According to the company's Global Manufacturing Industry group, revenue growth in the 5 percent range is expected for the overall industry in 2014, with record-setting production at the platform level and in the supplier base. On the other hand, continued declines in revenue and earnings are expected for the global defense sector.
Global revenues for defense companies fell 1.3 percent in 2012 and 1.9 percent in 2011. It is anticipated for 2013, global revenues for defense companies "will track to similar" levels in the past two years, around an estimated minus 2.5 percent."
The decline, noted in the group's latest Global Aerospace and Defense Industry outlook, is mainly the result of reduced armed conflict in Iraq and Afghanistan and affordability concerns in many traditional militarily active governments. However, it said, there is increasing defense spending in the Middle East, as well as by countries such as India, China, Russia, South Korea, Brazil and Japan.
Notable deaths of 2014 [PHOTOS]