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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: