Singapore Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 2028
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Singapore Defense Market Report Overview
The Singapore defense budget is estimated to be $13.1 billion in 2023 and is expected to achieve a CAGR of more than 3% during 2024-2028. Singapore has consistently spent a significant amount of money on its defense due to the high level of terrorism threat.
Singapore Defense Market Outlook, 2023-2028 ($ Billion)
To gain more information about the Singapore defense market forecast, download a free report sample
The Singapore defense market research report provides the market size forecast and the projected growth rate for the next five years. The report covers industry analysis including the key market drivers, emerging technology trends, and major challenges faced by market participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for military platforms over the forecast period.
Defense Budget (2023) | $13.1 billion |
CAGR (2024-2028) | >3% |
Forecast Period | 2024-2028 |
Historic Period | 2019–2023 |
Key Sectors | · Military Fixed Wing Aircraft
· Submarines · Naval Vessels and Surface Combatants · Military Rotorcraft · Missiles and Missile Defense Systems · Electronic Warfare Systems · Military Land Vehicles · Tactical Communication Systems · Naval Engines · Tactical Communication Systems
|
Leading Companies | · Leonardo SpA
· Fincantieri SpA · Avio SpA · Elettronica SpA · Beghelli SpA |
Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
Singapore Defense Market Drivers
Threats of radicalization, acquisition of advanced military equipment, and overseas training are some of the Singapore defense market drivers.
Singapore is currently not a target of terrorist attacks and there have been no major terrorist incidents in the recent times. However, the country is still vulnerable to the risk of radicalism and fundamentalism. The country remains concerned about the influence of terrorist networks and terrorist attacks in neighboring countries. In January 2019, two bombs were detonated during Sunday Mass at the Our Lady of Mount Carmel Cathedral on Jolo island in the southern Philippines province of Sulu.
Singapore Military Doctrines and Defense Strategies
Singapore’s defense policy is based on the twin pillars of deterrence and diplomacy. The first and the foremost pillar of deterrence is provided by developing a strong and capable Singaporean armed force and a resilient Singapore, through the institutions of National Service and Total Defense, as well as by taking a prudent and a stable approach to defense spending. Singapore has built strong and friendly ties through extensive cooperation, allowing it to establish its defense and armed forces in the region and around the world, which molded its second pillar of defense diplomacy.
Singapore Defense Market Segmentation by Sectors
The key sectors in the Singapore defense market are Military Fixed Wing Aircraft, Submarines, Naval Vessels and Surface Combatants, Military Rotorcraft, Missiles and Missile Defense Systems, Electronic Warfare Systems, Military Land Vehicles, Tactical Communication Systems, Naval Engines, Tactical Communication Systems, among others. The military fixed wing aircraft is the largest market sector in Singapore in 2023.
Singapore Defense Market Analysis by Sectors, 2023 (%)
For more sector insights into the Singapore defense market, download a free report sample
Singapore Defense Market - Competitive Landscape
Some of the leading defense companies in Singapore are Singapore Technologies Engineering Ltd, ST Engineering Land Systems Ltd, SIA Engineering Co Ltd, Jenoptik Asia Pacific Pte Ltd, A-Sonic Aerospace Ltd, Starburst Holdings Limited, Advanced Material Engineering Pte Ltd, Aerospace Component Engineering Services Pte Ltd, Airbus Helicopters Southeast Asia Private Limited among others.
Segments Covered in the Report
Singapore Defense Major Sectors Outlook (Value $ Million)
- Military Fixed Wing Aircraft
- Submarines
- Naval Vessels and Surface Combatants
- Military Rotorcraft
- Missiles and Missile Defense Systems
- Electronic Warfare Systems
- Military Land Vehicles
- Tactical Communication Systems
- Naval Engines
- Tactical Communication Systems
Scope
This report offers a detailed analysis of Singapore’s defense market with market size forecasts covering the next five years. This report will also analyze factors that influence demand for the industry, key market trends, and challenges faced by industry participants.
In particular, it provides an in-depth analysis of the following –
- Singapore defense budget: detailed analysis of Singapore’s 2023 defense budget broken down into market size and market share. This is coupled with an examination of key current and future acquisitions.
- Regulation: the procurement policy and process is explained. This is coupled with an analysis of Italian military doctrine and strategy to provide a comprehensive overview of Singapore’s military procurement regulation.
- Security Environment: political alliances and perceived security threats to Singapore are examined; there help to explain trends in spending and modernization.
- Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years
- Competitive landscape and strategic insights: analysis of the competitive landscape of Singapore’s defense industry.
Key Highlights
- Singapore’s defense budget is anticipated to increase from $13.5 billion in 2024 to $16.3 billion in 2028, reflecting a robust CAGR of 4.7%. Singapore’s acquisition budget is also anticipated to grow from $666 million in 2024 to $964 million in 2028, reflecting a robust CAGR of 9.7%.
- The ongoing tensions and security challenges in neighboring countries pose a security challenge to Singapore. In order to overcome the challenges posed by the country’s small armed forces, and limited area in which to train, the Singaporean Defense Ministry focuses on effective personnel training overseas to adapt to sophisticated technologies. Apart from this regional tensions, domestic security threats, and Singapore’s efforts to modernize its military are expected to drive defense expenditure over the forecast period, as Singapore has plans to complete the modernization of its armed forces by 2024. The military modernization program aims to make the Singaporean forces more efficient and fully integrate them with modern military structures.
- Military Fixed Wing Aircraft, Submarines and Naval Vessels and Surface Combatants are the top three largest sectors within the Singapore’s defense market. Military fixed-wing is the largest sector within the Singapore’s defense market and is cumulatively valued at $2.6 billion over 2023–28. Multi-role aircraft segment, the fastest growing segment within this sector is the only segment contributing to the growth of this sector.
Reasons to Buy
- Determine prospective investment areas based on a detailed trend analysis of Singapore’s defense market over the next five years
- Gain an in-depth understanding of the underlying factors driving demand for different defense and internal security segments in the Singapore market and identify the opportunities offered.
- Strengthen your understanding of the market in terms of demand drivers, market trends, and the latest technological developments, among others
- Identify the major threats that are driving Singapore’s defense market providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion
- Channel resources by focusing on the ongoing programs that are being undertaken by the Singapore government
- Make correct business decisions based on an in-depth analysis of the competitive landscape consisting of detailed profiles of the top defense equipment providers in the country. The company profiles also include information about the key products, alliances, recent contracts awarded, and financial analysis, wherever available
Singapore Technologies Engineering
ThyssenKrupp Marine Systems GmbH
Table of Contents
Frequently asked questions
-
What is the Singapore's defense budget in 2023?
Singapore’s defense budget is estimated to be $13.1 billion in 2023.
-
What is the growth rate of Singapore defense market?
The defense market in Singapore is expected to achieve a CAGR of more than 3% during 2024-2028.
-
Which are the key drivers supporting the growth of Singapore defense market?
The rapid modernization of and new platform launches is one of the key factors driving Singapore’s defense market.
-
Which sector accounted for the largest Singapore defense market?
The military fixed wing aircraft is the largest market sector in Singapore in 2023.
-
Who are the major players operating in the Singapore defense market?
Some of the leading companies in the Singapore defense market are Singapore Technologies Engineering Ltd, ST Engineering Land Systems Ltd, SIA Engineering Co Ltd, Jenoptik Asia Pacific Pte Ltd, A-Sonic Aerospace Ltd, Starburst Holdings Limited, Advanced Material Engineering Pte Ltd, Aerospace Component Engineering Services Pte Ltd, Airbus Helicopters Southeast Asia Private Limited among others.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.