The Singapore Armed Forces (SAF) are engaged with an ambitious defense program. It will drive Singapore’s defense expenditure to $15.8bn in 2027, modernizing military equipment, homeland security, and cyber security.
According to GlobalData’s report, ‘Singapore Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2022-27’, Singapore has allocated a defence budget of $12.3bn for 2022, an increase of 7.4% over the allocation in 2021; and reflects a CAGR of 3.7% during 2018-2022.
GlobalData forecasts a defence budget CAGR increase of 5% from $13bn in 2023 to $15.8bn in 2027. This will overcome challenges posed by the country’s small armed forces, and limited training area, with effective personnel training overseas.