Singapore Aerospace and Defense Market to Grow with a High CAGR- Global Industry Analysis, Key Manufacturers, Trends, Size, and Forecast: 2022-2031

Japan, Japan, Fri, 25 Mar 2022 07:00:14 / Comserve Inc. / --  The Singapore aerospace and defense industry is projected to grow with a CAGR of more than 12 % during the forecast period.

 The Singapore aerospace and defense industry is projected to grow with a CAGR of more than 12 % during the forecast period.

- 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 increasing participation of private companies and startups in the 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.
- However, because of the COVID-19 pandemic, the market is expected to witness slow down until the second half of 2021 as major manufacturing operations in the aerospace and defense sector are ceased.

Key Market Trends

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

Singapore is 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 in the region. In February 2020, Collins Aerospace inaugurated its Singapore Innovation Hub, a new 10,000 square foot facility as a part of its digital transformation of MRO operations. The new hub will leverage digital, additive manufacturing, and automated (using automation, sensing, and machine learning) technologies to cater to the MRO requirements of its customers. With rapid economic growth and increasing popularity of low-cost carriers are propelling the increasing passenger traffic and aircraft movements of the country. This increasing in fleet and aircraft movements in the country will further boost the demand for maintenance, repair and overhaul services for assuring aircraft safety and airworthiness.

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Private Investments in Space Industry Boosting Growth

Though the space industry is in its nascent phase in the country, Singapore has been making plans to develop key competences in the space sector to become an industry in the future. The government is supporting local companies with various resources for their growth in the space sector through Technology for Enterprise Capability Upgrading (T-Up) scheme of the Agency for Science, Technology and Research. As of February 2020, there were approximately 30 private companies in the space sector of Singapore. The closeness of the country to the Equator provides it with a strong geographical advantage for spacecraft launches and satellite testing. For instance, in April 2020, Equatorial Space Industries announced signed a letter of intent with Responsive Access, a Scotland based company, to discover customers for small satellite launch vehicle of Equatorial Space Industries. With the growth in partnerships of the local companies with international players, the space sector is expected to witness rapid growth in the coming years.

Competitive Landscape

The market of Singapore 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 increase their customer base. Also, the growing partnerships of local and international players for transfer of technology and development of new product lines will help the companies increase their presence in the country. For instance, in March 2020, Orbital UAV signed a memorandum of understanding (MoU) with an undisclosed Singapore-based defence company, which includes the design, development and initial low-rate production of multi-fuel engines for unmanned air vehicles (UAV). The development and production will be completed in three phases and the first phase is scheduled to be completed by the end of 2021.

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