It has been found that seven South Korean defense contractors put their names on the list of top 100 weapon manufacturers the Stockholm International Peace Research Institute (SIPRI) announced on December 5.
The list for 2014 had four South Korean defense contractors and the number increased by three in one year. “South Korea is emerging as a new powerhouse in the global defense industry,” the institute said.
On the list for 2015, LIG Nex1 ranked 52nd, followed by Korea Aerospace Industries (54th), Hanwha Techwin (65th), Daewoo Shipbuilding & Marine Engineering (67th), Hanwha (71st), Poongsan Corporation (96th) and Hanwha Thales (100th). New entries on the latest list are Daewoo Shipbuilding & Marine Engineering, Poongsan Corporation and Hanwha Thales.
According to the SIPRI, the seven South Korean defense companies’ total sales for 2015 increased 31.7% from a year ago. In the meantime, Lockheed Martin remained on the top of the list with Boeing and British Aerospace (BAe) coming in second and third, respectively. “The South Korean companies are leading the growth of the sales of newly emerging defense companies,” the institute added.