The aerospace industry exports in Singapore have shown significant growth from 2013 to 2023, witnessing notable annual variations. While the early years saw fluctuations, the period from 2018 to 2023 experienced robust increases, with key highlights in 2018 (55.35% growth) and the recovery years post-2020's decline due to the pandemic. By 2023, the industry stood at $33.45 billion, indicating a strong positive trend with a 2023 year-on-year variation of 17.04% and a 5-year average growth (CAGR) of 12.25%.
Future forecasts suggest steady growth with an expected CAGR of 6.47% over the next five years, translating to a 36.82% increase by 2028.
Trends to watch for include:
- Technological advancements in aerospace manufacturing and services.
- Global supply chain dynamics and geopolitical developments.
- Ongoing impacts of environmental regulations and sustainability initiatives.
- Growth in demand for air travel and defense-related aerospace products.
