Increase in geopolitical conflicts and bigger military budgets would likely push the figure up, the report says.
was valued at $72.64 billion in 2020, and is projected to reach $126.34 billion by 2030, growing at a CAGR of 5.4 percent from 2021 to 2030," the report said on Monday. US President Joe Biden last week requested a record peacetime national defence budget, which would prioritise modernising its nuclear "triad" of ballistic missile submarines, bombers and land-based missiles.
While North America dominated more than half the global market in 2020, the report predicted the fastest growth would come from the Asia-Pacific region on initiatives by China, India, and Pakistan to bolster their nuclear arsenals.
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