Pakistan and China to drastically enhance nuclear capabilities: Report
The valuation of the global market for nuclear missiles and bombs is expected to cross $126 billion by the end of this decade, Allied Market Research, an international market research agency has claimed.
According to a recent report, the valuation of the global market for nuclear arms stood at $73 billion at the end of 2020, meaning the market is expected to surge 72.6% by 2030.
The demand for small nuclear warheads for land, water, and air-launched ballistic missiles would drive the growth of the international nuclear market. Water-launched nuclear ballistic missiles accounted for a quarter of the international nuclear market in the previous decade.
While North America dominated the global nuclear arms market in the previous decade, Asia-Pacific is set to take control of this market primarily due to different initiatives of Pakistan and China to further cement their nuclear capabilities.
The report from the Allied Market Research comes at a time when numerous key international and regional stakeholders have increased their defense budgets amid Russian military aggression against Ukraine.
The report notes that global defense spending saw a dip during the Coronavirus pandemic as almost all the countries were forced to redirect significant funding to their healthcare systems. link