Singapore Aerospace and Defense Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Singapore Aerospace and Defense Market is segmented by Industry (Manufacturing, Design & Engineering and Maintenance, Repair and Overhaul), and Type (Aerospace and Defense). The report offers market size and forecast in terms of value (USD Million) for all the above segments.

Singapore Aerospace & Defense Industry Overview

Singapore Aerospace And Defense Market Summary
Study Period: 2018 - 2028
CAGR: > 12 %

Major Players

Singapore Aerospace And Defense Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Singapore Aerospace & Defense Market Analysis

The Aerospace and Defense Industry in Singapore is projected to grow with a CAGR of more than 12 % during the forecast period.

The Singapore aerospace and defense sector has undergone an unprecedented disruption due to the COVID-19 pandemic. The commercial aerospace sector has been significantly affected by the pandemic, resulting in a drastic reduction in passenger traffic, which, in turn, has negatively affected aircraft demand. But as the COVID-19 situation getting to normalized the market has come to normal. 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 such as the growing foreign direct investments (FDIs) aerospace sector and the increasing participation of private companies and startups in space technology is expected to drive the growth of the market.

Also, the growth in military expenditure of the government 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 & Defense Industry Segments

The Singapore Aerospace and Defense Market is segmented by Industry and Type. By Industry, the market is segmented by Manufacturing, Design & Engineering and Maintenance, Repair and Overhaul. By type, the market is segmented by Aerospace and Defence.

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.

Industry
Manufacturing, Design & Engineering
Maintenance, Repair & Overhaul
Type
Aerospace
Defense

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Singapore Aerospace & Defense Market Trends

This section covers the major market trends shaping the Singapore Aerospace & Defense Market according to our research experts:

MRO Industry in Singapore is the Largest in South-East Asia

Singapore is a leading aircraft maintenance, repair, and overhaul (MRO) provider in the Asia-Pacific region and contributes about 10% to global MRO output. Further with growing opportunities MRO sector of the country, several major players are opening new facilities in the region to increase their presence region. For instance, In February 2022, Collins Aerospace announced that it has entered a long-term Maintenance Repair 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 will now 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, the Middle East, and Africa.

Rapid economic growth and the increasing popularity of low-cost carriers are propelling the increasing passenger traffic and aircraft movements of the country. This increase in fleet and aircraft movements in the country will further boost the demand for maintenance, repair, and overhaul services to assuring aircraft safety and airworthiness.

Singapore Aerospace And Defense Market : Revenue Share (%) by Industry, 2021

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. For instance,

In March 2022, Singapore disclosed its new procurement plans in the pursuit of '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 - Digital and Intelligence Service (DIS) that will focus exclusively on combating modern threats in the digital domain as well has 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 drive significant growth rate for the market during the forecast period.

Singapore Aerospace And Defense Market : Space Industry Investments, in USD million, Singapore, 2017 - 2021

Singapore Aerospace & Defense Market Competitor Analysis

The market of Singapore’s aerospace and defense market is highly fragmented. There are more than 120 aerospace companies in the country and there are many companies entering the market that offer aerospace design and manufacturing operations. Some of the prominent players in the market are SIA Engineering Company, Singapore Technologies Engineering Ltd, Rolls-Royce Holdings plc, Raytheon Technologies Corporation, and Airbus SE. The players in the region are integrating advanced technologies for enhancing customer experience and increasing their customer base. Also, the growing partnerships of local and international players for the transfer of technology and the development of new product lines will help the companies increase their presence in the country.

Singapore Aerospace & Defense Market Top Players

  1. SIA Engineering Company

  2. Rolls-Royce Holdings plc

  3. Raytheon Technologies Corporation

  4. Airbus SE

  5. Singapore Technologies Engineering Ltd

*Disclaimer: Major Players sorted in no particular order

Singapore Aerospace And Defense Market Concentration

Singapore Aerospace & Defense Market Recent Developments

  • In July 2022, The Singapore Army is expected to receive new self-propelled artillery and tracked carriers from 2024 as part of its platform renewal process.
  • In February 2022, Singapore Airlines and Scoot entered into a long-term Maintenance Repair and Overhaul (MRO) with Collins Aerospace. Collins will provide the airlines with full lifecycle support for high-performance pool access, maintenance services, and reliability upgrades.

Singapore Aerospace & Defense Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Industry

      1. 5.1.1 Manufacturing, Design & Engineering

      2. 5.1.2 Maintenance, Repair & Overhaul

    2. 5.2 Type

      1. 5.2.1 Aerospace

      2. 5.2.2 Defense

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Singapore Technologies Engineering Ltd

      2. 6.1.2 SIA Engineering Company

      3. 6.1.3 Airbus SE

      4. 6.1.4 The Boeing Company

      5. 6.1.5 Bombardier Inc.

      6. 6.1.6 Rolls-Royce Holdings plc

      7. 6.1.7 Raytheon Technologies Corporation

      8. 6.1.8 Lockheed Martin Corporation

      9. 6.1.9 General Electric

      10. 6.1.10 JAMCO AERO DESIGN & ENGINEERING PTE LTD.

      11. 6.1.11 L3Harris Technologies Inc

      12. 6.1.12 Textron Inc.

      13. 6.1.13 Curtiss-Wright Corporation

      14. 6.1.14 Moog Inc.

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Singapore Aerospace & Defense Market Research FAQs

The Singapore Aerospace and Defense Market is studied from 2018 - 2028.

The Singapore Aerospace and Defense Market is growing at a CAGR of >12% over the next 5 years.

The Singapore Aerospace and Defense Market is valued at 3 Billion USD in 2018.

The Singapore Aerospace and Defense Market is valued at 4 Billion USD in 2028.

SIA Engineering Company, Rolls-Royce Holdings plc, Raytheon Technologies Corporation , Airbus SE, Singapore Technologies Engineering Ltd are the major companies operating in Singapore Aerospace and Defense Market.

Singapore Aerospace and Defense Industry Reports

In-depth industry statistics and market share insights of the Singapore Aerospace and Defense sector for 2020, 2021, and 2022. The Singapore Aerospace and Defense research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Singapore Aerospace and Defense report PDF.

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