Naperville, IL -- (SBWIRE) -- 12/16/2013 -- Reportstack, provider of premium market research reports announces the addition of Commercial Aircraft Market in Singapore 2014-2018 market report to its offering
Singapore is a potential market for the manufacture of commercial aircraft parts and MRO services. Currently, there is no company in Singapore that manufactures complete commercial aircraft. Therefore, the country relies on the import of commercial aircraft from other regions such as North America and Europe. However, there are some vendors in Singapore that manufacture commercial aircraft parts for Airbus SAS, The Boeing Co., and Embraer SA. The country has a major share of the MRO in the APAC region. Singapore Technologies Engineering Ltd. and SIA Engineering Co. Ltd. are the major players in the MRO market and it is expected that the MRO market will increase in the future due to the increase in traffic.
The Commercial Aircraft market in Singapore is expected to grow at a steady rate during the forecast period. The manufacturing of aircraft parts has gained momentum in recent years, and the demand for aircraft parts is expected to increase in the coming years. The Commercial Aircraft Parts Manufacturing market in Singapore is expected to grow at a CAGR of 14.35 percent, and the MRO market in Singapore is expected to grow at a CAGR of 8.19 percent during the forecast period.
Source: TechNavio Analysis
There are several factors driving the growth of the Commercial Aircraft market in Singapore. One such factor is the increase in the demand for aircraft parts manufacturing. Rising air passenger traffic is expected to fuel the domestic aircraft parts manufacturing activities in the country. Another major driver in the market is the rising demand for LCCs that leads to higher demand for commercial aircraft in Singapore.
Despite the presence of the growth drivers, the Commercial Aircraft market in Singapore is facing a few challenges. One of the key challenges is heavy reliance on the import of commercial aircraft. There is no company in Singapore that manufactures a complete commercial aircraft, which forces domestic airline companies to rely on the import of commercial aircraft.
Despite the presence of these challenges, the Commercial Aircraft market in Singapore is witnessing some emerging trends. One of the key trends is the increase in demand for MRO facilities. Many companies are expanding their current MRO facilities, and some companies are planning to set up new MRO facilities in Singapore. Another trend in the market is the adoption of open skies policy that will improve the growth of MRO services in Singapore.
Index precision Industries, ST Engineering, Singapore Aerospace manufacturing, SIA Engineering, Asian Surface Technologies Pte Ltd., and Meggitt Aerospace Asia Pacific Pte Ltd.
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