The market for nuclear weapons could near £100bn in the next 10 years, as Russia’s war in Ukraine continues to push up military spending.
The reported 72 per cent increase from 2020 levels would be a major spike from the estimated value of $73b (£55bn), two years ago.
The Kremlin’s sabre-rattling, including putting its nuclear-ready forces on a higher alert last month, has put renewed focus on military spending across Europe, with Germany announcing it would increase its defence budget to more than two per cent of GDP, in response to the conflict.
The report estimates that the war in Ukraine will contribute to pushing up spending on nuclear weapons by almost 5.5 per cent a year until 2030, inflating the market up to $126bn (£96bn).
This comes after president Joe Biden asked for a record peacetime national defence budget, according to Reuters, which would include bringing its arsenal of nuclear-ready ballistic missile submarines, planes and on-land launchers, up to date.
Areas of growth will also likely come in the form of demand for smaller nuclear warheads which are more easily deployable, including from the India, China and Pakistan.