Prior to the Singapore Airshow 2024, the Economic Development Board of Singapore presented an industry outlook during a press conference on February 18, 2024. The board projected that the Singapore Aerospace sector would hire more than 2,500 workers by 2030.

The hirings will encompass roles such as operators, technicians, engineers, and corporate management to support the sector’s continued growth over the next five years.

Cindy Koh, the Executive Vice President at EDB, shared, “The outlook for our aerospace industry is bright, and many companies are looking to invest and grow in Singapore. We understand there are hiring and supply chain challenges in the near to medium term, and Singapore will support aerospace companies on these fronts.”

Koh added that EDB has been working with aerospace companies for the past two years to secure new investments, and they have been successful in attracting over $750 million in commitments for more than 10 new projects here, spanning the next three to five years. Currently, the Singapore aerospace sector comprises more than 130 aerospace companies, with more than 70% of jobs secured by local talent. 

EDB also projected Singapore’s aerospace output in 2023 at more than $15 billion, compared with close to $13 billion in 2019 before the Covid-19 pandemic struck.

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Koh also remarked on the past outlook of the aerospace industry saying, “Over the past two years, hiring by aerospace companies here was ramped up, with total employment in the sector increasing by almost 3,000 to more than 21,000 from 2021 to 2023. About 22,000 people worked in the sector here in 2019, but many were laid off after the Covid-19 pandemic battered travel demand. In 2023, Singapore’s aerospace output grew 16 per cent year on year, with the recovery here outpacing global output by a year.”

On the future outlook of the industry, Koh added, “In the longer term, EDB is on the lookout for new growth areas to ensure Singapore’s competitiveness. Environmental sustainability is one such area,”