Singapore is the regional leader in aerospace MRO, manufacturing and research and development. Since 1992, the Singapore’s aerospace industry has grown at an average rate of 13% to become the most comprehensive MRO hub in Asia. Singapore possesses a full range of capabilities that include airframe maintenance, engine overhaul, component repair, structural and avionics system repair, and aircraft modifications 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 engine casings, engine gears, valves, seat actuators, electrical power systems and galley equipment.
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’s Changi Airport is widely recognized as one of the premier airports in the world. Changi had a 2.7% rise in passenger numbers in 2008 to a record 37.7 million. However, air freight movements dipped 2.0% in 2008 to 1.86 million tons.
With reductions in long-haul passenger loads between Asia and Europe and North America, travel among ASEAN member countries will be emphasized in the next two years. These strategies are part of a tactical ASEAN marketing campaign to promote travel among the ten member countries. The successful implementation of such campaign will benefit Singapore’s aerospace maintenance, repair and overhaul (MRO) sector, which will translate into greater opportunities for American suppliers to sell to this lucrative market.
Singapore is well positioned to expand its market share in business aviation, regional training and asset management. In addition, sales prospects for products and services related to aircraft repair and overhaul, such as repair equipment for landing gears and propellers, brake linings, tires, engines and fuel systems, avionics systems and equipment, fan blades, test equipment, etc., are likely remain strong over the next few years.
Aerospace is one of the fastest growing industries in Singapore and the long-term outlook remains positive. The industry is expected to grow, albeit modestly, as demand for air travel is expected to strengthen after the second half of 2009.