Singapore Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 2028

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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)

Singapore Defense Market Outlook, 2023-2028 ($ Billion)

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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

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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 (%)

Singapore Defense Market Analysis by Sectors, 2023 (%)

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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


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

Lockheed Martin
Singapore Technologies Engineering
ThyssenKrupp Marine Systems GmbH

Table of Contents

  • 1. Executive Summary
  • 2. Defense Budget Assessment

    • 2.1. Budgeting Process
    • 2.2. Defense Market Size Historical and Forecast
    • 2.3. Drivers Of Defense Expenditure
    • 2.4. Analysis of Defense Expenditure Allocation
    • 2.5. Analysis Of Defense Expenditure Allocation (Granular Analysis)

  • 3. Military Doctrine and Security Environment

    • 3.1. Military Doctrine and Strategy
    • 3.2. Political and Strategic Alliances
    • 3.3. Geopolitical, Social, and Economic Scenario

  • 4. Market Entry Strategy and Regulations

    • 4.1. Procurement Policies and Process
    • 4.2. Market Regulations and Market Entry Routes
    • 4.3. Key Challenges
    • 4.4. Major Deals and M&A

  • 5. Market Attractiveness and Emerging Opportunities

    • 5.1. Market Attractiveness, 2023–28
    • 5.2. Top Defense Segments By Value

  • 6. Defense Platform Acquisitions

    • 6.1. Defense Platform Acquisitions By Value
    • 6.2. F-35B
    • 6.3. Multi-Role Combat Vessels (MRCVs)
    • 6.4. Invincible-class (Type 218SG) submarine
    • 6.5. Next-Generation Armoured Fighting Vehicle (AFV) – Hunter AFV
    • 6.6. CH-47F Chinook

  • 7. Fleet Size
  • 8. Competitive Landscape

    • 8.1. Defense Companies Operating In Singapore
    • 8.2. Main Defense Companies

  • 9. Appendix

    • 9.1. About This Report
    • 9.2. About Us
    • 9.3. Contact Us

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