- Drones now the 'largest built components' of modern war
- Defence companies raising capex, but profits sustainable
The war in Ukraine is leading to a fundamental reshaping of the defence industry in Europe, given the scale of drone use and widespread loss of tanks and other armoured fighting vehicles.
The number of armoured fighting vehicles lost by both Russia and Ukraine since the conflict started two years ago “is basically the equivalent of all of Europe’s armoured fighting vehicle production”, said Phillips O’Brien, professor of strategic studies at the University of St Andrews.