Market Size of Singapore Aerospace And Defense Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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 |
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.
Singapore Aerospace And Defense Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Industry
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2.1.1 Manufacturing, Design, and Engineering
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2.1.2 Maintenance, Repair, and Overhaul
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2.2 Type
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2.2.1 Aerospace
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2.2.2 Defense
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Singapore Aerospace And Defense Market Size FAQs
How big is the Singapore Aerospace And Defense Market?
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.
What is the current Singapore Aerospace And Defense Market size?
In 2024, the Singapore Aerospace And Defense Market size is expected to reach USD 7.80 billion.
