing out in the United Kingdom, Dee noted. While the U.K. military flies Boeing and Lockheed Martin aircraft, such as Chinook helicopters and F-35s, its <a href=\"https:\/\/www.defensenews.com\/global\/europe\/2023\/09\/11\/uk-italy-japan-companies-eye-novel-sensor-mix-for-gcap-warplane\/\" target=\"_blank\">sixth-generation fighter program<\/a>, dubbed Tempest, is largely a British effort.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"5880\" height=\"2900\" src=\"\/wp-content\/uploads\/2026\/08\/Press-Image-GCAP-Tempest-ISANKEICS-latest-shape-platform-concept-DSEI-2023.jpg.jpg\" alt=\"\" class=\"wp-image-117874\" srcset=\"https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/Press-Image-GCAP-Tempest-ISANKEICS-latest-shape-platform-concept-DSEI-2023.jpg.jpg 5880w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/Press-Image-GCAP-Tempest-ISANKEICS-latest-shape-platform-concept-DSEI-2023.jpg.jpg?resize=300,148 300w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/Press-Image-GCAP-Tempest-ISANKEICS-latest-shape-platform-concept-DSEI-2023.jpg.jpg?resize=768,379 768w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/Press-Image-GCAP-Tempest-ISANKEICS-latest-shape-platform-concept-DSEI-2023.jpg.jpg?resize=1024,505 1024w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/Press-Image-GCAP-Tempest-ISANKEICS-latest-shape-platform-concept-DSEI-2023.jpg.jpg?resize=1536,758 1536w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/Press-Image-GCAP-Tempest-ISANKEICS-latest-shape-platform-concept-DSEI-2023.jpg.jpg?resize=2048,1010 2048w\" sizes=\"auto, (max-width: 5880px) 100vw, 5880px\" \/><figcaption class=\"wp-element-caption\">The envisioned Global Combat Air Program fighter, dubbed Tempest, will boast next-gen sensing and data-processing features. (Leonardo)<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">U.K.-based BAE Systems is taking the lead among industry participants, which also include MBDA, Rolls-Royce and Leonardo. BAE Systems landed at the 7th spot on the Top 100 list; Rolls-Royce the 23rd; and Leonardo the 14th.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cA lot of the [British] next-generation capability investment across the board is going to \u2026 developing indigenous capability, which is directly benefiting BAE Systems, Rolls-Royce, as examples,\u201d Dee said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For its part, South Korea\u2019s industrial base has always been robust, Cook said, and is also a <a href=\"https:\/\/www.defensenews.com\/digital-show-dailies\/ausa\/2022\/10\/11\/south-koreas-status-as-rising-defense-player-on-display-at-ausa\/\" target=\"_blank\">notable exporter<\/a> of military equipment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2022, <a href=\"https:\/\/www.defensenews.com\/global\/europe\/2024\/04\/25\/poland-to-spend-29-billion-on-missile-equipment-from-south-korea-us\/\" target=\"_blank\">Poland struck<\/a> a $5.8 billion deal to buy Korea Aerospace Industries-made fighter jets, tanks from Hyundai Rotem Co., and howitzers and vehicles from Hanwha Defense. Also in that year, South Korean President Yoon Suk Yeol pledged to make his nation one of the top weapons suppliers in the world.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Three South Korean firms made the list, with Hanwha ranked in 19th place; LIG Nex1 in 58th; and Hyundai Motor Co., of which Hyundai Rotem is an affiliate, in 73rd.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And it\u2019s not only local economic and military issues that are driving further globalization of the defense market. <a href=\"https:\/\/www.defensenews.com\/congress\/budget\/2024\/06\/05\/defense-spending-bill-forces-israel-arms-transfers-nixes-ukraine-aid\/\" target=\"_blank\">Political turmoil in Washington<\/a>, which for months stalled U.S. rearming of Ukraine, jolted some European allies into investing more in their own defense industries, according to Saab CEO Micael Johansson.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Johansson in February described America\u2019s wavering on Ukrainian support as \u201cquite scary to see,\u201d adding that Europe must fill any gaps. He called for European governments to make long-term financial commitments with local defense firms to build new production sites and capacity \u2014 and not let indigenous capabilities wither, as occurred after the Cold War.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI am prepared to take risk, but it has to be in some sort of handshake with governments if I\u2019m going to do more in terms of new sites, high capacity,\u201d Johansson said. \u201cWe can\u2019t afford to dismantle things once more.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Saab\u2019s defense revenue grew 18% in FY23 to nearly $4.4 billion, bolstered by a $102 million deal with Boeing to build fuselages for the T-7 trainer aircraft and a $1.2 billion contract to an undisclosed customer to provide Carl-Gustaf recoilless rifles. The Swedish firm made the Top 100 list at 29th place.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In nearby Norway, Kongsberg\u2019s defense revenue jumped 23% to $1.7 billion in FY23. The company, which ranked 59th, builds National Advanced Surface-to-Air Missile Systems, which have been <a href=\"https:\/\/www.defensenews.com\/global\/europe\/2023\/12\/13\/norway-to-provide-more-air-defense-systems-to-ukraine\/\" target=\"_blank\">sold or donated to Ukraine<\/a> to bolster its defense against Russia.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"4096\" height=\"2730\" src=\"\/wp-content\/uploads\/2026\/08\/7795424.jpg.jpg\" alt=\"\" class=\"wp-image-118859\" srcset=\"https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/7795424.jpg.jpg 4096w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/7795424.jpg.jpg?resize=300,200 300w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/7795424.jpg.jpg?resize=768,512 768w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/7795424.jpg.jpg?resize=1024,683 1024w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/7795424.jpg.jpg?resize=1536,1024 1536w, https:\/\/staging.sightlinemg.com\/wp-content\/uploads\/2026\/08\/7795424.jpg.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 4096px) 100vw, 4096px\" \/><figcaption class=\"wp-element-caption\">The Norwegian Army fires a National Advanced Surface-to-Air Missile System against a simulated threat during a 2023 exercise. (Royal Norwegian Navy)<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A worldwide defense industry that relies less on U.S. firms could be an overall positive development \u2014 even for American companies, Dee said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The defense-industrial base, while vast, only has so much capacity. For instance, the sector has struggled to produce munitions, such as 155mm shells, at the rate of demand. And so, more companies serving as major players can lead to more capacity, he explained, and more competition.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe relative lack of competition in the defense market is one of the primary causes that is often pointed out for consistent cost overruns,\u201d Dee said. \u201cMore competition, within the confines of export control capacity, is a good thing.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But a more globalized defense-industrial base could create problems if systems and ammunition created in different countries can\u2019t function well together, Cook noted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe want systems to interoperate, and we want ammunition made in one country to fit into the systems of others,\u201d she said. \u201cThat is just hard. You have to set joint requirements, you have to set standards. What do you do with the older systems that may require specific ammo? Do you retrofit them? There\u2019s a lot of questions to think about.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Asian and European defense companies in the Top 100 list of highest revenue drivers are growing faster than those based in the United 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