15 Largest Defense Contractors in the World in 2022

In this article, we will look at the world’s largest defense contractor in 2022. To go through our full analysis, you can view it directly 5 the world’s largest defense contractor in 2022.

The world seems to be heading for recession, although it seems to be able to overcome the global pandemic thanks to the early development of a vaccine that saved millions of lives. Inflation has reached its highest level, and when you thought that most countries would focus on their own economy and try to make life easier for the people who live there, the geopolitical upheaval has changed this belief. In February 2022, Russia initiated an unexpected invasion of Ukraine, which eight months later, is still not close to the great losses for both parties, although the latter certainly suffered the worst, with thousands of civilians dead and major infrastructure. being destroyed by Russia. The West, to counter the growing threat of Russia, has united against it despite some disagreements, and provided weapons and assistance to Ukraine to be able to defend its territory. Regardless of who wins, the current geopolitical scenario bodes well for the defense contractor industry.

The defense industry is one of the few industries that has emerged largely untouched by the pandemic and continues to maintain modest growth in the US, while providing 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 is before a major war that will lead to greater military spending in 2022 by most Western countries. Although the industry is not affected by the pandemic, it is facing some problems especially due to the absence of workers and shortage of supply chain, after the global supply chain is facing a big challenge.

Before the Russian invasion, most of the military spending was to fight 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 fired upon by the Pakistan Army. Meanwhile, China also continues to spend massively on its military, to establish its power even though the relationship with the West continues to deteriorate and skirmished with India, its neighbor, has also happened. China, along with the United States, dominates the list of the world’s largest defense contractors.

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World's Largest Defense Contractor in 2022

World’s Largest Defense Contractor in 2022

Photo by Somchai Kongkamsri from Pexels

After the Russian invasion, Western nations’ priorities have changed significantly, returning to Cold War-style priorities; For example, both Finland and Sweden have applied for NATO membership after the invasion despite threats from Russia. Meanwhile, the United States, aware of its importance against 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 states of the European Union also did not hold back, providing important weapons and aid to Ukraine, which is the main reason why it has been able to resist the Russian invasion until now, and this increase in defense spending is beneficial to the largest. defense contractors in the world in 2022.

According to the Business Research Company, the global defense market increased from $ 475 billion in 2021 to $ 514 billion in 2022, at a CAGR of 8.2%, helped by the Russian-Ukraine war, and is expected to increase at a CAGR of 3.2% to $ 581. billion by 2026. For determine the largest defense contractor in the world in 2022, we are called Fortune 500 global list and Fortune 500 list. We then ranked each defense company based on its revenues, profits, assets and number of employees, with 40% weightage assigned to the first two criteria and 20% weightage assigned to the last two. So, let’s take a look at the companies most likely to benefit from the Russian invasion of Ukraine, starting with number 15:

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

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

Total profit (in millions of dollars): 544

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

Number of employees: 44,000

Huntington Ingalls Industries, Inc. (NYSE:HII) is the largest military shipbuilder operating in the United States and 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. (NYSE: HII ) was launched in 2011 as a spin-off from another company on our list, Northrop Grumman.

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14. Textron Inc. (NYSE:TXT)

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

Total profit (in millions of dollars): 746

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

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 Staes. Textron Inc. (NYSE:TXT) has operations in at least 25 countries. Textron Inc.

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

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

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

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

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) is a provider of night vision equipment, wireless equipment, C6ISR systems and products, and surveillance solutions. As the revenue declines in 2021, L3Harris Technologies, Inc. (NYSE: LHX ) is still able to increase its operating income.

12. China South Industries Group

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

Total profit (in millions of dollars): 737

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

Number of employees: 162,498

China South Industries Group is the first of several state-owned Chinese defense companies. This is one of the Chinese companies that was punished by Donald Trump in November 2020.

11. General Dynamics Corporation (NYS:GD)

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

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

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

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 arm’s length sales alone. While maintaining operations in more than 45 countries, General Dynamics Corporation (NYS: GD ) currently has ten subsidiaries. General Dynamics Corporation (NYS: GD ) is a supplier of various products in the defense segment including but not limited to combat vehicles, communication systems, nuclear submarines, tanks and weapon systems.

10. The Boeing Company (NYSE:BA)

Total income (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

Number of employees: 142,000

One of the two defense contractors better known globally for its commercial aircraft, The Boeing Company (NYSE: BA ) is a major American company 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 & Industry

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

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

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

Number of employees: 142,000

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

8. Northrop Grumman Corporation (NYSE: NOC)

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

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

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

Number of employees: 88,000

Northrop Grumman Corporation (NYSE: NOC ) is considered one of the largest arms producers in the world, in addition to being a major supplier of military technology as well. 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 has now been replaced by the company’s latest development, the B-21 raider.

7. China Aerospace Science & Technology

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

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

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

Number of employees: 180,521

While its primary dominance comes from being the main contractor for China’s 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 income (in millions of dollars): 55,457

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

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

Number of employees: 202,561

China Electronics Technology Group provides technology support for China’s military, including communications equipment, IT infrastructure, electronic equipment and software development.

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

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