Aviation industry in Singapore - statistics & facts
The aviation industry is a significant contributor to the Singapore economy. Singapore's Changi Airport has been consistently ranked as one of the best airports in the world and offers a variety of shopping and food options for travelers. Due to the pandemic, in financial year 2020/21, Changi airport revenue fell below 700 million Singapore dollars. Revenue has recovered slightly in 2022/2023 but remains below pre-pandemic levels.
With the gradual recovery of air traffic, sustainability remains a priority for Singapore's aviation sector. The sector's decarbonization strategy, guided by CAAS and the Ministry of Transport, aims to achieve net zero carbon emissions by 2050. To achieve this, SIA replaced its cargo aircraft fleet with next-generation Airbus A350s, which consume 40 percent less fuel than previously operated Boeings. The Singapore Airlines Group expects to be able to significantly reduce its emissions through the continuous renewal of its young fleet. In addition, the Singapore Airlines Group has announced their goal of replacing five percent of their total fuel requirements with sustainable aviation fuels (SAF) by 2030.
Air traffic at Changi Airport
Changi Airport is one of the largest transportation hubs in Asia and one of the busiest in terms of passenger traffic. In 2022, the number of moving commercial aircrafts at Changi Airport amounted to approximately 219 thousand, up from 109 thousand in 2021. More than 15.8 million people were departing from the Singaporean Airport during this year. The number of passengers carried by Singapore Airlines fell to around 460 thousand in fiscal 2020/21 due to the pandemic, before rising to 18.15 million in fiscal 2022/23. Since 2022, Changi Airport has welcomed ten new airlines and established four new city links to Jeju in South Korea, Noumea in New Caledonia, Pune in India, and Sibu in Malaysia. With the reopening of China's borders at the beginning of 2023, four other airlines have resumed operations, with seven city connections re-established.Post-pandemic recovery
Since the pandemic, Singapore Airlines has strengthened its regional dominance, while its competitors have received more modest public support and are still restructuring. Indeed, SIA has been strongly supported by the state-owned investment company Temasek Holdings. Since 2022, SIA has begun to restore its network, which now reaches more than 130 destinations. This allowed Changi Airport to record 5.12 million passengers in October 2023, with air traffic steadily increasing since the end of 2021. The airport also reopened Terminal 2 after three and a half years of expansion work, as the hub expects a full recovery in passenger traffic by 2024.With the gradual recovery of air traffic, sustainability remains a priority for Singapore's aviation sector. The sector's decarbonization strategy, guided by CAAS and the Ministry of Transport, aims to achieve net zero carbon emissions by 2050. To achieve this, SIA replaced its cargo aircraft fleet with next-generation Airbus A350s, which consume 40 percent less fuel than previously operated Boeings. The Singapore Airlines Group expects to be able to significantly reduce its emissions through the continuous renewal of its young fleet. In addition, the Singapore Airlines Group has announced their goal of replacing five percent of their total fuel requirements with sustainable aviation fuels (SAF) by 2030.
