Nuclear weapons market to grow by more than 70% by 2030

A recent report from Allied Market Research estimates that the global nuclear bombs and missiles market will grow significantly over the decade.

The analysis notes that in 2020, the global market for these weapons was valued at $72.64 billion. By 2030, it is projected to reach $126.34 billion, growing at a compound annual growth rate (CAGR) of 5.4% from 2021 to 2030. Weapons carried by aircraft bombers are projected to see the biggest market increase, followed by submarine-launched ballistic missiles (SLBM) and intercontinental ballistic missiles (ICBMs).

"Delayed gathering and establishment of treaties to limit nuclear expansion and increase in tension across the globe have supported the market. The major factor hampering business opportunities within the nuclear bombs and missiles market is a temporary reallocation of budgets due to COVID-19," the analysts wrote.

The global nuclear weapons market dropped due to the COVID-19 pandemic through delayed delivery dates, conference postponements, and other operations being completely halted. However, increases in border conflicts and territorial disputes are likely to result in many nations looking to expand their nuclear arsenal.

Read more:How many nuclear weapons are there, and who has them?