While Saab, Kongsberg, Patria, and other Nordic defense giants quietly generated over 15 billion euros in 2022, their soaring revenues, massive export contracts, and deep technological investments reveal an industry operating at a formidable wartime pace.
Key Takeaways
- In 2022, Saab AB reported defense revenues of 41.3 billion SEK, representing 88% of total group revenues
- Kongsberg Gruppen ASA achieved 2022 revenues of 36.4 billion NOK from its defense and aerospace segment, up 28% from 2021
- Patria Oyj's net sales in 2022 reached 1.1 billion EUR, with defense vehicles contributing 62%
- Sweden's arms exports totaled 16.4 billion USD in 2022 per SIPRI
- Norway exported defense goods worth 4.2 billion NOK in 2022 mainly missiles
- Finland's defense exports reached 531 million EUR in 2022 led by Patria
- Nordic defense industry employed 85,000 people in 2022 across Sweden, Norway, Finland, Denmark
- Saab AB had 21,000 employees in 2022, 90% in defense sectors
- Kongsberg Gruppen employed 12,500 staff in 2022 with 70% in defense
- Saab invested 5.4 billion SEK in R&D in 2022, 13% of revenues
- Kongsberg allocated 3.2 billion NOK to defense R&D in 2022
- Patria R&D spend 85 million EUR or 8% of sales 2022
- Kongsberg NASAMS production capacity 300 fire units per year as of 2023 ramp-up from 2022
- Saab Gripen E/F production rate 12-15 aircraft annually post-2022
- Nammo Raufoss small/medium cal ammo 100 million rounds/year capacity 2022
Leading Nordic defense companies are seeing significant revenue growth driven by strong exports.
Employment Statistics
- Nordic defense industry employed 85,000 people in 2022 across Sweden, Norway, Finland, Denmark
- Saab AB had 21,000 employees in 2022, 90% in defense sectors
- Kongsberg Gruppen employed 12,500 staff in 2022 with 70% in defense
- Patria Oyj workforce totaled 3,200 in 2022, up 10% YoY
- Nammo Group had 2,800 employees across Nordic sites in 2022
- Terma A/S employed 1,900 people in 2022 mainly engineers
- Swedish defense industry total employment 45,000 in 2022 per SIPRI
- Norwegian defense sector jobs 25,000 direct 2022 per NHO
- Finnish defense industry employed 15,000 in 2022
- BAE Hägglunds 1,200 employees in Örnsköldsvik Sweden 2022
- Saab's R&D staff numbered 6,000 engineers in 2022
- Kongsberg high-tech jobs 4,500 in defense 2022
- Patria engineers 1,000 out of 3,200 total 2022
- Nammo production workers 1,500 in Finland/Norway 2022
- Terma 70% workforce STEM qualified 1,330 engineers 2022
- Danish defense industry 8,000 jobs 2022 per DIU
- Millog Oy 1,100 employees maintaining Finnish army gear 2022
- Saab Kockums 900 shipyard workers 2022
- Kongsberg Digital defense IT staff 2,000 2022
- Ruag Sweden 800 employees in space/defense 2022
- Systematic A/S 1,200 software engineers 2022
- Total Nordic defense indirect jobs 150,000 2022 estimate
- Female employment in Saab defense 25% or 5,250 in 2022
- Norwegian defense apprenticeships 3,000 positions 2022
- Patria temporary war economy hires +500 in 2022
- Nammo expanded workforce by 400 to meet Ukraine demand 2022
- Terma hired 200 new graduates 2022
- Swedish defense PhDs employed 2,500 industry-wide 2022
Employment Statistics Interpretation
With Nordic defense giants employing 85,000 people directly—from Saab's 6,000 engineers to Patria's wartime hires—and supporting another 150,000 jobs indirectly, it's clear that regional security is not just a matter of policy but a sophisticated, growing industrial ecosystem built on high-tech talent and resilient supply chains.
Export Volumes
- Sweden's arms exports totaled 16.4 billion USD in 2022 per SIPRI
- Norway exported defense goods worth 4.2 billion NOK in 2022 mainly missiles
- Finland's defense exports reached 531 million EUR in 2022 led by Patria
- Saab Gripen exports generated 12 billion SEK in 2022 deliveries
- Kongsberg NSM missiles exported 10 billion NOK value 2022
- Nammo ammunition exports 3.1 billion NOK to 25 countries in 2022
- Terma radar systems exported 1.5 billion DKK in 2022
- Patria NEMO turret exports to Sweden 200 million EUR in 2022
- Danish defense exports grew 15% to 3.8 billion DKK in 2022
- BAE Systems Hägglunds CV90 exported 50 units to Norway 2 billion SEK 2022
- Saab RBS 70 NG exported to 20 nations 1.2 billion SEK 2022
- Kongsberg Protector remote weapon exported 1.8 billion NOK 2022
- Finnish Sampo-76 radar exports 150 million EUR 2022
- Nordic arms exports to Ukraine exceeded 2 billion EUR since 2022
- Saab 340 AEW&C exported to Thailand 3 billion SEK 2022 phase
- Nammo 155mm shells exported 500,000 units worth 2.5 billion NOK 2022
- Terma PIDS exported to Middle East 800 million DKK 2022
- Patria 6x6 vehicles exported to Qatar 400 million EUR 2022
- Swedish exports 70% of production value 18 billion SEK 2022
- Norway's export licenses issued for 6.5 billion NOK 2022
- Finland top exports: Patria AMV 300 units 2022
- Kongsberg JSM to Australia 5 billion NOK contract phase 2022
- Saab GlobalEye sales to UAE 7 billion SEK 2022 deliveries
- Danish Archer AGS export potential 1 billion DKK 2022 bids
- Nammo Stinger components exported 900 million NOK US 2022
- Terma Scanter radars 200 units exported 2022
- Patria Opv exported to Ireland 100 million EUR 2022
- Nordic small arms exports 1.2 billion EUR 2022 per SIPRI
- Saab Barracuda camouflage exported 500 million SEK 2022
- Kongsberg ORC UAS exported 300 million NOK 2022
- Finland's 25% defense production exported 2022
- Saab's total export ratio 85% of defense sales 2022
Export Volumes Interpretation
While collectively upholding a reputation for peaceful diplomacy, the Nordic nations have quietly become the world’s boutique arms dealers, proving that funding your generous welfare state sometimes requires selling very sophisticated, and very expensive, means of destruction.
Market Size and Revenue
- In 2022, Saab AB reported defense revenues of 41.3 billion SEK, representing 88% of total group revenues
- Kongsberg Gruppen ASA achieved 2022 revenues of 36.4 billion NOK from its defense and aerospace segment, up 28% from 2021
- Patria Oyj's net sales in 2022 reached 1.1 billion EUR, with defense vehicles contributing 62%
- Nammo AS generated 5.2 billion NOK in sales in 2022, primarily from ammunition production
- Terma A/S recorded 2022 revenues of 2.8 billion DKK, with 95% from radar and self-protection systems
- The total Nordic defense industry market size was estimated at 15 billion EUR in 2022
- BAE Systems Hägglunds (Sweden) contributed 12 billion SEK to parent revenues in 2022 via CV90 production
- Leonardo MW (Finland, formerly Patria Land) had 2022 sales of 450 million EUR in land systems
- Saab's Kockums submarine division generated 3.2 billion SEK in 2022 contracts
- Kongsberg Defence & Aerospace's missile systems sales hit 15 billion NOK in 2022
- Danish defense industry revenues grew 12% YoY to 4.5 billion DKK in 2022 per DIU
- Finnish defense exports supported 1.2 billion EUR industry revenue in 2022
- Norwegian defense sector GDP contribution was 1.8% or 12 billion NOK in 2022
- Saab Aerostructures revenues were 4.1 billion SEK in 2022
- Ruag Space (Sweden ops) defense-related sales 1.5 billion SEK 2022
- Systematic A/S (Denmark) 2022 revenues 2.2 billion DKK from C4I systems
- Millog Oy (Finland) maintenance contracts worth 300 million EUR annually as of 2022
- Nordic defense OEMs total revenue share of Europe 8.5% in 2022
- Saab's Gripen division revenues 18 billion SEK in 2022
- Kongsberg NASAMS sales contributed 8 billion NOK to 2022 totals
- Patria AMV exports drove 40% revenue growth to 750 million EUR in 2022
- Nammo's Lapua ammunition line sales 1.8 billion NOK 2022
- Terma's aviation division 1.9 billion DKK revenue 2022
- Total Swedish defense industry output 120 billion SEK in 2022 per FOI
- Norwegian industry defense sales 25 billion NOK 2022 per NHO
- Finnish EDA revenues 900 million EUR 2022
- Saab Dynamics revenues 10 billion SEK from missiles 2022
- Kongsberg Maritime defense crossover sales 4 billion NOK 2022
- Patria Aviation 250 million EUR sales 2022
- Nordic defense market projected to grow 5.2% CAGR to 2027 reaching 20 billion EUR
Market Size and Revenue Interpretation
In light of a newly perilous world, the Nordic nations have quietly transformed from peaceful havens into an arms dealer's smorgasbord, with Sweden's Saab and Norway's Kongsberg leading a profitable charge that saw defense revenues surge across the region in 2022.
Production Capacities
- Kongsberg NASAMS production capacity 300 fire units per year as of 2023 ramp-up from 2022
- Saab Gripen E/F production rate 12-15 aircraft annually post-2022
- Nammo Raufoss small/medium cal ammo 100 million rounds/year capacity 2022
- Patria AMV/Wolverine 400 vehicles/year max capacity 2022
- Terma radar production 500 units annually across series 2022
- BAE Hägglunds CV90 production 200 hulls/year peak 2022
- Saab munitions plant Locarno (Nordic tech) 1 million 155mm shells/year
- Kongsberg NSM missile output 100 units/year 2022 scaled
- Finnish Patria Nemo howitzer 50 systems/year capacity 2022
- Nammo Pyrotechnics Sweden 50,000 pyros/month 2022
- Terma self-protection pods 1,000/year capacity 2022
- Saab Kockums A26 sub construction 1 hull every 3 years post-2022
- Kongsberg Remote Towers for defense 20 systems/year 2022
- Millog maintenance capacity Finnish Leopard 2 fleet full 2022
- Swedish Bofors 155mm production 300,000 shells/year 2022 surge
- Patria 8x8 truck production 100 units/year ramp 2022
- Nammo large cal 155mm 50,000 projectiles/year Nordic plants 2022
- Terma EO/IR sensors 2,000 units/year 2022
- Saab Barracuda materials 1 million sqm/year capacity 2022
- Kongsberg CROWS 5,000 remote weapons cumulative capacity 2022
- Danish StanFlex modules 100/year modular ship kits 2022
- Finnish Sisu GTP 200 vehicles/year potential 2022
- Saab RBS 70 production 500 launchers/year 2022
- Nammo TALON rocket 10,000/year capacity 2022
- Terma gateway processors 10,000 units/year 2022
- Patria Garoff road vehicles 150/year 2022
- Nordic 155mm shell production total 500,000/year combined 2022
- Saab AEW&C GlobalEye 4 aircraft/year rate post-2022
- Kongsberg Iris-T SLS 200 missiles/year capacity 2022
Production Capacities Interpretation
Scratch the surface of Nordic tranquility and you’ll find a meticulously calibrated war machine, producing everything from 500,000 artillery shells a year to a steady drumbeat of stealth submarines, all while maintaining the polite efficiency of a furniture assembly line.
R&D Investment
- Saab invested 5.4 billion SEK in R&D in 2022, 13% of revenues
- Kongsberg allocated 3.2 billion NOK to defense R&D in 2022
- Patria R&D spend 85 million EUR or 8% of sales 2022
- Nammo invested 450 million NOK in new ammo tech 2022
- Terma R&D budget 450 million DKK 16% of revenue 2022
- Nordic defense R&D total 4.5 billion EUR 2022 per EDA
- Saab patents filed 250 in defense tech 2022
- Kongsberg R&D centers employ 1,500 with 1 billion NOK annual
- Finnish DTEC consortium R&D 200 million EUR Ukraine-related 2022
- FOI Sweden defense R&D projects 150 funded 500 million SEK 2022
- Patria digital twin R&D investment 30 million EUR 2022
- Nammo 40mm grenade R&D 100 million NOK new gen 2022
- Terma AESA radar R&D 200 million DKK 2022
- Saab AI autonomy R&D 1 billion SEK Gripen E 2022
- Kongsberg hypersonic missile R&D 800 million NOK 2022
- Norwegian FFI R&D budget 1.2 billion NOK 2022
- Danish DTU defense-related R&D grants 150 million DKK 2022
- Saab quantum sensor R&D pilot 200 million SEK 2022
- Patria unmanned systems R&D 50 million EUR 2022
- Nammo green propulsion R&D 80 million NOK EU-funded 2022
- Terma counter-drone R&D 100 million DKK 2022
- Total Swedish gov R&D grants defense 2.8 billion SEK 2022
- Kongsberg-Saab JV R&D NASAMS ER 400 million NOK 2022
- Finnish Business Finland defense tech grants 120 million EUR 2022
- BAE Hägglunds CV90 MkIV R&D 500 million SEK 2022
- Nordic EDA collaborative R&D projects 15 valued 300 million EUR 2022
- Saab space surveillance R&D 300 million SEK 2022
- Nammo RAMJET R&D phase 150 million NOK 2022
- Terma IRST21 R&D completed 250 million DKK investment 2022
- Patria NEMO 120 R&D upgrades 40 million EUR 2022
- Saab annual R&D intensity 13.1% highest in Nordics 2022
R&D Investment Interpretation
While one might jest that the Nordics are investing more in their defense R&D than in a week's supply of pickled herring, the serious reality is that this sprawling, multi-billion-euro tapestry of funding—spanning from Saab’s quantum sensors to Patria’s digital twins—demonstrates a quiet, collective determination to out-innovate any potential adversary, ensuring their security is as sharp and forward-looking as their societal welfare.
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