Singapore Aerospace & Defence Market Size
| Study Period | 2018-2028 |
| Base Year For Estimation | 2022 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2021 |
| CAGR | > 12.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Aerospace & Defence Market Analysis
The Aerospace and Defense Industry in Singapore is projected to witness a CAGR of more than 12% during the forecast period.
Singapore's aerospace and defense industry underwent an unprecedented disruption due to the COVID-19 pandemic. The commercial aerospace sector was significantly affected by the pandemic, resulting in a drastic reduction in passenger traffic, which negatively affected aircraft demand. However, the situation became normal post-pandemic. With the defense expenditure on a constant rise, the defense segment of the market, however, withstood the harsh market conditions during the COVID-19 pandemic and also showcased a small growth (Y-o-Y).
The aerospace and defense industry in Singapore is expected to grow rapidly because of factors like the growing FDIs. The increasing participation of private companies and startups in space technology is also expected to drive the growth of the market.
Also, the growth in military expenditure to strengthen the country's air, land, and sea capabilities with the acquisition of aircraft, naval vessels, unmanned vehicles, etc., in the coming years is expected to accelerate the growth of the market.
Singapore Aerospace & Defence Market Trends
MRO Industry in Singapore is the Largest in Southeast Asia
Singapore is a leading aircraft maintenance, repair, and overhaul (MRO) hub for airlines in the Asia-Pacific region and contributes about 10% to global MRO output. With the growing wide range of opportunities in the country's MRO sector, several major players are opening new facilities in the region to increase their presence. For instance, in February 2022, Collins Aerospace entered a long-term maintenance, repair, and overhaul (MRO) agreement with Singapore Airlines and Scoot to support the Singapore Airlines Group fleet of 55 Boeing 787 aircraft. Through its FlightSense program, Collins will provide the airlines with full lifecycle support for high-performance pool access, maintenance services, and reliability upgrades.
Similarly, in February 2022, Safran Electronics & Defense Services Asia announced that it would carry out Maintenance and Repair Operations on landing gear control systems, such as tire pressure and brake temperature monitoring, for aircraft ranging from business jets to civilian aircraft at its Singapore site. Safran Electronics & Defense Services Asia's territorial rights to perform these repairs cover Asia-Pacific, Europe, and the Middle East and Africa.
Rapid economic growth and the increasing popularity of low-cost carriers are propelling the country's increasing passenger traffic and aircraft movements. This increase in fleet and aircraft movements is expected to further boost the demand for maintenance, repair, and overhaul services to ensure aircraft safety and airworthiness.
Increasing Defense Expenditure Expected to Drive Market Growth During the Forecast Period
With increasing threats due to Chinese military aggression, Singapore has been investing in improving its defense capabilities at a steady pace over the coming years.
As part of this, the country has begun new defense procurements in various sectors of its military. These procurements are expected to be fulfilled by the manufacturers over the forecast period, driving considerable revenue influx into the market and thereby increasing market growth opportunities.
In March 2022, Singapore disclosed its new procurement plans in pursuit of the SAF 2040 vision. This plan includes several procurements and upgrade programs that the country has undertaken or will undertake in the coming years. As part of this, the country will also be establishing a fourth service branch for the Singapore Armed Forces (SAF) to better defend the country against threats in the digital domain.
In November 2022, Singapore announced the inauguration of its fourth military branch - the Digital and Intelligence Service (DIS) that will focus exclusively on combating modern threats in the digital domain as well as leveraging emerging technologies in this domain. The DIS will more tightly integrate the Singaporean military's capabilities to deal with a range of security threats, including those from the digital domain. It includes a service headquarters, a joint intelligence directorate, a joint digital and C4 organization, and cyber-staff departments.
Due to multiple other such developments, the country's defense sector is expected to witness a significant growth rate during the forecast period.
Singapore Aerospace & Defence Industry Overview
The market of Singapore’s aerospace and defense market is highly fragmented. There are more than 120 aerospace companies in the country, and many companies are entering the market that offers aerospace design and manufacturing operations. Some of the prominent players in the market include SIA Engineering Company Limited, Singapore Technologies Engineering Ltd, Rolls-Royce plc, Raytheon Technologies Corporation, and Airbus SE. The players in the region are integrating advanced technologies to enhance customer experience and increase their customer base. Also, the growing partnerships of local and international players for the transfer of technology and the development of new product lines are likely to help the companies increase their presence in the country.
Singapore Aerospace & Defence Market Leaders
Raytheon Technologies Corporation
Airbus SE
Singapore Technologies Engineering Ltd
Rolls-Royce plc
SIA Engineering Company Limited
*Disclaimer: Major Players sorted in no particular order
Singapore Aerospace & Defence Market News
- In August 2022, Singapore Airlines and DHL agreed to expand their partnership for a crew and maintenance partnership. The initial agreement guarantees a freightliner partnership for the dual-livery Boeing 777 with the pilots of Singapore airlines on DHL's primary routes between the United States and Singapore.
- In June 2021, the Singapore Army has showcased its new hybrid vertical take-off and landing (VTOL) capable Veloce 15 mini-unmanned aerial vehicle (V15 mini-UAV). According to the Ministry of Defence (MINDEF), the V15 mini-UAV is the first indigenous hybrid fixed-wing VTOL platform jointly developed by the army, Defence Science and Technology Agency (DSTA), DSO National Laboratories, as well as local defence and engineering prime ST Engineering.
Singapore Aerospace & Defence Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Industry
5.1.1 Manufacturing, Design, and Engineering
5.1.2 Maintenance, Repair, and Overhaul
5.2 Type
5.2.1 Aerospace
5.2.2 Defense
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Singapore Technologies Engineering Ltd
6.1.2 SIA Engineering Company Limited
6.1.3 Airbus SE
6.1.4 The Boeing Company
6.1.5 Bombardier Inc.
6.1.6 Rolls-Royce plc
6.1.7 Raytheon Technologies Corporation
6.1.8 Lockheed Martin Corporation
6.1.9 General Electric Company
6.1.10 L3Harris Technologies, Inc.
6.1.11 Textron Inc.
6.1.12 Curtiss-Wright Corporation
6.1.13 Moog Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Singapore Aerospace & Defence Industry Segmentation
The report on Singapore’s aerospace and defense market covers the latest trends, technological developments, innovations, investments, import and export scenarios, etc. The report covers international collaborations, partnerships, weapon and defense equipment development, space programs, and other important factors that impact the defense and aerospace industry of Singapore.
The Singapore aerospace and defense market 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. The report offers market size and forecasts for the above-mentioned segments in terms of value in USD Million.
| Industry | |
| Manufacturing, Design, and Engineering | |
| Maintenance, Repair, and Overhaul |
| Type | |
| Aerospace | |
| Defense |
Singapore Aerospace & Defence Market Research FAQs
What is the current Singapore Aerospace and Defense Market size?
The Singapore Aerospace and Defense Market is projected to register a CAGR of greater than 12% during the forecast period (2023-2028).
Who are the key players in Singapore Aerospace and Defense Market?
Raytheon Technologies Corporation, Airbus SE, Singapore Technologies Engineering Ltd, Rolls-Royce plc and SIA Engineering Company Limited are the major companies operating in the Singapore Aerospace and Defense Market.
Singapore Aerospace and Defence Industry Report
Statistics for the 2023 Singapore Aerospace and Defence market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Aerospace and Defence analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
