Washington: The revenues of the top 100 defence companies in the world climbed for a fourth straight year, pushed upward by US defence spending growth combined with strong foreign military sales.

Fiscal 2019 defence revenues recorded for Top 100 list totaled $524 billion, up about seven per cent from $488 billion in fiscal 2018, according to numbers compiled by a media house as part of the annual Top 100 list.

“The single most striking thing about these data is the year-over-year growth, the median of which is seven per cent,” said Atlantic Council Senior Fellow Steven Grundman. “For an industry generally regarded as mature, revenue growth that runs at two times global GDP is downright sporty.”

The defence industry remained top heavy, as the top 10 firms accounted for 50 per cent of total defence revenue on this year’s list, and the top 25 companies accounted for about 75 per cent of the total.

China this year had five firms in the top 15 companies versus six last year. Eight Chinese firms made the Top 100 list this year, with a combined $95 billion in defence revenue for FY19 ― which is $11.7 billion of the list’s total for Europe and Turkey.

The Aviation Industry Corporation of China, which appeared with other Chinese firms for the first time last year, fell from No. 5 to No. 6, though its defence revenue grew by a percentage point over last year. China South Industries Group Corporation fell from No. 11 to No. 18, as its revenue declined 26 per cent, from about $12 billion to around $9 billion.

The combined revenues of the Chinese firms marks the country as the rising superpower it’s billed to be in political and strategic circles, said Daniel Gouré, a senior vice president with the Lexington Institute.

From Europe and Turkey, a NATO ally, there were 35 firms across the list. The combined defence revenue there comprised roughly 20 per cent of the Top 100 total. Seven Turkish firms made the list, with FNSS Savunma Sistemleri A.S., and Havelsan A.S. joining the list at No. 98 and No. 99 respectively.

For Russia, some past participants declined to provide data this year for unknown reasons. The two that participated made it into the list: Almaz-Antey placed 17th, with $9.2 billion in defence revenue for 2019, and Tactical Missiles Corporation JSC placed 35th, with $3.5 billion in defence revenue.

Lockheed Martin was a lock for No. 1, for the 21st year in a row, with defence revenue that represents nearly 11 per cent of the total. Its defence revenue jumped 12 per cent between FY18 and FY19, from $51 billion to $57 billion ― with Boeing trailing at No. 2 at $34 billion in defence revenue for FY19.

Within the top five, General Dynamics climbed back from No. 6 last year, passing both Raytheon and Northrop Grumman.