Key Market Indicators
China is set to outspend all other countries on defence over the next five years. According to figures released, the country's defence expenditure is projected to grow by $48 billion to reach $310 billion by 2026. This represents an average annual growth rate of 2.7% since 1994. The United States, the world's largest defence spender, is expected to spend $261 billion in 2021. China, India and Russia are the second, third and fourth-largest defence spenders respectively.