The industrial machinery value added in Singapore exhibited a fluctuating trend from 2013 to 2023, reaching 60.13 units in 2023. The most notable year-on-year changes were a decline in 2015 and 2016 followed by a significant rebound in 2017 and 2018. Over the last two years, the value added grew by 1.17% year-on-year, with a 5-year CAGR of 0.29%. The forecast for the next five years suggests a steady increase with a CAGR of 0.88%, resulting in a projected 4.46% growth by 2028.
Future trends to watch for:
- Technological advancements impacting production efficiency.
- Global economic conditions influencing industrial demand.
- Governance and policy adjustments in Singapore’s manufacturing sector.
- Emerging markets and regional trade agreements affecting export opportunities.
