Singaporean Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024

Singaporean Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024

Singaporean Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024

Summary

Singapore’s defense expenditure is expected to register a CAGR of 3.16% during the forecast period to reach US$13.2 billion in 2024. Despite its small land area and population, Singapore's economic importance and military capability rank it among Southeast Asia's regional powers.Singapore’s defense budget is valued at US$11.4 billion in 2019 and registered a CAGR of 4.49% during the historic period. 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 the international peace-building missions and disaster relief operations have mainly driven the budget increases in the historic period. The country plans to increase its defense expenditure with significant and steady investment in defense procurements according to defense minister Ng Eng Hen in March, 2019.Capital expenditure is anticipated to grow at a CAGR of 3.54%, due to the country’s procurement plans over the forecast period, which is expected to increase from US$425.1 million in 2020 to US$488.6 million in 2024. Large scale opportunities remain in areas such as armored vehicles, multi role helicopters, utility helicopters, submarines, missile defense systems and naval auxiliary vessels. Singapore’s homeland security is expected to witness robust investment due to a number of measures planned by the government, such as the procurement of modern equipment for border surveillance, as there is need to protect the borders from illegal trafficking of goods and people and threats from terrorist organizations.In addition to these measures, the government is also focusing on containing the threats of human trafficking and cybercrime and countering the internal threats posed by these issues, in addition to developing improved identification systems for its citizens. Singapore’s homeland security (HLS) expenditure stands at US$5.0 billion in 2019 and is projected to reach US$6.6 billion in 2024, registering a CAGR of 5.16% over 2020-2024.Singapore encourages foreign investments in the defense sector and prefers technology transfers without formal offsets. The Singaporean Defense Ministry insists on a technology transfer agreement as part of all equipment procurement deals and insists on local support activities and joint programmes that have the same objective as offsets. Singapore has witnessed large scale imports of foreign military equipment during 2014-2018 due to the ongoing arms modernization programme. Traditionally, the US has been the largest supplier of military equipment and platforms to Singapore accounting for 46.2% of total arms imports. The other significant arms suppliers were France, Spain, Israel, the Netherlands, the UK, Italy, Switzerland, and South Africa.The report “The Singaporean Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024” provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news.In particular, it provides an in-depth analysis of the following -

  • The defense industry market size and drivers: detailed analysis of the Singaporean defense industry during 2020-2024, including highlights of the demand drivers and growth stimulators for the industry. It also provides a snapshot of the country’s expenditure and modernization patterns
  • Budget allocation and key challenges: insights into procurement schedules formulated within the country and a breakdown of the defense budget with respect to capital expenditure and revenue expenditure. It also details the key challenges faced by defense market participants within the country
  • Porter’s Five Force analysis of the Singaporean defense industry: analysis of the market characteristics by determining the bargaining power of suppliers, bargaining power of buyers, threat of substitution, intensity of rivalry, and barriers to entry
  • Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years
  • Market opportunities: details of the top five defense investment opportunities
  • Competitive landscape and strategic insights: analysis of the competitive landscape of the Singaporean defense industry. It provides an overview of key players, together with insights such as key alliances, strategic initiatives, and a brief financial analysis
  • Companies mentioned: Boeing, ThyssenKrupp Marine Systems, Thales, Singapore Technologies Aerospace, Singapore Technologies Marine, Singapore Technologies Kinetics

    Scope
    • Despite its small land area and population, Singapore's economic importance and military capability rank it among Southeast Asia's regional powers. Singapore’s defense budget is valued at US$11.4 billion in 2019 and registered a CAGR of 4.49% during the historic period.
    • 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 the international peace-building missions and disaster relief operations have mainly driven the budget increases in the historic period.
    • The country plans to increase its defense expenditure with significant and steady investment in defense procurements according to defense minister Ng Eng Hen in March, 2019. Due to this military modernization process, the country’s defense expenditure is anticipated to reach US$13.2 billion in 2024 and register a CAGR of 3.16% during 2020-2024.
    Reasons to buy
    • This report will give the user confidence to make the correct business decisions based on a detailed analysis of the The Singaporean defense industry market trends for the coming five years
    • The market opportunity section will inform the user about the various military requirements that are expected to generate revenues during the forecast period. The description includes technical specifications, recent orders, and the expected investment pattern by the country during the forecast period
    • Detailed profiles of the top domestic and foreign defense manufacturers with information about their products, alliances, recent contract wins, and financial analysis wherever available. This will provide the user with a total competitive landscape of the sector
    • A deep qualitative analysis of the The Singaporean defense industry covering sections including demand drivers, Porter’s Five Forces Analysis, Key Trends and Growth Stimulators, and latest industry contracts


    • Introduction
      • What is this Report About?
      • Definitions
      • Summary Methodology
      • About GlobalData
    • Executive Summary
      • Table Figure 1: Singaporean Defense Budget: 2020 and 2024
      • Table Figure 2: Singaporean Defense Imports/Exports, 2014 and 2018
    • Market Attractiveness and Emerging Opportunities
      • Table Figure 3: Singapore's Top Prospective Procurements/Developments
      • Current Market Scenario
        • Primary Threat Perception
          • Table Figure 4: Singaporean National Security Threats
        • Military Doctrine and Strategy
        • Procurement Programs
          • Table Singapore – Ongoing Development and Procurement Programs, 2019
          • Table Singapore – Future Procurement Programs, 2018
        • Top Procurement Programs by Value (US$ Million) 2019–2024
          • Table Singapore – Top Defense Procurement Programs by Value (US$ Million), 2019–2024
        • Geopolitical, Social and Economic Scenario
        • Political and Strategic Alliances
          • Table Figure 5: Singapore's Partner Countries for Defense Cooperation and Military Training
      • Defense Market Size Historical and Forecast
        • Defense expenditure expected to grow at a CAGR of 3.16% during 2020–2024
          • Table Singapore – Defense Expenditure (SGD Billion & US$ Billion), 2015–2024
          • Table Figure 6: Singapore Defense Expenditure (SGD Billion), 2015-2024
          • Table Figure 7: Singapore Defense Expenditure (US$ Billion), 2015-2024
        • Countering terrorist threats, acquiring sophisticated military equipment and overseas training requirements are expected to drive defense expenditure
        • Defense expenditure as a percentage of GDP is expected to average 3.0% during 2020–2024
          • Table Singapore GDP Growth vs. Defense Expenditure as a Percentage of GDP, 2015-2024
          • Table Figure 8: Singapore GDP Growth vs. Defense Expenditure as a Percentage of GDP, 2015- 2024
      • Analysis of Defense Budget Allocation
        • Capital expenditure allocation is expected to increase over the forecast period
          • Table Singapore – Defense Budget Allocation for Capital and Revenue Expenditure (%), 2015-2024
          • Table Figure 9: Singapore Defense Budget Split Between Capital and Revenue Expenditure (%), 2015-2024
        • Singapore's defense capital expenditure to value US$488.6 million in 2024
          • Table Singapore – Defense Capital Expenditure, (SGD Million & US$ Million), 2015-2024
          • Table Figure 10: Singapore Defense Capital Expenditure (SGD Million), 2015-2024
          • Table Figure 11: Singapore Defense Capital Expenditure (US$ Million), 2015-2024
        • Per capita defense expenditure to increase over the forecast period
          • Table Singapore – Defense Expenditure as Per Capita Defense Spend (US$), 2015-2024
          • Table Figure 12: Singapore Per Capita Defense Expenditure (US$), 2015-2024
      • Homeland Security Market Size and Forecast
        • Homeland Security (HLS) is expected to grow at CAGR 5.16% over the forecast period
          • Table Singapore Homeland Security Expenditure (SGD Billion & US$ Billion), 2015-2024
          • Table Figure 13: Singapore's Homeland Security Expenditure (SGD Billion), 2015-2024
          • Table Figure 14: Singapore's Homeland Security Expenditure (US$ Billion), 2015-2024
        • Border protection and cyber security are driving the country's homeland security budget
      • Benchmarking with Key Global Markets
        • Singapore has the second highest defense expenditure in Southeast Asia
          • Table Benchmarking with Key Markets – 2015–2019 vs. 2020–2024
          • Table Figure 15: Benchmarking with Key Global Markets, 2015–2019 vs. 2020–2024
        • The country's defense budget is high compared to other Southeast Asian countries
          • Table Figure 16: Benchmarking with World's Largest Defense Spenders (US$ Billion), 2019 and 2024
        • The defense budget as a percentage of GDP is set to slightly decrease over the forecast period
          • Table Figure 17: Benchmarking with Large Defense Spenders as a Percentage of GDP – 2019
      • Market Opportunities: Key Trends and Drivers
        • Top 10 Defense Sectors by Value (US$ Million) – Projections over 2019–2024
          • Table Top Singapore Defense Sectors by Value (US$ Million), 2019–2024
        • Critical Infrastructure Protection (CIP) - Physical Security
          • Table Figure 18: Critical Infrastructure Protection (CIP) – Physical Security Market Size (US$ Million), 2019–2024
        • Submarine – SSK-Diesel Electric Submarine
          • Table Figure 19: SSK-Diesel Electric Submarine Market Size (US$ Million), 2019–2024
        • Military Infrastructure and Logistics – Infrastructure Construction
          • Table Figure 20: Military Infrastructure and Logistics – Infrastructure Construction Market Size (US$ Million), 2019–2024
    • Defense Procurement Market Dynamics
      • Table Figure 21: Top Singapore Defense Procurements in Terms of Supplier Relationships
      • Import Market Dynamics
        • Defense imports are expected to increase over the forecast period
          • Table Figure 22: Singapore Defense Import Trend, 2014–2018 (TIV values)
        • The US dominated Singaporean defense imports from 2014–2018
          • Table Figure 23: Singapore Defense Imports by Country (%), 2014–2018
        • Aircraft were the major defense imports during 2014–2018
          • Table Figure 24: Singapore Defense Imports by Weapon Category (%), 2014–2018
      • Export Market Dynamics
        • Arms export expected to increase over the forecast period
          • Table Figure 25: Singaporean Defense Exports by Value, 2014–2018
        • Oman emerged as the biggest importer of Singaporean defense equipment
          • Table Figure 26: Singaporean Defense Exports by Country (US$ million), 2014–2018
        • Naval vessels accounted for the majority of defense exports between 2014 and 2018
          • Table Figure 27: Singaporean Defense Exports by Category (%), 2014–2018
    • Industry Dynamics
      • Five Forces Analysis
        • Table Figure 28: Industry Dynamics – Porter's Five Forces Analysis
        • Bargaining Power of Supplier: Low to Medium
        • Bargaining Power of Buyer: Medium to High
        • Barrier to Entry: Medium
        • Intensity of Rivalry: High
        • Threat of Substitution: High
    • Market Entry Strategy
      • Market Regulation
        • Favorable FDI policies to attract foreign OEMs
        • Defense policy requires investments in training and technology to develop domestic capabilities
      • Market Entry Route
        • Budgeting Process
          • Table Figure 29: Singapore Budgeting Process
        • Procurement Policy and Process
        • The transfer of technology is a key entry strategy for foreign OEMs
      • Key Challenges
        • Limited defense budget discourages investors from entering market
        • Restricted availability of production discourages foreign investments
    • Competitive Landscape and Strategic Insights
      • Competitive Landscape Overview
        • Singapore's defense sector has a mix of domestic and foreign competitors
          • Table Top Defense Suppliers in Singapore Defense Industry – By Value (US$ Million) 2019–2024
      • Singapore Market Share Analysis, 2019-2024
        • Table Figure 30: Singaporean Market Share Analysis, 2019-2024
      • Key Foreign Companies
        • Boeing: Overview
        • Boeing: Products and Services
          • Table Boeing. – Products
        • Boeing: Recent announcements and strategic initiatives
        • Boeing: Alliances
          • Table Boeing – Alliances
        • Boeing: Recent Contract Wins
          • Table Boeing - Recent Contract Wins
        • ThyssenKrupp Marine Systems: Overview
        • ThyssenKrupp Marine Systems: Products
          • Table ThyssenKrupp Marine Systems – Product Focus
        • ThyssenKrupp Marine Systems: Recent Announcements and Strategic Initiatives
        • ThyssenKrupp Marine Systems: Recent Contract Wins
          • Table ThyssenKrupp Marine Systems – Recent Contract Wins
        • Thales: Overview
        • Thales: Products
          • Table Thales - Products
        • Thales: Recent Announcements and Strategic Initiatives
        • Thales: Alliances
          • Table Thales – Alliances
        • Thales: Recent Contract Wins
          • Table Thales – Recent Contract Wins
        • Singapore Technologies Aerospace: Overview
        • Singapore Technologies Aerospace: Products
          • Table Singapore Technologies Aerospace – Products and Services
        • Singapore Technologies Aerospace: Recent Announcements and Strategic Initiatives
        • Singapore Technologies Aerospace: Alliances
          • Table Singapore Technologies Aerospace – Alliances
        • Singapore Technologies Aerospace: Recent Contract wins
          • Table Singapore Technologies Aerospace - Recent Contract Wins
        • Singapore Technologies Marine: Overview
        • Singapore Technologies Marine: Products
          • Table Singapore Technologies Marine - Products
        • Singapore Technologies Marine: Recent Announcements and Strategic Initiatives
        • Singapore Technologies Marine: Alliances
          • Table Singapore Technologies Marine - Alliances
        • Singapore Technologies Marine Recent Contract Wins
          • Table Singapore Technologies Marine - Recent Contract Wins
        • Singapore Technologies Electronics: Overview
        • Singapore Technologies Electronics: Products and Services
          • Table Singapore Technologies Electronics - Products and Services
        • Singapore Technologies Electronics: Recent Announcements and Strategic Initiatives
        • Singapore Technologies Electronics: Alliances
          • Table Singapore Technologies Electronics - Alliances
        • Singapore Technologies Electronics: Recent contract wins
          • Table Singapore Technologies Electronics - Recent Contract Wins
        • Singapore Technologies Kinetics: Overview
        • Singapore Technologies Kinetics: Products and Services
          • Table Singapore Technologies Kinetics - Products and Services
          • Table Singapore Technologies Kinetics - Products and Services
        • Singapore Technologies Kinetics: Recent Announcements and Strategic Initiatives
        • Singapore Technologies Kinetics: Alliances
          • Table Singapore Technologies Kinetics - Alliances
        • Singapore Technologies Kinetics: Recent Contract Wins
          • Table Singapore Technologies Kinetics - Recent Contract Wins
    • Business Environment and Country Risk
      • Economic Performance
        • GDP per Capita at Constant Prices (US$)
          • Table Figure 31: Singapore GDP per Capita at Constant Prices (US$), 2015–2025
        • GDP, Current Prices (US$ Billion)
          • Table Figure 32: Singapore GDP, Current Prices (US$ Billion), 2015–2025
        • Exports of Goods and Services (LCU Billion)
          • Table Figure 33: Singapore Exports of Goods and Services (LCU Billion), 2005–2014
        • Imports of Goods and Services (LCU Billion)
          • Table Figure 34: Singapore Imports of Goods and Services (LCU Billion), 2005–2014
        • Gross National Disposable Income
          • Table Figure 35: Singapore Gross National Disposable Income (US$ Billion), 2005–2013
        • LCU per US$ (Period Average)
          • Table Figure 36: Singapore LCU per US$, 2015–2024
        • Market Capitalization of Listed Companies
          • Table Figure 37: Singapore Market Capitalization of Listed Companies (US$ Billion), 2005–2012
        • Market Capitalization of Listed Companies as a Percentage of GDP
          • Table Figure 38: Singapore Market Capitalization of Listed Companies (% of GDP), 2005–2012
        • Total Government Cash Surplus/Deficit as a Percentage of GDP
          • Table Figure 39: Singapore Total Government Cash Surplus/Deficit (% of GDP), 2005–2012
        • Goods Exports (% of GDP)
          • Table Figure 40: Singapore Goods Exports (% of GDP), 2005–2014
        • Goods Imports as (%of GDP)
          • Table Figure 41: Singapore Goods Imports (% of GDP), 2005–2014
        • Services Imports as (%of GDP)
          • Table Figure 42: Singapore Services Imports (% of GDP), 2005–2014
        • Services Exports as (%of GDP)
          • Table Figure 43: Singapore Services Exports (% of GDP), 2005–2014
        • Net Foreign Direct Investment
          • Table Figure 44: Singapore Net Foreign Direct Investment (US$ Billion), 2005–2014
        • Net Foreign Direct Investment as a % of GDP
          • Table Figure 45: Singapore Net Foreign Direct Investment (% of GDP), 2005–2014
        • Mining, Manufacturing, Utilities Output
          • Table Figure 46: Mining, Manufacturing, Utilities Output (LCU Billion), 2005–2014
    • Appendix
      • Disclaimer

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