Top 5 Largest Defense Companies in Asia

The global defense market increased quickly, rising from $575.33 billion in 2023 to $616.32 billion in 2024, according to a Research and Markets research. It is anticipated to expand at a CAGR (compound annual growth rate) of 5.8% over the predicted period, reaching $772.49 billion in 2028.

The defense market’s largest region in 2023 was Asia-Pacific. Over the next five years, the Asia-Pacific defense market is expected to develop at a compound annual growth rate (CAGR) of 4%, according to a report by Mordor Intelligence. In particular, another analysis by Mordor Intelligence projects that the military market in Southeast Asia would reach $14.09 billion in 2024 and rise to $19.27 billion by 2029, rising at a CAGR of 6.47%.

Look at the top 5 largest defense companies in Asia.

5. China Shipbuilding Industry Co., Ltd. (CSIC) (SHA:601989)

Market capitalization: USD 14.64 billion

China Shipbuilding Industry Co., Ltd. (CSIC) (SHA:601989) is one of the largest shipbuilding companies in China. The shipbuilding industry designs, builds, and repairs various types of ships, including warships, commercial ships, and offshore platforms. China Shipbuilding Industry Co., Ltd. (CSIC) (SHA:601989) focuses on research and development and contributes significantly to China’s maritime defense capabilities. As of April 2, China Shipbuilding Industry Co., Ltd. (CSIC) (SHA:601989) had a market capitalization of $14.64 billion.

4. Bharat Electronics Limited (NSE:BEL)

Market Capitalization: $19.46 billion

Bharat Electronics Limited (NSE:BEL) is India’s largest defense company headquartered in Bangalore. Bharat Electronics Limited (NSE:BEL) has a wide portfolio of products and solutions ranging from radar and communication systems to electronic warfare equipment and missile systems. As of April 2, Bharat Electronics Limited (NSE:BEL) had a market capitalization of $19.46 billion.

3. Hindustan Aeronautics Limited (NSE:HAL)

Market Capitalization: $28.57 billion

Hindustan Aeronautics Limited (NSE:HAL) is Asia’s largest and oldest defense company. Hindustan Aeronautics Limited (NSE:HAL) specializes in manufacturing and servicing of aircraft, helicopters, engines, avionics and defense systems. Hindustan Aeronautics Limited (NSE:HAL) has a market capitalization of $28.57 billion as of April 2.

2. China State Shipbuilding Corporation (CSSC)

2023 Revenue: $51.79 billion

China State Shipbuilding Corporation (CSSC) is a Chinese state-owned enterprise and one of the world’s largest shipbuilding companies. China State Shipbuilding Corporation (CSSC) operates a variety of shipyards, manufacturing facilities, research institutes, and shipbuilding companies that build civil and military vessels, serving China’s naval and commercial shipping sectors. According to Fortune magazine, China State Shipbuilding Corporation. (CSSC) reports that her 2023 sales will be $51.79 billion.

1. Larsen & Toubro Limited (NSE:LT)

Market Capitalization: $63.16 billion

One of the largest corporations in India, Larsen & Toubro Limited (NSE:LT), is involved in a wide range of industries, including infrastructure, electricity, heavy engineering, defense engineering, and financial services. For the aerospace and defense industries, Larsen & Toubro Limited (NSE:LT) manufactures platforms, avionics, communication, land-based weapon launch systems, air defense and artillery systems, naval weapon launch systems with fire control solutions, and missile systems. Larsen & Toubro Limited (NSE:LT) has a market value of $63.16 billion as of April 2.