Winglet Market: Global Industry Analysis and Forecast (2023-2029)

Winglet Market size was valued at US$ 2.78 Bn. in 2022 and the total revenue is expected to grow at 8.9% through 2023 to 2029, reaching nearly US$ 5.06 Bn.
Winglet Market Overview:
Winglets are vertical extensions of a plane's wingtips that increase range and fuel efficiency. Winglets are small aerofoils that reduce drag caused by vortices that form at the plane's wingtips as it passes through the air. The aviation sector is expanding rapidly over the world, resulting in higher demand for aeroplanes. Aircraft has recently been the primary form of transportation for both passengers and freight. Winglets are an aircraft's exterior part that can be employed to speed up escalation and burn fuel while also decreasing wingtip vortices.To know about the Research Methodology :- Request Free Sample Report

The market's growth has been fuelled by the aerospace industry's increasing desire for innovative technology that improves aircraft performance. With an increase in aircraft production, the winglet market is seeing significant growth in demand. Winglet development is progressing, which is boosting aircraft performance. New winglets are being developed by market participants such as The Aircraft Performance Company GmbH, Tamarack Aerospace, and Duncan, among others, to reduce fuel consumption. The market is heading upwards due to increased knowledge of winglet technology among aircraft fleet owners.
Winglet Market Dynamics:
By the end of 2038, the global aircraft fleet sector is expected to grow at a rate of 4% per year. These trends will have a beneficial impact on aircraft production rates in the next years, resulting in increased demand for winglets.

The World Health Organization reported the COVID-19 viral outbreak pandemic in December 2021. The virus has spread to over 100 countries, wreaking havoc on people all around the world. Particularly hindered are the global aviation, tourist, and financial markets. The negative pressure on the world economy, which had previously shown signs of improvement, has grown as aircraft manufacturers' revenue has decreased. The pandemic's emergence has exacerbated the international economy's poor development. The world economy, according to many international agencies, is in the worst shape since the financial crisis. The COVID-19 already had a negative worldwide impact, which had a substantial influence on the market for Aerospace Winglets in 2021.

Winglets aid in the decrease of wingtip vortices, which are twin whirlwinds caused by pressure differences between the upper and lower surfaces of an aircraft's wings. Natural airflow is generated by high pressure on the bottom surface, which goes to the wingtip and spirals upward around it. A vortex is generated when the flow from the wingtips flows behind the plane. An energy loss significant enough to cause the plane to flip. Overall, winglets are a tried-and-true means of reducing drag, increasing fuel efficiency, cutting CO2 and NOx emissions, and reducing noise pollution in the community. Winglets can also be employed to boost the aircraft's cargo or range capabilities. The certification of winglets as standard equipment invariants of the best-selling aircraft, such as the B737 Max and A320neo family, is, for example, raising commercial and regional aircraft manufacturing rates.

Similarly, Advanced Aero Services (AAS) has announced that it would open an MRO facility at Shreveport Regional Airport in the near future to support both foreign and domestic airlines. These factors will enhance the need for aircraft fleet refurbishment in the next years, resulting in increased product sales. Though these products have a bright future in the aircraft sector, the limitations connected with installation time and weight limit the market growth of winglets. In-service retrofit programmes take an average of 25 days to complete, however this can vary depending on resource availability. Furthermore, the addition of these technology increases the weight of the aircraft. Technological advancements and the growing demand for new aircraft, on the other hand, will boost market revenue.
Winglet Market Segment Analysis:
Based on Winglet type, the Winglet Market is segmented into Blended Winglets, Raked, Wingtip, Split Scimitar Winglets, Advanced Technology Winglets, Sharklets, Wingtip Fence and Others. Throughout the projection period, blended type is expected to hold 25% of the winglet market by 2029. Several aircraft manufacturers, including Boeing, Gulfstream Aerospace Corporation, and Falcon, employ them extensively. Additionally, utilization of these products as standard equipment in aircrafts such as Boeing 737-900ER are assisting the march towards sustainability. These winglets are crucial in lowering CO2 emissions and improving airplane fuel economy. The presence of various authorized service providers offering retrofit services around the world will aid product adoption during the projection period.

Based on Aircraft type, the Winglet Market is segmented into Commercial Aircraft, Regional Jets, Business Jets and Military aircraft. Over the forecasted time period, commercial aircraft are likely to have a significant market share, Because of the growing presence of low-cost carriers around the world, narrow-body aircrafts accounted for more than half of the market revenue share. Rising domestic air travel in emerging nations like India and China, as well as improving airline revenue passenger kilometers (RPK), are likely to boost narrow body aircraft sales. RPK is expected to account for roughly 36% of the global air passenger market in 2022, and will continue to develop rapidly over the research period.

Based on Aircraft type, the Winglet Market is segmented into B737, B737 Max, B747, B767, B777, B787, A320 Family, A330, A350XWB, A380 and Others. Because of modern technology such as low noise and efficient engines, the A320 family will have the largest market share of greater than 30% by 2029. Sharklets are standard equipment on the A320neo, a newer member of the A320 series. Growing demand for the A320neo from a variety of airlines around the world is boosting market penetration. Sharklets allow A320 family aircraft to carry up to 450 kg of payload while reducing annual CO2 emissions by nearly 1,000 tonnes.
Winglet Market Regional Insights:
Because of the presence of assembly plants for Boeing and Bombardier, North America is expected to be the largest market for winglets during the projection period. The presence of significant composite part fabricators and raw material suppliers makes the region the aerospace industry's manufacturing capital. Over the next five years, Asia-Pacific will be the fastest-growing winglets market, thanks to new commercial and regional aircraft featuring winglets as an option and a large commercial aircraft fleet.

The objective of the report is to present a comprehensive analysis of the Winglet market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Winglet market dynamics, structure by analyzing the market segments and project the Winglet market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Winglet market make the report investor’s guide.
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Winglet Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 2.78 Bn.


Forecast Period 2023 to 2029 CAGR:
8.9%
Market Size in 2029:
US $ 5.06 Bn.


 Segments Covered:
by Winglet Type
Blended Winglets
Raked Wingtip
Split Scimitar Winglets
Advanced Technology Winglets
Sharklets
Wingtip Fence
Others


by Aircraft Type
Commercial Aircraft
Narrow-Body Aircraft
Wide-Body Aircraft
Regional Jets
Business Jets
Military aircraft


by Platform Type
B737
B737 Max
B747
B767
B777
B787
A320 Family
A330
A350XWB
A380
Others



Winglet Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Winglet Market, Key Players:
1. Aviation Partners, Inc. (U.S.)
2. BLR Aerospace (U.S.)
3. FACC AG (Austria)
4. GKN Aerospace (U.K.)
5. HYUNE AERO-SPECIALTY INC (Korea)
6. Kaman Corporation (U.S.)
7. Korean Air Aerospace Division (South Korea)
8. RUAG International Holding AG (Switzerland)
9. Tamarack Aerospace Group, Inc. (U.K.)
10. Winglet Technology, LLC (U.S.)
11. Boeing Corporate (U.S.)
12. Airbus (Netherlands)

Frequently Asked Questions:

1. What is the forecast period considered for the Winglet market report?
Ans. The forecast period for the Winglet market is 2023-2029.

2. What segments are covered in the Winglet Market Report?
Ans. Winglet Market is segmented by Winglet Type, Aircraft Type, Platform Type and Regions.

3. What is the compound annual growth rate (CAGR) of the Winglet market for the forecast period?
Ans. 8.9%.

4. Which is the dominating segment by winglet type in the Winglet market?
Ans. Blended Winglets Segment.

5. Which country is expected to hold the largest share in Winglet market?
Ans. U.S.