The global market for nuclear missiles and bombs is expected to surpass $126 billion by 2030, an increase of around 73% from 2020 levels, according to a report released on Monday by Allied Market Research. The world is witnessing an increase in military spending as a result of the ongoing Russian Ukraine war, according to the report. South Asian countries may surpass the west in boosting their nuclear arsenals, the report claimed.
Key Points:
1. Portland based Allied Market research firm’s reports says that the value of global market for nuclear missiles and bombs would witness a hike of 72.6% i.e. $126 billion from nearly $73 billion in 2020.
2. According to the report, there will be an annual compounded growth rate of 5.4% until 2030 following an increase in geopolitical conflicts and military budgets.
3. Last week US President Joe Biden, requested to spend $813bn on national defense in the coming fiscal year. With this massive budget US would modernize its nuclear ‘triad’ of ballistic missile submarines, bombers and land-based missiles.
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4. The report estimated that the demand for small nuclear warheads, which is easily portable through aircraft and land-based missiles, would increase by 2030.
5. The report also stated that while the share of nuclear arsenals of North America was more than half the global market in 2020, the fastest growth is now evident from countries like India, Pakistan, China.
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6. Interestingly, the five permanent members of the UN security council, at the start of the year issued a joint statement mentioning that there could be no winners in a nuclear war and it must be avoided.
