Singapore Aerospace & Defence Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 6.02 Billion |
| Market Size (2029) | USD 11.66 Billion |
| CAGR (2024 - 2029) | 14.15 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Singapore Aerospace & Defence Market Analysis
The Singapore Aerospace And Defense Market size is estimated at USD 6.02 billion in 2024, and is expected to reach USD 11.66 billion by 2029, growing at a CAGR of 14.15% during the forecast period (2024-2029).
The aviation industry is a significant contributor to Singapore's economy, contributing 3% to the country’s GDP in 2022. Singapore Airlines is the flag carrier of the country, operating a fleet of 150 aircraft as of September 2023, with more than 90 aircraft on order. The average age of the aircraft in the carrier’s fleet is around 7.1 years, and it has been constantly reducing for the past five years, with the introduction of new aircraft.
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. According to the Stockholm International Peace Research Institute (SIPRI), the military expenditure of the country was USD 11.7 billion in 2022.
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. On the other hand, due to the widespread disruption in the supply chain, some defense programs may face minor cost escalations and delays which can be act as a restraint in the short term.
Singapore Aerospace & Defence Market Trends
MRO Segment Dominates the Market During the Forecast Period
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 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, the company 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.
Defense Sector is Projected to Show Significant 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.
Also, 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 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, RTX 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
Airbus SE
Singapore Technologies Engineering Ltd
Rolls-Royce plc
SIA Engineering Company Limited
RTX Corporation
*Disclaimer: Major Players sorted in no particular order
Singapore Aerospace & Defence Market News
- In February 2023, the Republic of Singapore Air Force announced that it would acquire 8 more F-35B fighter jets from Lockheed Martin Corporation which will be delivered by 2030.
- 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 US and Singapore.
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 RTX 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. For each segment, the market sizing and forecasts have been done based on value (USD).
| Industry | |
| Manufacturing, Design, and Engineering | |
| Maintenance, Repair, and Overhaul |
| Type | |
| Aerospace | |
| Defense |
Singapore Aerospace & Defence Market Research FAQs
How big is the Singapore Aerospace And Defense Market?
The Singapore Aerospace And Defense Market size is expected to reach USD 6.02 billion in 2024 and grow at a CAGR of 14.15% to reach USD 11.66 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 6.02 billion.
Who are the key players in Singapore Aerospace And Defense Market?
Airbus SE, Singapore Technologies Engineering Ltd, Rolls-Royce plc, SIA Engineering Company Limited and RTX Corporation are the major companies operating in the Singapore Aerospace And Defense Market.
What years does this Singapore Aerospace And Defense Market cover, and what was the market size in 2023?
In 2023, the Singapore Aerospace And Defense Market size was estimated at USD 5.17 billion. The report covers the Singapore Aerospace And Defense Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Aerospace And Defense Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Singapore Aerospace and Defence Industry Report
Statistics for the 2024 Singapore Aerospace And Defense market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Aerospace And Defense analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
