Singapore Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2022-2027

Pages: 80 Published: July 15, 2022 Report Code: GDDF0773MR

Singapore Defense market size stands at $12.3 billion in 2022. The market is expected to achieve a CAGR of more than 5% during 2023-27. 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.

Singapore Defense Market Overview

Singapore Defense Market Overview

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Singapore Defense Market Drivers

Although Singapore is not a target of terrorist attacks currently, it is still vulnerable to the risk of radicalism and fundamentalism. The armed forces of the country are relatively small because of Singapore’s small population. Therefore, Singapore must make continuous efforts to modernize its military. 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.

Military Doctrines and Defense Strategies in Singapore

Singapore’s Total Defense encompasses six key pillars, namely military, civil, economic, social, psychological, and digital Defense and focuses on the need for each Singaporean to play their part to keep the country strong. They have a large military force stationed at international bases around the world, allowing Singapore to call back its army when required. This is how Singapore co-exists with larger powers. Singapore’s Defense policy is based on the twin pillars of deterrence and diplomacy. The 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 stable approach to Defense spending. The country 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.

Key Sectors in the Singapore Defense Market

Military fixed-wing, submarine, and military rotorcraft feature as the three largest sectors in the market. Other prominent sectors include military infrastructure and logistics, naval vessels and surface combatants, tactical communications, missiles and missile defense systems, military UAVs, electronic warfare, military ammunition, EO/IR, underwater warfare systems, military land vehicles, military ammunition, military radar, military simulation and training, INS GNSS, artillery, body armor and personal protection, and unmanned ground vehicles.

Singapore Defense Market Outlook by Sector

Singapore Defense Market Outlook by Sector

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Key Companies in the Singapore Defense Market

Some of the key companies in the Singapore Defense market are Flex Ltd, Singapore Technologies Engineering Ltd, ST Engineering Land System Ltd, Jenoptic Asia Pacific Pte Ltd, SIA Engineering Co Ltd, Changi Airports International Pte Ltd, Aircraft Support Industries Pty Ltd, GeoEye Asia, Singapore Technologies Aerospace Ltd, and Singapore Technologies Electronics Ltd.

Market Report Overview

Market size (2022) $12.3 billion
CAGR >5%
Forecast Period 2023-2027
Key sectors Military Fixed-Wing, Submarine, Military Rotorcraft, Military Infrastructure and Logistics, Naval Vessels and Surface Combatants, Tactical Communications, Missiles and Missile Defense Systems, Military UAVs, Electronic Warfare, Military Ammunition, EO/IR, Underwater Warfare Systems, Military Land Vehicles, Military Ammunition, Military Radar, Military Simulation and Training, INS GNSS, Artillery, Body Armor and Personal Protection, and Unmanned Ground Vehicles
Key companies Flex Ltd, Singapore Technologies Engineering Ltd, ST Engineering Land System Ltd, Jenoptic Asia Pacific Pte Ltd, SIA Engineering Co Ltd, Changi Airports International Pte Ltd, Aircraft Support Industries Pty Ltd, GeoEye Asia, Singapore Technologies Aerospace Ltd, and Singapore Technologies Electronics Ltd

Scope

This report provides:

  • A detailed analysis of the Singapore 2022 Defense budget, broken down into market size and market share. This is coupled with an examination of key current and future acquisitions.
  • Explanation of the procurement policy and process. This is coupled with an analysis of the Singapore military doctrine and strategy to provide a comprehensive overview of Singapore military regulation.
  • Examination of political alliances and perceived security threats to Singapore; there help to explain trends in spending and modernization.
  • Analysis of prevalent trends in the country’s imports and exports over the last five years.
  • Analysis of the competitive landscape of Singapore’s Defense industry.

Reasons to Buy

  • Determine prospective investment areas based on a detailed trend analysis of the Singapore 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 the Singapore 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 contract awarded, and financial analysis, wherever available.

Key Players

Lockheed Martin
ThyssenKrupp Marine Systems
Singapore Technologies Engineering

Table of Contents

Table of Contents

Executive Summary

Defense Budget Assessment

Budgeting Process

Defense Market Size Historic And Forecast

Drivers Of Defense Expenditure

Analysis Of Defense Budget Allocation

Key Market Slide Trends and Insights

Military Doctrine And Security Environment

Military Doctrine And Strategy

Political And Strategic Alliances

Geopolitical Social And Economic Scenario

Market Entry Strategy And Regulations

Procurement Policy And Process

Market Regulations

Key Challenges

Major M&A, Financing, and Partnerships

Market Attractiveness And Emerging Opportunities

Market Attractiveness, 2022-27

Top Defense Segments By Value

Import And Export Market Dynamics

Import Market Dynamics

Defense Platform Acquisitions

Defense Platform Acquisitions By Value

F-35B Lightning II

Next Generation Armored Fighting Vehicle (AFV) – Hunter AFV

Invincible class (Type 218SG)

CH-47F Chinook

H225M

Fleet Size

Competitive Landscape

Defense Companies Operating In Singapore

Main Defense Companies

Appendix

About This Report

About Us

Contact Us

Frequently Asked Questions

Singapore Defense budget stands at $12.3 billion in 2022.

The Singapore Defense market is expected to grow at a CAGR of more than 5% during 2023-27.

The key sectors in the Singapore Defense market are military fixed-wing, submarine, military rotorcraft, military infrastructure and logistics, naval vessels and surface combatants, tactical communications, missiles and missile Defense systems, military UAVs, electronic warfare, military ammunition, EO/IR, underwater warfare systems, military land vehicles, military ammunition, military radar, military simulation and training, INS GNSS, artillery, body armor and personal protection, and unmanned ground vehicles.

Some of the key companies in the Singapore Defense market are Flex Ltd, Singapore Technologies Engineering Ltd, ST Engineering Land System Ltd, Jenoptic Asia Pacific Pte Ltd, SIA Engineering Co Ltd, Changi Airports International Pte Ltd, Aircraft Support Industries Pty Ltd, GeoEye Asia, Singapore Technologies Aerospace Ltd, and Singapore Technologies Electronics Ltd.

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