Singapore Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2023-2028

Singapore Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2023-2028 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, allocated a budget of $13.1 billion in 2023 and registered a CAGR of 5.9% during the historic period (2019-23). Singapore plans to spend significantly on its defense over the forecast period, so its defense budget is expected to increase from $13.5 billion in 2024 to $16.3 billion in 2028, growing at a CAGR of 4.7%.

Who Should Buy

• Defence Startups, Original Equipment Manufacturers (OEMs), Defence Planners, Aerospace and Defence Integrators, Venture Capital Firms, Government Agencies, Head of Marketing, Head of Sales, CEOs and Senior Executives.
• The concerned stakeholders can utilize the report to identify high growth segments and customize their offerings to match the project requirements.
• The Venture Capital Firms can utilize the project details, growth rate, and market size to identify and fund high potential startups.

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.

Scope

This report offers a detailed analysis of the Singapore 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 the Singapore 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 the process is explained. This is coupled with an analysis of the Singapore military doctrine and strategy to provide a comprehensive overview of Singapore's military regulation.
• Security Environment: political alliances and perceived security threats to Singapore are examined; there help to explain trends in spending and modernization.
• Competitive landscape and strategic insights: 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 in-depth understanding about 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 about 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 in-depth analysis of the competitive landscape consisting of detailed profiles of the top defense equipment providers in the country. The company profiles also includes information about the key products, alliances, recent contract awarded, and financial analysis, wherever available