Even as world military expenditures fell again last year after peaking in 2011, commercial aerospace entered its 12th year of consecutive growth, a record unprecedented in the Jet Age. It would be easy to assume defense spending will remain in the doldrums, and that commercial aircraft orders and deliveries will continue to grow unabated. However, a look at the underlying market dynamics for these relatively uncoupled markets, suggests companies would be well advised to drive costs down and globalize their footprints in preparation for the uncertain years ahead.
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