Singapore - Aircraft and Parts Singapore - Aircraft and Parts
Overview
|
|
2016 |
2017 |
2018 |
2019 (estimated) |
|---|---|---|---|---|
|
Total Market Size |
9,059 |
11,756 |
16,225 |
15,997 |
|
Local Production |
6,449 |
7,004 |
7,606 |
8,260 |
|
Exports |
9,896 |
10,112 |
13,553 |
14,821 |
|
Imports |
12,506 |
14,864 |
22,172 | 22,558 |
|
Imports from the U.S. |
6,958 |
8,357 |
13,193 | 13,844 |
|
Exchange rate: 1USD |
1.38 |
1.38 |
1.35 |
1.35 |
$US millions (total market size = (total local production + imports) - exports)
Data Sources: Singapore Government Trade Statistics
Singapore is the regional leader in aerospace maintenance, repair and overhaul (MRO), manufacturing, and research and development (R&D). Since 1992, the Singapore aerospace industry has grown at a compound annual growth rate of 8.6% over the past two decades to become the most comprehensive MRO hub in Asia. Singapore possesses a full range of capabilities that include airframe maintenance, engine overhaul, component repair, and aircraft modification and conversion.
Besides MRO, Singapore is also home to world-class aerospace design and manufacturing OEMs and suppliers. Products designed and manufactured in Singapore include avionics computers, engine fan blades, engine casings, engine gears, valves, seat actuators, and electrical power systems.
As the leading aviation hub in Asia, Singapore is well-positioned to take advantage of any growth opportunities that may arise in the coming years. Singapore Changi Airport is widely recognized as one of the premier airports in the world. Changi saw a 5.5% rise in passenger numbers in 2018 to a record 65.6 million. As one of the world’s busiest airports for air cargo, Changi handles over 2 million tons of cargo annually, with transshipment volume accounting for almost half of the throughput - evidence of the country’s well-established connectivity to the world.
Leading Sub-Sector
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, other than 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.
Opportunities
Changi Airport’s passenger traffic has grown steadily in the past decade, with an average per annum growth of 5.4%. With the prospect 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.
With 5 passenger terminals, 8 airfreight terminals and 3 runways ready around 2030, Changi Airport is future-proof for the next era of aviation.
Web Resources
Singapore Air Show 2020
February 11 - 16, 2020
Singapore Government Offices
Singapore Economic Development Board
Civil Aviation Authority of Singapore
Defense Science & Technology Agency
Major Aviation Businesses
Changi Airport Group
ST Aerospace Ltd
SIA Engineering Company Ltd
U.S. Commercial Service, Singapore Contact
Mr. NG Haw Cheng, Commercial Specialist
Email: Hawcheng.Ng@trade.gov