More aircraft: Trump's Air Force would consist of at least 1,200 fighters, up from the present 1,113. Trump pointed out the average age of the current Air Force fleet is around 27 years and includes B-52 bombers, which were introduced in the 1950s.
All indications are the B-21 long-range strike bomber that went to Northrop Grumman is safe. The Air Force lifted its stop-work order on the $80 billion stealth bomber in February after the government denied a protest from Boeing.
Lockheed Martin's F-35 Joint Strike Fighter, a fifth-generation fighter program costing nearly $400 billion, is the most advanced aircraft in the U.S. military. Yet Trump hasn't always been a big fan of the program. Last year, he criticized the F-35 as "not very good."
Lockheed has been having meetings with Trump's transition team to discuss the F-35 and head off any attempts to downsize the program. Other partners on the F-35 program are Northrop and BAE Systems.
"If you pull the plug on that (F-35 program) it's going to be 15 years before we have something else to put in its place," said David Ochmanek, senior defense research analyst at the RAND think tank and a former deputy assistant secretary of defense in two presidential administrations. "That would be a seismic thing to disrupt."
More troops: Trump's Army would consist of around 540,000 active-duty troops, a figure he indicated the Army's chief of staff has sought. "We now have only 31 brigade combat teams, or 490,000 troops, and only one-third of combat teams are considered combat-ready," Trump said in September.
The Marine Corps also would be expanded under the Trump plan, going from 23 battalions today to 36, or around 10,000 more Marines. That's a figure the billionaire said the Heritage Foundation indicated was the minimum number needed to comfortably "deal with major contingencies."
"The funding increases would pay for soldiers and not equipment, and would therefore be of minor benefit to hardware manufacturers," said Credit Suisse analyst Robert Spingarn.
Still, the analyst believes there's some upside for larger munitions firms such as General Dynamics and Orbital ATK, as well as for missile companies such as Lockheed, Raytheon and Boeing.
Trump also pledged in his Philadelphia address that he would "seek to develop a state-of-the-art missile defense system" and modernize the Navy's cruisers with ballistic missile defense capability. He charged that under the previous two Democratic presidents the nation's "ballistic missile defense capability has been degraded."
Cyberwarfare: There's also a pressing need to "invest heavily in offensive cyber capabilities to disrupt our enemies, including terrorists," according to Trump.
The president-elect wants to make new investments in the cyber area that will both modernize the military's capabilities as well as lead to new job creation in the private sector. This could help IT and cyber-related government service companies such as Booz Allen Hamilton, ManTech and Science Applications International.
Trump also indicated that one of his first directives after taking office will be to ask the Joint Chiefs of Staff and some other departments to conduct reviews of cyberdefense capabilities for the purpose of identifying all vulnerabilities.
Burden sharing: Another defense issue Trump has addressed several times is the desire to have allies share more of the financial burden for security rather than American taxpayers. The U.S. has various treaties such as NATO and arrangements with Asian countries that provide for help against possible aggression.
Yet some believe the current arrangement of helping with weapons sales may actually reward the U.S. with economies of scale. Raytheon is considered one of the most exposed major defense contractors in terms of international military business.
"These same agreements allow for sales of major weapons systems which lowers the average cost to the U.S. military," said Howard Rubel, a defense industry analyst at Jefferies. "Based on current rhetoric, the new administration does not understand this subtle benefit, nor the benefit of interoperable weapons from radios to warplanes."