Antitrust experts are increasingly concerned about Rheinmetall’s growing market power across numerous defense sectors. According to Rupprecht Podszun, an academic law professor at Heinrich-Heine University of Düsseldorf and a member of the monopoly commission, the current geopolitical shift has placed specific actors in powerful positions that could generate deep dependencies for years to come.
Podszun suggested that Rheinmetall has the potential to transform into a kind of “Google of the defense industry”. He cautioned that since the company’s current market standing is so crucial to defense needs, it becomes difficult for regulators to supervise or control.
Since the start of Russia’s invasion of Ukraine in 2022, the German arms manufacturer has experienced rapid growth. Under CEO Armin Papperger, Rheinmetall doubled its revenue, reaching 9.9 billion Euros in 2025. The company, previously known primarily for tanks and ground systems, has diversified significantly. In early 2026, it took over the Bremer Marinewerft NVL and expanded its operations into the construction of satellites and drones.
Currently, the structure of the German defense industry means that the German Armed Forces lack viable alternatives to Rheinmetall in several areas. Specifically, the Dax group holds a dominant market position in artillery ammunition. According to financial magazine Capital, the company’s market dominance is particularly pronounced in “programmable” ammunition-munitions designed to explode in the air rather than upon impact.
