The Aerospace and Defense industry has witnessed tremendous structural and economic change
during the past two decades.

The commercial aerospace sector has seen revenue per passenger mile erode while costs have continued to rise. Advancement in technology and competition from lower cost geographies have forced an increased focus on innovation and cost competitiveness. The Defense sector has witnessed competition from low cost regions for volume purchases thereby reducing the overall dominance of western defense conglomerates. In addition, the sector has had to deal with consolidation and security / regulatory issues.