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In 2024, Aviation Week tracked more than 1,300 major defense contracts finalized by governments around the world worth over $400 billion. Air platforms represented the largest market segment by value, accounting for nearly one-third of the total and marking a return to pre-2023 trends, when weapon systems temporarily became the dominant segment. European military modernization continues to be a key market driver; Poland and Germany emerged as the top global importers of defense systems in 2024, displacing more traditional leaders, such as Saudi Arabia and Qatar. Land platforms and weapon systems have been a key focus within this drive, accounting for 17% and 25% of the value of European defense contracts, respectively. Globally, these categories represented only 8% and 22%, respectively, of contracts by value. This shift underscores Europe’s urgent response to the threat from Russia, with an enhanced emphasis on reinforcing conventional defense capabilities and highlighting the evolving defense landscape across the continent. A key beneficiary of the booming European market has been the U.S., which is expected to finalize more than $100 billion in Foreign Military Sales in 2024; Aviation Week tracked more than $56 billion in major new contracts during the year.
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