Today, the aerospace and defense industries face a range of challenges and growth opportunities. The growing commercial aviation industry is fueling demand for these products and services, while the federal budget for military projects continues to grow. Additionally, manufacturers are facing fewer resources and shorter lead times to respond to increasingly complex RFPs. With an arsenal of industry-specific solutions, Dassault Systemes is transforming traditional processes in order to keep up with evolving demands.
The state of Arkansas’s Aerospace & Defense Alliance (AADA) works to promote the industry and protect the state from legislation that will stifle its growth. Governor Asa Hutchinson and Secretary of Commerce Mike Preston are major supporters of the aerospace and defense industry in Arkansas. The state is located along the Aerospace & Defense axis through Oklahoma and Kansas. With its proximity to the aerospace industry, Arkansas is poised to take advantage of this emerging sector.
The current global defense budget is set to reach nearly 2% of global GDP in 2019, and has been growing at a rapid pace since the beginning of the great power competition. This growth rate is almost as high as the rate of growth in the Cold War era. The United States continues to maintain its traditional top spot, while China is well-funded and is poised to challenge the current US defense budget. So where will this money come from?