Saudi Arabia overtook India in 2014 as the world's biggest importer of defense equipment, fueled by tensions in the Middle East, according to a study published on Sunday by analysts IHS Jane's.

Global defense trade currently stands at $64.4 billion, said the report from the London-based defense specialists.

The figure has been driven by "unparalleled demand from the emerging economies for military aircraft and an escalation of regional tensions in the Middle East and Asia Pacific", IHS expert Ben Moores said.