Several countries enhanced their defense spending with the Russia and Ukraine war causing heightened geopolitical tensions. Among others, the European Union is targeting a €70 billion rise in defense spending over the next three years.
The demand for U.S.-made firearms, military aircraft, explosives, and vehicles has surged significantly. The defense industry is expected to grow further as the U.S. Senate passed legislation to authorize a record $858 billion next year for defense spending, which is $45 billion more than what was proposed by President Biden.
