The global market for nuclear missiles and bombs will exceed $126 billion over ten years, a nearly 73% increase over 2020, as the Ukrainian crisis spurs military spending, Portland-based research firm Allied Market Research says.

The value of the market would jump 72.6% from the Portland-based research firm's estimate of nearly $73 billion in 2020, when COVID-19 delays and reallocation of funds to support the health crisis "severely affected" the defense sector, Reuters reported.

The report said that increased geopolitical conflicts and increased military budgets are likely to increase that figure by an annualized 5.4 percent through 2030.

US President Joe Biden last week requested a record peacetime national defense budget, which would prioritize modernizing its nuclear "triad" of ballistic missile submarines, bombers and land-based missiles.

The report predicted that demand for small nuclear warheads, which can be easily deployed through aircraft and land-based missiles, would fuel faster growth in these segments, although submarine-launched ballistic missiles (SLBMs) accounted for a quarter of the market in 2020.

While North America dominated more than half of the global market in 2020, the report predicts that the fastest growth will come from the Asia-Pacific region, thanks to initiatives by India, Pakistan and China to strengthen their nuclear arsenals.

"However, international treaties and consortiums discourage nuclear testing," the firm said in a report summary. "This hampers the market growth."

The growing influence of nuclear nonproliferation treaties and national efforts should increase the number of warheads in storage or awaiting dismantlement, it noted.

Active weapons, however, accounted for the "lion's share" - more than two-thirds - of the market in 2020, it said, due to investment in nuclear arsenals and new warhead purchases.

Britain, China, France, Russia, and the US issued a joint statement earlier this year that there could be no winners in nuclear war and that it must be avoided.