在美国设计，在国外建造：美国国防中的半导体风险

How US military spending flowsthrough industries, jobs and December 2025 Senior Industry Analyst | New York Evan Jozkowski is a Senior Industry Analyst, specializing in theautomotive, aerospace and defense sectors. He holds a Bachelorof Science in Economics from Duke University, with a strong Edited by Veronica Albarella Senior Editor | New York Contents Introduction The current state of Defense spending AircraftNaval 711 24 The Defense sector’s overseas influencemagnifies its overall economic impact What industries will benefit from elevatedDefense spending? 36 Core industrials37 Technology38 Repair services40 Energy and infrastructure42 Conclusion44 Introduction Refrigeration, radar, jet engines, GPS, digitalphotography, prosthetics. These innovationsshare a major commonality throughouthistory, each originating or developingin the defense sector before widespread Defense spending represents a core facet ofdiscretionary budgets, accounting for 47.0%of total discretionary outlays and 12.6% ofthe government’s total budget in 2024. Totaldiscretionary defense spending has climbed More specifically, the defense budgetconsistently has an outsized impact on thedomestic industrial and technological base,driving innovation across supply chains for The US defense network remains uniquelypositioned to benefit from shifting globalconditions, with a notable emphasis onresearch, development, testing and evaluation This white paper aims to identify the uniquedrivers of the defense sector’s growth,emphasizing the impact of defense spendingon the broader industrial, technology, energy This growth extends wellbeyond traditional defenseclusters, encouraging 01 The current state of Defense spending primarily targets six broad procurement categories:air, naval, space, missiles, land and C5ISR (Command, Control,Communications, Computers, Cyber, Intelligence, Surveillance and Other spending programs, however, have also expanded, with anemphasis on air and maritime dominance and threat deterrence, trackedcombat vehicles, radar equipment and 155mm artillery, correlating with However, spending has been increasingly concentrated among the largestdefense contractors, with the Department of Defense (DoD) reporting adecline from 51 to only five prime defense contractors. Within this, primemissile suppliers have fallen from 13 to three, fixed-wing suppliers from Contractors have exhibited significant horizontal consolidation, targetingdirect competition, as seen in the United Technologies-Raytheon Merger,the Northrop-Grumman merger, the L3Harris-Aerojet Rocketdyneacquisition and the Boeing-Rockwell and McDonnell Douglas acquisitions. Vertical integration has becomesimilarly popular in tech-focusedniches, with the integration ofcybersecurity and advanced radar In general, technological barriers have skyrocketed, creating significantregulatory and capital hurdles. For one, the DoD continues to heavilyvet projects, often creating a lengthy and capital-intensive bidding and Aircraft Aircraft expenditure remains the single largest line item in the defensebudget, with $44.0 billion in contracts awarded through 2024 and $35.9billion through September 2025. Aircraft engines and other aircraft parts,listed under NAICS codes 336412 and 336413, also rank within the top Fixed-wing aircraft dominate spending, though significant funds are alsoallocated toward gas turbines, jet engines and rotary-wing aircraft. Aircraftmaintenance and repair also receive significant funding, highlighting In general, the United States extensively prioritizes its air dominance,maintaining a substantial fleet of fourth- and fifth-generation fighter jets,sixth-generation bombers, attack helicopters and electronic warfareaircraft. More specifically, the United States has dominated fighter and More broadly, aircraft spending is split between the Department ofDefense’s three branches: Navy, Army and Air Force. Collectively, directaircraft procurement makes up nearly $44.9 billion for FY 2026’s budgetrequest, up from $38.5 billion in FY 2025. The Air Force requests the Related research, development, testing and evaluation (RDT&E) spendinghas also surged, with the United States Air Force (USAF) reportingincreased funding in FY 2026 for the B-21, F-35A, F-47 (Next GenerationAir Dominance) and the Collaborative Combat Aircraft (CCA). The Navy’s As reported above, the aerospace sector has faced rapid consolidation.As a result, Boeing, Lockheed Martin and Northrop Grumman acquirethe lion’s share of the most lucrative prime contracts and subcontractingroles. For instance, Lockheed Martin holds the primary contract for each Comparatively, the B-21’s prime contractor is Northrop Grumman, withmajor support from Raytheon (Pratt & Whitney, Collins), BAE Systems andBoeing (Spirit Aerosystems). The F-22 indefinite-delivery/indefinite-quantity Lockheed holds a complete monopoly on fifth-generation fighters, leavingfew companies with adequate knowl