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Singapore Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026
Singapore Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026 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 has consistently spent a significant amount of money on its defense due to the high level of the terrorism threat. Although there is currently no specific intel on terrorist activities against Singapore, the country is threatened by an increasing number of self-radicalized individuals. Other factors driving the defense expenditure over the historic period are the threats posed by terrorist organizations such as the Al-Qaeda-linked Jemaah Islamiyah (JI) and other regional terrorist groups, the acquisition of military equipment, overseas training of its armed forces, and participation in international peace-building missions and disaster relief operations. The Southeast Asian country had allocated a budget of US$11.4 billion in 2021 and registered a CAGR of 2.58%. Over the forecast period, Singapore's defense budget is valued at US$11.6 billion in 2022 with a 2.1% growth rate from the previous year. Singapore plans to spend significantly on its defense and the defense budget of the country is most likely to value around US$13.9 billion and register a CAGR of 4.6% in 2026.
This report offers detailed analysis of 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.
Drivers of Defense expenditure include acquisition of advanced military equipment to strengthen the relatively small army of the country and continuous threats if radicalization. Major ongoing procurement programs include procurement of F35B Lightning II, Next-Generation AFV - Hunter AFV, Invincible-class Submarine (Type 218SG)
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.
In particular, it provides an in-depth analysis of the following -
- Singapore defense budget: detailed analysis of Singapore FY2021 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 process is explained. This is coupled with an analysis of Singapore military doctrine and strategy to provide a comprehensive overview of Singapore military regulation.
- Security Environment: political alliances and perceived security threats to Singapore are examined; there help to explain trends in spending and modernisation.
- Import and Export Dynamics: analysis of prevalent trends in the country's imports and exports over the last five years
- Competitive landscape and strategic insights: analysis of the competitive landscape of the Singapore 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