Last year, total revenues for the Asia-Pacific region hit US$22 billion and this is expected to triple by 2030, said Transport Minister Raymond Lim.

Speaking at an industry event at the Raffles Town Club on Friday night, he added that the total aircraft fleet in the region was also expected to jump more than 50 per cent.

From 16,500 now, Asia will be home to about 25,000 planes by 2030.

He said: 'Accompanying the growth of aircraft fleet will surely be a commensurate growth in the aerospace industry.'

The International Air Transport Association (Iata) - the representative body of about 230 carriers worldwide - said this week that global international passenger traffic fell 3.1 per cent in April compared with a year ago. In March, the drop was 11.1 per cent.

Iata's director-general and chief executive officer Giovanni Bisignani said the demand improvements seen in April are welcome but warned that the industry is 'not out of the woods yet.'

As the industry consolidates and rationalises, so too must aerospace companies continually adapt and reinvent themselves to remain viable and competitive, Mr Lim said.

In the end, businesses that deliver exceptional value even in times of donwsizing and cost-cutting, will be the first to benefit from a recovery, he said.

Five such companies were recognised at the inaugural Singapore Aerospace Awards (SAA) which Mr Lim attended as chief guest.

The event was organised by the Association of Aerospace Industries (Singapore) to honour companies that have done well in different areas, including innovation, technology adoption and workforce development.

More than 30 applications were received.