Key Market Indicators
Singapore is set to become a major player in the electrical equipment market. Imports of electrical equipment are expected to reach $118 billion by 2026, an increase of 1.8% annually since 2021. This is a significant increase since 1994, where imports grew an average of 4.7% each year. In 2021, Singapore ranked 4th in the world in terms of imports, with Germany leading the way at $106 billion. The United States, Germany and Singapore came in 2nd, 3rd and 4th respectively in this ranking. Exports of electrical equipment from Singapore are also projected to reach $151 billion by 2026, a rise of 1.7% annually since 2021. Since 1994, exports have grown at an average of 3.6% each year. In 2021, Singapore placed 5th in the world rankings, with Germany at the top with $136 billion. South Korea, the United States and Germany were 2nd, 3rd and 4th respectively.