In pre COVID-19 pandemic, Singapore’s aerospace industry has maintained a leading position in the Asia-Pacific market. Growing by a compounded annual growth rate of 8.6% over the past two decades and a total annual output of more than $8.0 billion, the Singapore aerospace industry is a key economic driver for Singapore. As a convenient one-stop center for all aircraft maintenance needs, with a full range of MRO services and a large precision engineering suppliers base, Singapore’s MRO cluster has captured over 10% of the global MRO market.
Many American exporters use agents or distributors to serve the Singapore market and other markets in Southeast Asia. Finding prospective partners usually presents no problem as Singapore firms are aggressive when it comes to representing new products and typically respond enthusiastically to new opportunities. Because of the relatively small size of the Singapore market, potential partners often ask to cover regional territories. With a strong history of trade, Singaporean companies are particularly successful in taking products to the region. New-to-market firms should consider partnering with Singapore firms knowledgeable in aircraft industry networks.
Singapore enjoys excellent connectivity and an efficient supply chain. It is further strengthening its infrastructure to ride future growth trends. The Seletar Aerospace Park is a centerpiece of this effort. Spanning 300ha, the dedicated aerospace park will host an integrated cluster of activities including aerospace MRO; design and manufacture of aircraft systems, components, and light aircraft; business and general aviation activities; and a regional aerospace campus for aerospace education, research and training.
Singapore’s MRO business segment is robust. Backed by a large pool of over 130 aerospace companies, Singapore has become the leading aviation hub in Asia-Pacific today, contributing over a quarter of the region’s MRO output. Leading players such as ST Engineering Aerospace and SIA Engineering Company carry out comprehensive nose-to-tail MRO services from airframe maintenance to engine overhaul to aircraft modifications and conversion. Singapore is also a center for regional parts distribution and warehousing.
In addition to supplying to all aspects of the MRO business, Singapore also expects to see new growth opportunities in the areas of business aviation, regional training and asset management.
Export, Import and Production Data
|
|
2017
|
2018
|
2019
|
2020 (Estimate)
|
|
Total Local Production
|
7,004
|
7,606
|
8,140
|
6,675
|
|
Total Exports
|
10,112
|
13,553
|
16,249
|
12,531
|
|
Total Imports
|
14,864
|
22,172
|
25,153
|
19,131
|
|
Imports from the US
|
8,357
|
13,193
|
14,775
|
10,692
|
|
Total Market Size
|
11,756
|
16,225
|
17,044
|
13,275
|
|
Exchange Rates
|
1.34
|
1.36
|
1.34
|
1.39
|
$US millions (total market size = (total local production + imports) - exports)
Data Sources: Singapore Government Trade Statistics
Prior to the COVID-19 pandemic, Singapore Changi Airport’s passenger traffic has grown steadily in the past decade, with an average per annum growth of 5.4%. Barring any unforeseen circumstances caused by the COVID-19 situation, and based on the earlier projection of strong aviation growth over the next 20 years, particularly in the Asia-Pacific region, demand for air travel is expected to increase and traffic at Changi Airport is anticipated to grow in tandem. Singapore is particularly well-equipped to capture the demand from aviation-related services from this market given its MRO hub status, which will translate into greater opportunities for American suppliers to sell to this lucrative market.
Besides MRO services, sales prospects for products related to aircraft repair and overhaul, such as repair equipment for landing gears and nacelle, brake linings, tires, engines and fuel systems, avionics systems and equipment, fan blades, test equipment, etc., will likely remain strong over the next few years. Going forward, besides strengthening the MRO cluster, the aerospace manufacturing and R& D segments will also be further developed. Products designed and manufactured in Singapore include engine casings, engine gears, valves, seat actuators, and electrical power systems, among others.
International Conference on Unmanned Aerial Vehicles and Geomatics (ICUAVG)
Dates: January 11-12, 2021
Venue: Singapore
Website: https://waset.org/unmanned-aerial-vehicles-and-geomatics-conference-in-january-2021-in-singapore
Description: ICUAVG aims to bring together leading academic scientists, researchers and research scholars to exchange and share their experiences and research results on all aspects of Unmanned Aerial Vehicles and Geomatics.
Singapore Airshow 2022
Dates: February 15-20, 2022
Venue: Changi Exhibition Center, Singapore
Website: https://www.singaporeairshow.com
Description: As Asia’s largest Airshow, this event attracts leading aerospace companies and major players in the aviation and defense industry to showcase their wares to the international aerospace and defense potential end-users.
Hawcheng Ng
U.S. Embassy Singapore
Commercial Specialist
Hawcheng.Ng@trade.gov
(65) 6476-9037
