logo

Singapore Aerospace And Defense Market Size (2024 - 2029)

The Singapore aerospace and defense industry is projected to experience significant growth over the forecast period, driven by increased military expenditure and a robust aviation sector that contributes substantially to the national economy. The market's expansion is further supported by rising foreign direct investments and active participation from the private sector and startups in space technology. Despite potential challenges such as supply chain disruptions, which may cause minor cost increases and delays, the sector is well-positioned for rapid development.

Home Market Analysis Aerospace & Defense Research Defense Research Singapore Defense Industry Market Size

Market Size of Singapore Aerospace And Defense Industry

Singapore Aerospace & Defence Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 7.80 Billion
Market Size (2029) USD 14.06 Billion
CAGR (2024 - 2029) 12.51 %
Market Concentration Low

Major Players

Singapore Aerospace & Defence Market Major Players

*Disclaimer: Major Players sorted in no particular order

Singapore Aerospace And Defense Market Analysis

The Singapore Aerospace And Defense Market size is estimated at USD 7.80 billion in 2024, and is expected to reach USD 14.06 billion by 2029, growing at a CAGR of 12.51% during the forecast period (2024-2029).

In 2023, the aviation sector bolstered Singapore's economy, accounting for 3% of the nation's GDP. Singapore Airlines, the country's flagship carrier, managed a fleet of 150 aircraft as of September 2023, with an additional 90+ on order. The carrier's fleet boasted an average age of approximately 7.1 years, steadily decreasing over the past five years with the infusion of newer aircraft.

Furthermore, Singapore's increased military expenditure, aimed at fortifying its air, land, and sea capabilities through acquisitions like aircraft, naval vessels, and crewless vehicles, is poised to catalyze market growth. SIPRI reported the country's 2023 military expenditure at USD 13.2 billion. With rising foreign direct investments (FDIs), an uptick in the private sector, and startup involvement in space technology, Singapore's aerospace and defense sector is primed for rapid expansion. However, disruptions in the supply chain pose challenges, potentially leading to minor cost escalations and delays in some defense programs in the near term.

Singapore Aerospace And Defense Industry Segmentation

The report on Singapore's aerospace and defense market covers the latest trends, technological developments, innovations, investments, import and export scenarios, and other important factors impacting the market. It also covers international collaborations, partnerships, weapon and defense equipment development, space programs, and other important factors.

The aerospace and defense market in Singapore is segmented by industry and type. By industry, the market is segmented by design and engineering, manufacturing, and maintenance, repair, and overhaul. By type, the market is segmented into aerospace and defense. For each segment, the market size is provided in terms of value (USD).

Industry
Manufacturing, Design, and Engineering
Maintenance, Repair, and Overhaul
Type
Aerospace
Defense
Need A Different Region Or Segment?
Customize Now

Singapore Aerospace And Defense Market Size Summary

The Singapore aerospace and defense industry is poised for significant growth, driven by a combination of robust economic expansion and strategic investments in military capabilities. The aviation sector plays a crucial role in Singapore's economy, with Singapore Airlines leading the charge in fleet expansion and modernization. The country's strategic location as a key hub for aircraft maintenance, repair, and overhaul (MRO) services in the Asia-Pacific region further bolsters its market position. Major industry players are actively establishing regional facilities to capitalize on the growing demand for MRO services, which are essential for maintaining aircraft safety and airworthiness. This surge in passenger traffic and aircraft movements, coupled with increased military expenditure, is expected to propel the market forward, despite potential supply chain disruptions.

Singapore's defense sector is undergoing a transformation, with a focus on enhancing its capabilities to address contemporary security challenges, particularly in the digital realm. The establishment of the Digital and Intelligence Service (DIS) marks a significant step in consolidating the nation's military forces and leveraging advanced technologies to counter digital threats. The market is characterized by a high degree of fragmentation, with over 120 aerospace companies operating in the region. Key players such as SIA Engineering Company Limited, Singapore Technologies Engineering Ltd., Rolls-Royce PLC, RTX Corporation, and Airbus SE are at the forefront, utilizing cutting-edge technologies and fostering collaborations to strengthen their market presence. These developments, alongside strategic procurements and partnerships, are set to drive substantial growth in Singapore's aerospace and defense industry over the forecast period.

Explore More

Singapore Aerospace And Defense Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Industry

      1. 2.1.1 Manufacturing, Design, and Engineering

      2. 2.1.2 Maintenance, Repair, and Overhaul

    2. 2.2 Type

      1. 2.2.1 Aerospace

      2. 2.2.2 Defense

Singapore Aerospace And Defense Market Size FAQs

The Singapore Aerospace And Defense Market size is expected to reach USD 7.80 billion in 2024 and grow at a CAGR of 12.51% to reach USD 14.06 billion by 2029.

In 2024, the Singapore Aerospace And Defense Market size is expected to reach USD 7.80 billion.

Singapore Aerospace and Defense Market Report Snapshots

Singapore Aerospace and Defence Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)