Global aerospace and defence sector revenues grew by 2.4% to reach $674.4bn in 2016, according to consulting firm Deloitte’s 2017 global aerospace and defence sector financial performance study. The defence sub-sector grew by 2.1% to reach $351.3bn as military spending increases

European commercial aerospace grew by 6.7%, meanwhile, outpacing the US which grew by only 1.3%, the study reported.

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“Across the globe, and especially in the US, we have seen an increase in military spending which has led to another strong year for the defence sector,” said Robin Lineberger, head of Deloitte Global Aerospace & Defence. “Contributing to this strong year is the 3.1% growth in US defence revenues resulting from the 3.6% increase in funding from the US Department of Defense, the subsector’s largest customer.”

Aerospace and defence technology companies were out in force in June’s bi-annual Paris-Le Bourget Air Show. Now in its 52nd year, the event saw a record number of exhibitors and $150bn worth of orders announced. US aerospace giant Boeing topped order numbers with 571 net orders placed by the week’s end. French rival Airbus came second with 326 orders.