Asia’s largest aviation industry exhibition opened in Singapore on Tuesday, aiming to achieve ambitious regional growth targets.
According to AZERTAC, the 10th edition of the biennial Singapore Airshow is hosting more than 1000 companies, including industry giants Airbus and Boeing, ST Engineering, and emerging defense companies specializing in drones.
The Asia-Pacific region is the fastest-growing region in the world for air travel, driven by China and India, with passenger traffic projected to grow 7.3% by 2026. However, aircraft and engine manufacturers are struggling to keep up with growing demand for fleet expansion.
Boeing announced a deal with Air Cambodia for 10 737 MAX aircraft. Chinese aircraft manufacturer COMAC is also vying for public attention with its domestically produced C919 passenger jet, which is participating in the show for the second time.
According to Jefferies analysts, since 2012, the Singapore Airshow has accounted for only 5% of total bookings at global air shows, significantly less than Paris, Farnborough, and Dubai. However, it serves as a key meeting place for regional airline executives and their counterparts from aircraft and engine manufacturers seeking to meet growing demand for air travel in the Asia-Pacific region, which accounts for approximately 35% of global air traffic.
A report by Alton Aviation Consultancy, published on the eve of the show, predicts that India, China, and Southeast Asia will account for eight of the world’s ten fastest-growing air travel markets between 2024 and 2044.
The lunchtime show featured demonstration flights by pilots from the air forces of Singapore, Indonesia, India, China, Malaysia, and Australia.
It’s worth noting that on Monday, Singapore announced the creation of the National Space Agency (NSAS), which will begin full operations on April 1 of this year. The new space agency aims to cement the country’s position in the global space economy, which could grow to $1.8 trillion by 2035, amid cheaper and more accessible orbit.
