From Ukraine to Gaza: How wars fuel record profits for US defense firms

Global arms sales surged to $632 billion in 2023, a 4.2% rise fueled by conflicts like the Ukraine war. US companies dominated, grabbing half the market share. Lockheed Martin retained its top spot despite production challenges. Meanwhile, regional tensions boosted Asian and Middle Eastern markets, while India focused on self-reliance in defense production, recording a 5.8% growth.