
The global aerospace and defence industry is expected record a compound annual growth rate (CAGR) of 3.5% between 2019 and 2025, according to industry estimates. Airbus, United Technologies, and The Boeing Company emerged as the top three aerospace and defence companies in the world, owing to their high sales.
Airforce Technology lists the ten biggest aerospace and defence companies in 2020, based on revenues.
1. Airbus SE
2. United Technologies Corporation
3. The Boeing Company
4. Lockheed Martin
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By GlobalData5. General Dynamics Corporation
6. Northrop Grumman
7. GE Aviation
8. Raytheon
9. Safran
10. BAE Systems
1. Airbus SE – $78.9bn

Airbus recorded 11% year-on-year increase in revenues in 2019. Net commercial aircraft orders in 2019 increased to 768 versus 747 in 2018. The company is expected to deliver approximately 880 commercial aircraft in 2020.
The sales were majorly driven by the orders and deliveries of commercial aircraft including A350 XWBs, 89 A330s and 63 A220s, followed by helicopters including Super Puma family, NH90s, and H160s.
Airbus offers military, commercial and aerospace products and services through its Airbus Commercial Aircraft, Airbus Defence and Space, and Airbus Helicopters business segments.
2. United Technologies Corporation – $77bn

United Technologies Corporation (UTC) reported revenues of $77bn in 2019, a 16% increase compared to 2018. Net income for the year rose by 5% versus 2018.
Pratt & Whitney and Collins Aerospace Systems were the primary contributors to the aerospace and defence revenues. Collins Aerospace’s sales were, however, down due to the suspension of 737 MAX production. The 737 MAX fleet was grounded worldwide in March 2019 after two deadly crashes within five months due to software issues.
Pratt & Whitney is expected to record a single digit sales growth in 2020 due to the 737 Max crisis, COVID-19, and lower ADS-B mandate sales. Pratt & Whitney is currently part of Raytheon Technologies, which was created through the merger of UTC and Raytheon Company in April 2020.
UTC currently operates Otis, and UTC Climate, Controls & Security business segments to deliver a range of high-technology products and services to its commercial and military customers.
3. The Boeing Company – $76.55bn

Boeing’ revenue in 2019 declined by 24% year-on-year to $76.55bn, reflecting the impact of the 737 MAX grounding. Total order backlog of the company as of December 2019 stood at $463bn, including approximately 5,400 commercial airplanes.
The company anticipates its financial performance in 2020 to be significantly impacted by COVID-19 and the 737 MAX grounding.
Boeing operates Commercial Airplanes, Defence, Space & Security, Global Services, and Boeing Capital business segments. The company’s commercial aircraft range includes Boeing 737, 747, 767, 777, and 787.
Boeing’s popular military product offerings are CH-47 Chinook, and AH-64 Apache helicopters, EA-18G Growler electronic warfare aircraft, and F/A-18 Hornet and F-15 Strike Eagle fighters, P-8 Poseidon maritime patrol aircraft, and KC-46A tanker.
4. Lockheed Martin – $59.8bn

Aerospace, defence, security and advanced technologies provider Lockheed Martin Corporation recorded revenues of $59.8bn in 2019, witnessing a year-on-year growth of 11.3%.
Aeronautics, Missiles and Fire Control, and Rotary and Mission Systems business segments together contributed to more than 83% of the company’s revenue.
Lockheed Martin expects its revenue to reach $65bn in 2020, considering the COVID-19 pandemic impact.
Lockheed Martin’s product portfolio includes military aircraft and rotorcraft, unmanned aerial vehicles (UAVs), ground vehicles, missiles and guided weapons, missile defence systems, naval systems, sensors, radars, and security systems.
5. General Dynamics Corporation- $39.3bn

General Dynamics Corporation reported $39.3bn in revenue in 2019, an 8.7% increase over 2018. Net earnings for the year were $3.48bn compared to $3.34bn in 2018, whereas total backlog grew by 28.1% year-on-year, to $86.9bn.
The company anticipates a material impact on Aerospace segment revenues due to COVID-19 travel restrictions causing delays in business-jet aircraft deliveries. General Dynamics, however, forecasts a strong order book in 2020.
The company’s business segments include Aerospace, Combat Systems, Marine Systems, Information Technology, and Mission Systems. Aerospace and Marine Systems segments together generate nearly half of the company’s total revenue.
General Dynamics offers armoured combat vehicles, munitions, weapons systems, merchant vessels and warships, business aircraft, information technology, and C4ISR systems.
6. Northrop Grumman – $33.8bn

Northrop Grumman’s net sales in 2019 increased by 12%, to $33.8bn, compared to 2018. Aerospace Systems and Mission Systems business segments contributed to more than 77% of the company’s total revenue.
The F-35 and Next-Generation Overhead Persistent Infrared (Next-Gen OPIR) programmes being implemented by the US Department Defence (DoD) and other US government agencies propelled the growth of the Aerospace Systems segment.
The company is expected to generate more than $35bn in revenue, according to its latest 2020 financial guidance, which considers the impact of COVID-19 pandemic.
Northrop Grumman is a leading provider of innovative systems, products, and solutions for use in defence, autonomous systems, cybersecurity, C4ISR, and space programmes.
7. GE Aviation – $32.9bn

GE Aviation, an operating division of General Electric (GE), reported $32.9bn in revenue in 2019, an increase of 8% compared to 2018.
The company delivered 1,736 LEAP engines to Airbus and Boeing platforms in 2019. It provides LEAP aircraft engines through CFM International (CFM), which is a joint venture of GE and Safran Aircraft Engines, a subsidiary of the Safran Group of France.
GE withdrew its 2020 financial guidance due to uncertainties created by the COVID-19 pandemic. The company is expected to report lower sales in 2020.
GE Aviation offers engines, spares, avionics, electrical power, and digital systems for civil, military and business aviation, as well as marine applications.
8. Raytheon – $29.2bn

Raytheon Company recorded revenues of $29.2bn in 2019, an increase of 7.8% compared to 2018. The net sales were primarily driven by Missile Systems (MS), and Space and Airborne Systems (SAS) business segments.
The company also operates Integrated Defence Systems (IDS), Intelligence, Information and Services (IIS), and Forcepoint business segments.
Raytheon has not provided guidance for 2020 due to its merger with United Technologies’ Collins Aerospace and Pratt & Whitney business divisions. Approved by the EU Commission in March 2020, the merger was completed in April 2020.
Raytheon is a leading manufacturer and supplier of advanced electronics, command and control (C2) systems, electronic warfare, precision weapons, and cybersecurity solutions to military and government customers.
9. Safran – $27.6bn

Safran’s revenue in 2019 was $27.6bn, up 9.3% on an organic basis, compared to 2018. Aerospace Propulsion business contributed to approximately 45% of the company’s revenue.
Safran also has Aircraft Equipment, Defence and Aerosystems, Aircraft Interiors, and Holding company & Others reporting segments, apart from the Aerospace Propulsion segment.Net sales during the year were primarily driven by the civil after market, military engines original equipment (OE) and services as well as helicopter turbines support activities.
Safran withdrew its 2020 financial guidance in response to the impact of the COVID-19 pandemic. The company witnessed decline in OE and services across its business segments during the first half of 2020, due to the global COVID-19 crisis.
Headquartered in Paris, France, Safran is a leading provider of solutions for the aircraft propulsion, space, and defence markets.
10. BAE Systems – $26.4bn

BAE Systems’ sales in 2019 were driven primarily by the performance of its Air and Electronic Systems segments that contributed to 59% of the total revenue.
Acquisition of Collins Aerospace’s Military Global Positioning Systems business and that of Raytheon’s Airborne Radios business are expected to increase BAE’s sales in 2020, despite COVID-19 impact.
BAE Systems’ primary reporting segments include Electronic Systems, Cyber & Intelligence, Platforms & Services (US), Air, and Maritime.
Headquartered in Farnborough, UK, the company is engaged in the development of military and civilian aircraft, warships, submarines, armoured vehicles, autonomous systems, weapons and ordnance, avionics, electronics, cyber security and intelligence solutions.