(Commonwealth) _ Singapore has long been known for its highly advanced economy in the Asia Pacific region, driven by various sectors including finance, tourism, and exports in electronics manufacturing and machinery. However, the largest industry that contributes significantly to Singapore’s annual GDP is the manufacturing sector, accounting for 20%-25% of the country’s total GDP.
The manufacturing sector in Singapore has undergone significant changes in recent years, driven by advancements in technology and the rise of the Fourth Industrial Revolution. The Singaporean government has recognized the potential of advanced manufacturing and has directed the industry towards this focus, with a goal of making Singapore a global leader in advanced manufacturing.
Advanced manufacturing refers to the use of innovative technologies such as robotics, artificial intelligence, 3D printing, smart sensors, and the Internet of Things to streamline the manufacturing process, reduce costs, and improve efficiency. This has resulted in the growth of the advanced manufacturing market, which is expected to reach US$156.6 billion by 2024, growing at a rate of 16.9 percent a year.
Singapore’s advanced manufacturing industry has several advantages that make it an attractive destination for investment. These include a highly skilled workforce, a stable political environment, strong intellectual property protection laws, and a supportive government that provides incentives for research and development. Additionally, Singapore’s strategic location as a gateway to the Asia Pacific region makes it an ideal location for businesses looking to expand their operations in the region.
One of the key drivers of Singapore’s advanced manufacturing industry is its focus on research and development. The government has invested heavily in developing a world-class research and development ecosystem, with the aim of fostering innovation and driving technological advancements. This has led to the creation of several research institutions, including the Agency for Science, Technology and Research (A*STAR) and the Singapore Institute of Manufacturing Technology (SIMTech), which have been instrumental in developing advanced manufacturing technologies.
Another factor that has contributed to the growth of Singapore’s advanced manufacturing industry is the country’s strong focus on skills development. The government has implemented several initiatives to enhance the skills of the workforce, including providing funding for training programs and offering incentives for companies to hire and train local workers. This has resulted in a highly skilled workforce that is equipped to handle the challenges of the Fourth Industrial Revolution.
The advanced manufacturing industry in Singapore is diverse, with a focus on several key areas including aerospace, electronics, precision engineering, and biomedical sciences. The aerospace industry, in particular, has been a major focus of the Singaporean government, with the goal of becoming a global hub for aircraft maintenance, repair, and overhaul. This has led to the development of several world-class aerospace facilities, including the Seletar Aerospace Park, which is home to several leading aerospace companies.
The electronics industry is another significant contributor to Singapore’s advanced manufacturing industry. Singapore is home to several major electronics companies, including Broadcom, Micron Technology, and ST Engineering, which have all invested heavily in developing advanced manufacturing capabilities. The government has also established several initiatives to promote the development of the electronics industry, including the Electronics Industry Transformation Map, which aims to drive innovation and enhance the competitiveness of the industry.
Precision engineering is another key area of focus for Singapore’s advanced manufacturing industry. This industry is essential for the production of high-quality and precise components, which are used in a range of sectors including aerospace, electronics, and biomedical sciences. Singapore is home to several world-class precision engineering companies, including Feinmetall Singapore and Fong’s Engineering and Manufacturing.
Finally, the biomedical sciences industry is another significant contributor to Singapore’s advanced manufacturing industry. The country has established itself as a leading hub for biomedical sciences, with several world-class research institutions and companies located in Singapore. The government has also established several initiatives to promote the development of the biomedical sciences.
