Top 20 Defense and Aerospace companies in the world in 2024

In this article, we research and list the top 20 Defense and Aerospace companies and brands. The article has as many latest statistics as possible. The aviation industry is becoming increasingly competitive as more people travel for business. Naturally this creates healthy competition in the business. Let us look at the top brands.

The List of Top 20 Defense and Aerospace Companies in the World in 2024

1. Lockheed Martin

• Origin Country: United States of America
• Merger: Lockheed Corporation and Martin Marietta
• Established: 15th March 1995
• Headquarters: Bethesda, Maryland, USA
• Employees: 117,000 (31st December 2022)
• Revenue (TTM):  $16.693B (quarter ending June 30, 2023)
• Net Income (TTM): $1.681B (quarter ending June 30, 2023)
• Market cap: $112.25B (August 04, 2023)
• Total Assets: $56.978B (quarter ending June 30, 2023)

Lockheed Martin is a leading global security and aerospace company. Lockheed Martin delivers innovative solutions to the world’s toughest challenges. They solve complex challenges, advance scientific discovery, and deliver innovative solutions that help their customers keep people safe. They also provide energy management solutions.

Lockheed Martin has over 370 facilities and 13,300 active suppliers. They have headquarters located in Bethesda, Maryland, USA. The majority of their business is with the U.S. Department of Defense and U.S. federal government agencies. They also have international government and commercial sales. As of January 2022, Lockheed Martin employs approximately 115,000 employees worldwide, including about 60,000 engineers and scientists.

Its product portfolio includes combat aircraft, ATC systems, robotic systems, satellites, spacecraft, radar technologies and ballistic missiles etc. Its Upcoming project includes the F-35 Lightning II and the development of technology solutions for AFSSS replacement.

2. Airbus

• Origin Country: Europe
• Founder: Roger Beteille, Henri Ziegler, Felix Kracht and Franz Josef Strauss
• Established: 18th December 1970
• Headquarters: Leiden, Netherlands
• Employees: 135,250 (2022)
• Revenue: $12.626B (quarter ending March 31, 2023)
• Net Income: $0.500B (quarter ending March 31, 2023)
• Total Equity: $10.0 billion Euros (2022)
• Market Value: $112.62B (August 04, 2023)

Airbus is a company that designs, manufactures, and delivers aerospace products, services, and solutions to customers on a worldwide scale. The company offers a diverse and innovative product line of aircraft, including commercial jetliners, freighters, and military aircraft. Airbus is committed to pioneering sustainable aerospace for a safe and united world. The company’s values are customer focus, integrity, respect, creativity, reliability, and teamwork.

Airbus offers a range of key documents on its website, including company presentations, commercial aircraft documents, product backgrounders, customer lists, and Airbus Defence & Space documents. The company also provides aircraft and services to meet the needs of any airline while leading commercial aviation’s transition to a more sustainable future.

3. Raytheon Technologies

• Origin Country: United States
• Founders: Thomas J. Kelly, Harry Gray, and Dean K. Woolridge
• Established: 4th April 2020
• Headquarters: Waltham, Massachusetts, USA
• Employees: 164,000 (2022)
• Revenue: $18.315B (quarter ending June 30, 2023)
• Net Income:  $1.327B (quarter ending June 30, 2023)
• Total Equity: $72.3 billion USD (2022)
• Market Value: $123.06B (August 04, 2023)

Raytheon Technologies Corporation is an American multinational aerospace and defense conglomerate headquartered in Arlington, Virginia. The company serves customers in the commercial aerospace and defense industries and has four industry-leading businesses: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense.

In 2022, Raytheon Technologies Corporation achieved $86 billion in new awards and ended the year with a total backlog of $175 billion. The company reported solid full-year results with strong free cash flow that exceeded expectations. Raytheon Technologies Corporation is committed to diversity, equity, and inclusion, and has a multi-year plan to create meaningful, measurable progress across the company and beyond.

4. Boeing

• Origin Country: United States of America
• Founder: William E Boeing
• Founded: 1916
• Headquarters: Chicago, USA
• Employees: 136,000 (March 2023)
• Revenue: $19.751B (quarter ending June 30, 2023)
• Net Income: $-0.149B (quarter ending June 30, 2023)
• Total Assets: $134.774B (quarter ending June 30, 2023)
• Market Value: $139.18B (August 04, 2023)

Boeing is a leading global aerospace company that develops, manufactures, and services commercial airplanes, defense products, and space systems.. The company leverages the talents of a global supplier base to advance economic opportunity, sustainability, and community impact. Boeing has a long tradition of aerospace leadership and innovation, and continues to expand its product line and services to meet emerging customer needs.

Boeing Commercial Airplanes is committed to being the leader in commercial aviation by offering airplanes and services that deliver superior design, efficiency, and value to customers around the world. There are more than 10,000 Boeing commercial jetliners in service, flying passengers and freight more efficiently than competing models in the market. Boeing people are at the heart of the company’s tradition of leadership and innovation, serving customers in 150 countries by delivering top quality technical and professional services through organizations that bring to bear “the best of Boeing” every day.

Boeing employs more than 60,000 people worldwide. The company’s innovations enable all of humanity to take flight, and it is committed to investing in employees and the communities they call home.

5. General Dynamics

• Origin Country: United States of America
• Founder: John Philip Holland
• Founded: 7th February 1899
• Headquarters: Reston, Virginia, USA
• Employees: 115,000 (2022)
• Revenue:  $10.152B (quarter ending June 30, 2023)
• Net Income:  $0.744B (for the quarter ending June 30, 2023)
• Total Assets: $52.556B (quarter ending June 30, 2023)
• Market Value: $61.16B (August 04, 2023)

General Dynamics is a global aerospace and defense company that has been serving the aerospace and defense communities for nearly 70 years . They offer a broad portfolio of products and services in various sectors, including: Business Aviation, Combat Vehicles, Weapons Systems and Munitions, IT and C4ISR Solutions, Shipbuilding and Ship Repair.

General Dynamics employs thousands of people across the globe, with locations in more than 45 countries. They prioritize leadership and rely on the skills and knowledge of their employees to deliver high-quality products and services.

6. Northrop Grumman Corporation

• Origin Country: United States of America
• Founded: 1994
• Headquarters: Virginia, USA
• Employees: 101,000 (2022)
• Revenue: $9.576B (quarter ending June 30, 2023)
• Net Income: $0.812B (quarter ending June 30, 2023)
• Total Assets: $45.609B (quarter ending June 30, 2023)
• Market Value: $66.35B (August 04, 2023)

Northrop Grumman Corporation is a pioneering company that designs, develops, builds, and supports some of the world’s most advanced products in space, aeronautics, defense, and cyberspace. The company has over 95,000 employees who use science, technology, and engineering to create and deliver advanced systems, products, and services. Northrop Grumman has protected U.S. forces and allies for decades by designing, developing, and delivering weapons of increasing complexity and capabilities for expanded missions and domains.

Northrop Grumman is headquartered in Falls Church, Virginia, USA, and has more than 550 facilities in all 50 U.S. states and in more than 25 countries around the world. The company has a global presence and focuses on countries such as Australia, the United Kingdom, Japan, South Korea, and the Middle East.

 

7. BAE Systems

• Origin Country: United Kingdom
• Founded: 30th November 1999
• Headquarters: London and Farnborough, UK
• Employees: 87,000 (2022)
• Revenue : £11.0bn (for the half year ending 2023)
• Net Income (TTM): $1.8 billion USD (for the year ending 31st March 2023)
• Total Assets: £30.2 billion (GBP) (June 2022)
• Market Value: £26.4 billion (GBP) (1st January 2023)

BAE Systems is a British multinational arms, security, and aerospace company based in London, England. It is the largest defense contractor in Europe.  Its largest operations are in the United Kingdom and the United States, where its BAE Systems Inc. subsidiary is one of the six largest suppliers to the US Department of Defense. BAE Systems Inc. is headquartered in Falls Church, Virginia, and maintains operating locations in 38 states, with especially large concentrations in the Northeastern and Southeastern regions of the US.

BAE Systems provides advanced, technology-led defense, aerospace, and security solutions. Its major business lines include electronic warfare, sensing and communications equipment, armored vehicles, artillery systems, naval guns and naval ship repair, and cybersecurity and intelligence services.

The company offers the full spectrum of support, from engineering services to information management to commercial, financial, and human resource services.BAE Systems employs a skilled workforce of over 85,000 people in more than 40 countries.

8. Thales Group

• Origin Country: France
• Founder: Denis Ranque
• Founded: 6th December 2000
• Headquarters: Paris, France
• Employees: 84,000
• Revenue (TTM): $24.2 billion USD (for the year ending 31st March 2023)
• Net Income: €649 million (first half of 2023)
• Total Assets: €30.3 billion (Euros) (June 2022)
• Market Value: €24.3 billion (Euros) (1st January 2023)
• Annual Operating Income: €1.05 billion (Euros) (2022)

Thales Group is a French multinational company that designs, develops, and manufactures electrical systems, devices, and equipment for the aerospace, defense, transportation, and security sectors. The company is headquartered in Paris and has more than 77,000 employees on five continents. Thales is investing in digital and “deep tech” innovations such as Big Data, artificial intelligence, connectivity, cybersecurity, and quantum technology to build a future that we can all trust.

Thales provides solutions, services, and products to help its customers – companies, organizations, and governments – to carry out their critical missions in the markets of defense and security, aerospace and space, digital identity and security, and transport. In the United States, Thales provides critical technologies for aviation, digital identity and security, defense, transportation, and space.

9. Safran S.A.

• Origin Country: France
• Founded: 2005
• Headquarters: Paris, France
• Employees: 90,000 (2022)
• Revenue: €10,945 million (first half of 2023)
• Market Value: €63.4 billion (Euros) (1st January 2023)
• Net Income (TTM): $637 million USD (for the year ending 31st March 2023)
• Total Assets: €38.2 billion (Euros) (June 2022)

Safran S.A. is an international high-technology group that operates in the aviation, defense, and space markets. The company designs, develops, and manufactures aircraft engines, rocket engines, and various aerospace and defense-related equipment or their components.

Safran offers a wide range of products and services for the aviation industry, including propulsion, equipment, and interiors for airplanes and helicopters. The company also provides maintenance, repair, and overhaul (MRO) services tailored to the quality, cost, and turnaround requirements in a highly competitive market.

Safran has several subsidiaries, including Safran Aero Boosters, Safran Aerosystems, Safran Aircraft Engines, Safran Cabin, Safran Ceramics, Safran Electrical & Power, Safran Electronics & Defense, Safran Helicopter Engines, Safran Landing Systems, Safran Nacelles, Safran Passenger Solutions, Safran Seats, Safran Transmission Systems, and ArianeGroup (50% ownership) .

10. Leonardo SpA

• Origin Country: Italy
• Founded: 1948
• Headquarters: Rome, Italy
• Employees: 51,392 (2022)
• Revenue:  $15.5B (first quarter of 2023)
• Net Income (TTM): $300 million USD (for the year ending 31st March 2023)
• Market Value: €5.5 billion (Euros) (1st January 2023)
• Annual Operating Income: €646 million (Euros) (2022)

Leonardo S.p.A. is an Italian multinational company that specializes in aerospace, defense, and security. The company was founded in 1948 as Finmeccanica and changed its name to Leonardo S.p.A. in 2017 after the Italian inventor Leonardo da Vinci. The company is headquartered in Rome, Italy, and has 180 sites worldwide.

The multinational company is one of the biggest aerospace companies and is listed on the Borsa Italiana Stock Exchange. Its product portfolio includes unmanned underwater vehicles, unmanned ground vehicles, torpedoes, naval artillery, rotary cannons, helicopters, aircraft’s and Aeronautics etc.

11. Rolls Royce (Holdings plc)

• Origin Country: United Kingdom
• Founder: Charles Rolls and Henry Royce
• Founded: 1904
• Headquarters: Kings Place, London UK
• Employees: 52,000 (2022)
• Revenue: £6,950m (half year 2023)
• Net Income: £1,229 million (half-year ended June 30, 2023)
• Market Value: £10.4 billion (GBP) (1st January 2023)
• Market Cap: £9.9 billion (GBP) (March 2023)

Rolls-Royce Holdings plc is a British multinational aerospace and defense company that was incorporated in February 2011. The company owns Rolls-Royce, a business established in 1904 which today designs, manufactures, and distributes power systems for aviation and other industries. Rolls-Royce is the world’s second-largest maker of aircraft engines and has major operations in the UK, US, and Germany.

Rolls-Royce pioneers cutting-edge technologies that deliver clean, safe, and competitive solutions to meet the planet’s vital power needs. The company has subsidiaries and a website, rolls-royce.com.

12. Textron Inc.

• Origin Country: United States of America
• Founder: Royal Little
• Founded: 1923
• Headquarters: Providence, Rhode Island, USA
• Employees: 38,000
• Revenue: $13.16B (July 1, 2023)
• Net Income: $859 million (April 1, 2023)
• Market Value: 15.86B (Aug 4, 2023)

Textron Inc. is a multi-industry company that operates in various sectors, including aerospace and defense, specialized vehicles, turf care, and fuel systems. Textron Inc. was founded in 1923 as a yarn-spinning operation and has since become one of the world’s leading aerospace and defense companies.

The company has a global network of businesses and is recognized for its powerful brands such as Bell, Cessna, Beechcraft, E-Z-GO, Arctic Cat, and more. Textron Inc. employs 34,000 people worldwide and operates in more than 25 countries.

The company is organized into six operating segments: Textron Aviation, Bell, Textron eAviation, Textron Systems and Industrial (representing manufacturing businesses), and Finance (representing the finance business).

13. Huntington Ingalls Industries

• Origin Country: United States
• Founder: Collis Potter Huntington and Robert Ingersoll Ingalls Sr.
• Founded: March 31, 2011
• Headquarters: Newport News, USA
• Employees: 46,000
• Revenue: $2.787B (quarter ending June 30, 2023)
• Net Income: $0.130B (quarter ending June 30, 2023 )
• Market Value: $9.7 billion USD (1st January 2023)
• Annual Operating Income: $950 million USD (2023)

Huntington Ingalls Industries (HII) is a company that specializes in designing, building, and servicing technologically advanced military platforms.

Huntington Ingalls Industries is the largest military shipbuilding company in the United States. It is involved in various sectors, including shipbuilding, defense, cybersecurity, and aviation.

In addition to shipbuilding, HII provides a range of services, including refueling services for nuclear-powered aircraft carriers. It also offers mission technologies, cybersecurity solutions, and advanced technologies for the control and exploitation of the air domain.

Huntington Ingalls Industries was established on March 31, 2011, when it spun off as a new company from Northrop Grumman’s shipbuilding businesses. It was named after the founders of its shipbuilding divisions, Collis Potter Huntington and Robert Ingersoll Ingalls Sr.

HII has been recognized as one of America’s top large company employers. It is committed to values and ethics and prioritizes the safety and well-being of its employees.

14. AVIC or Aviation Industry Corporation of China

• Origin Country: China
• Origin Country: China
• Founded: 1993
• Headquarters: Beijing, China
• Employees: 550,000
• Revenue (TTM): $10.2 billion USD (for the year ending 31st March 2023)
• Market Value: $20.8 billion USD (1st January 2023)

The Aviation Industry Corporation of China (AVIC) is a Chinese state-owned aerospace and defense conglomerate headquartered in Beijing. It is overseen by the State-owned Assets Supervision and Administration Commission of the State Council. AVIC is the second-largest defense contractor globally as of 2022, with a revenue exceeding US$79 billion.

AVIC I specialized in making large planes such as bombers and fighter jets, while AVIC II was responsible for producing smaller aircraft and helicopters. AVIC is involved in the aerospace and defense industry. It develops civil and military aircraft, unmanned aerial vehicles, trucks, automobile parts, and more.

15. Rheinmetall AG

• Origin Country: Germany
• Founded: 13th April 1889
• Headquarters: Dusseldorf, Germany
• Employees: 26,000
• Revenue (TTM): $6.42 billion USD (2023)
• Net Income (TTM): $350 million USD (for the year ending 31st March 2023)
• Market Value: $12.78 billion USD (1st January 2023)
• Annual Operating Income: €539 million (2023)

Rheinmetall AG is a German technology group that develops and sells components, systems, and services for the security and civil industries. The company is headquartered in Düsseldorf, Germany, and is listed on the Frankfurt stock exchange. Rheinmetall AG was established in 1889 as Rheinische Metallwaaren- und Maschinenfabrik Aktiengesellschaft. It has been listed on the stock exchange since 1894 and has been a founding member of Germany’s MDAX since 1996.

Rheinmetall AG operates through two segments: Defense and Automotive. The Defense segment develops and produces weapons and ammunition, military vehicles, and defense electronics, while the Automotive segment develops and produces components and systems for the automotive industry.

16. Dassault Aviation

• Origin Country: France
• Founded: 1929
• Headquarters: Paris, France
• Employees: 11,000
• Revenue (TTM): $8.5 billion USD (for the year ending 31st March 2023)
• Net Income: €405 million (first half of 2023)
• Market Value: $11.3 billion USD (1st January 2023)
• Annual Operating Income: €724 million (2023)

Dassault Aviation is a French aerospace company that designs, manufactures, and supports combat aircraft and business jets. The company was founded in 1929 by Marcel Bloch as Société des Avions Marcel Bloch or “MB” and was later renamed to Avions Marcel Dassault in 1947 after Marcel Bloch changed his name to Marcel Dassaul. Dassault Aviation specializes in combat and business aircraft. The company’s brands include Rafale, Falcon, and nEUROn.

Dassault Aviation is a major player in the aeronautics industry and continues to shape the future by designing and building military aircraft, business jets, and space systems.

17. Babcock International Group plc

• Origin Country: United Kingdom
• Founded: 1891
• Headquarters: London, UK
• Employees: 35,000
• Revenue: £4.4bn(for the year ending 31st March 2023)
• Net Income (TTM): $220 million USD (for the year ending 31st March 2023)
• Market Value: £3.6 billion (GBP) (1st January 2023)
• Operating Income: £125 million (GBP) (2023)

Babcock International Group plc is a British aerospace, defense, and nuclear engineering services company based in London, England. The company specializes in managing complex assets and infrastructure and provides through-life technical and engineering support for its customers’ assets. Babcock’s main business is with public bodies, particularly the United Kingdom’s Ministry of Defence and Network Rail.

In March 2023, Babcock International sold a portion of its business

18. United Aircraft Corporation(UAC)

• Origin Country: Russia
• Founder: Vladimir Putin by Presidential decree
• Founded: 20th February 2006
• Headquarters: Moscow, Russia
• Employees: 105,000
• Revenue: ?49.065 billion (first six months of the year)
• Net Income (TTM): $400 million USD (for the year ending 31st March 2023)
• Market Value: $10.5 billion USD (1st January 2023)

The United Aircraft Corporation (UAC) is a Russian aerospace and defense corporation that was established in 2006. It was created by merging shares from Ilyushin, Irkut, Mikoyan, Sukhoi, Tupolev, and Yakovlev as a new joint-stock company named the OJSC United Aircraft Corporation in order to optimize production and minimize losses. The UAC consolidates Russian private and state-owned aircraft manufacturing companies and assets engaged in the manufacture, design, and sale of military, civilian, transport, and unmanned aircraft.

19. Singapore Technologies Engineering

• Origin Country: Singapore
• Founded: 27th January 1967
• Headquarters: Singapore
• Employees: 24,000
• Revenue: $2.3b (Q1 2023)
• Net Income (TTM): $350 million USD (for the year ending 31st March 2023)
• Market Value: $11.2 billion USD (1st January 2023)

Singapore Technologies Engineering (ST Engineering) is a Singaporean multinational technology and engineering group that operates in various sectors, including aerospace, defense, ICT, datacenters, and system integration

ST Engineering harnesses technology and innovation to create real-world solutions for customers in more than 100 countries. The company specializes in aerospace, electronics, land systems, and defense.The company is headquartered in Singapore.

ST Engineering’s expertise and capabilities span a wide range of industries. They provide engineering solutions for commercial aircraft, defense systems, smart cities, cybersecurity, satellite communication, and more. The company’s goal is to enable a more secure and sustainable world through technology and innovation.

20. MTU Aero Engines

• Origin Country: Germany
• Founded: 22nd December 1934
• Headquarters: Munich, Germany
• Employees: 11,000
• Revenue: €3.1 billion (first half of 2023)
• Net Income (TTM): $200 million USD (for the year ending 31st March 2023)
• Market Value: €15.3 billion (Euros) (1st January 2023)
• Annual Operating Income: €310 million (Euros) (2023)

MTU Aero Engines is a German engine manufacturer that specializes in the design, development, manufacture, and maintenance of commercial and military aircraft engines in all thrust and power categories, as well as industrial gas turbines. The company has over 11,000 employees and operates in 18 locations worldwide.

MTU Aero Engines has a portfolio covering over 30 engine types, and more than 230 airline customers. The company has a presence in all significant regions and markets worldwide.

Some other equally important top names in the defense and aerospace sector are

1. Honeywell International
2. L3Harris Technologies
3. Teledyne Technologies
4. United Technologies
5. General Electric Company
6. GE Aviation6
7. SpaceX
8. United Technologies Corporation

Conclusion

The aerospace and defence industry is one of the most lucrative sectors with a worth of nearly 9 trillion USD. The key growth markets are United States, United Kingdom, Germany and France along with several others and the mission of every one of them is to try their level best to reach their best possible potential once again in the future.

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