About Aerospace Winglets
The global aerospace winglets market was estimated to be around USD 367 million in 2018 and is expected to grow at a significant pace during the forecast period, according to the AMA study. The factors such as increasing global aircraft production and fleet propelled by the rising supply of commercial planes to cater to the growing passenger traffic across different regions of the world are one of the major factors driving the market. In addition, growing adoption of advanced technology winglets by airlines and aircraft original equipment manufacturers for boosting the aircraft performance in terms of fuel efficiency, power consumption, and overall output propelled by refurbishment projects of old aircraft fleets by different airlines is another major factor acting as a major driver for the winglets market.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
CAGR | 7.9% |
The companies in this market are focusing on grabbing long-term agreements with major aircraft OEMs for providing aircraft wing components for specific aircraft models. Moreover, the vendors in this market are also trying to retain their previously signed agreements for the supply of winglets and other aircraft wing parts for aircraft models. For instance, in October 2019, Kaman Composites - Wichita Inc., announced that it has entered into a long-term agreement with Winglet Technology LLC to continue the supply of composite winglet systems for Cessna Citation Sovereign aircraft model. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Aerospace Winglets market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
FACC AG (Austria), Korean Air Aerospace Division (South Korea), RUAG Group (Switzerland), GKN Aerospace Services Limited (United Kingdom), Winglet Technology LLC (United States), BLR Aerospace (United States), Kaman Composites - Wichita Inc. (United States), Tamarack Aerospae Group, Inc. (United States), Midland Aerospace (United Kingdom) and Aviation Partners, Inc. (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Aerospace Winglets market by Type (Wingtip Fence, Sharklets, Blended Winglets, Ranked Wingtip, Split-up Winglets, Elliptical Winglets and Others), Application (Narrow-Body, Wide-Body, Very Large Aircraft, Regional Aircraft and General Aviation) and Region.
On the basis of geography, the market of Aerospace Winglets has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Users, the sub-segment i.e. Original Equipment Manufacturers (OEMs) will boost the Aerospace Winglets market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Platform, the sub-segment i.e. B737 will boost the Aerospace Winglets market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material, the sub-segment i.e. Composites will boost the Aerospace Winglets market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Manufacturing Process, the sub-segment i.e. Automated will boost the Aerospace Winglets market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Adoption of Composite Aircraft Winglets Propelled by Increasing Production of Composite based Aircraft Components and The Requirement of Short Runway Take-off Owing to Introduction of Advanced Winglet Technology
Market Growth Drivers:
Increasing Global Aircraft Production and Fleet Propelled by Increasing Demand & Supply of Commercial Planes due to Rising Passenger Traffic Across the World, Growing Adoption of Winglets for Boosting the Performance During Purchase of New Aircraft or Refurbishment of Old Aircraft Fleet and Increasing Demand for Cost-Effective Flight and Operations by Reducing Aerodynamic Drag Which can Reduce the Fuel Costs by 20 to 30 percent
Challenges:
Deployment of Winglets in Short Wings can Increase the Danger of Flutter and Suspended Planned Production of Boeing 737 Max Series Hampering the Aerospace Components Market and thereby Winglets Technology
Opportunities:
Growing Concerns Towards Safer Take-off and Landings Will Create Large Opportunities for Winglet, Sharklets, and Fairing Manufacturers in the near Future and Growing Adoption of UAVs and Introduction of Electric Jets
Market Leaders and their expansionary development strategies
In March 2023, Ducommun Incorporated Enters into a Definitive Agreement to Acquire BLR Aerospace Leading Provider of Proprietary Aerodynamic Systems that Enhance the Productivity, Performance, and Safety of Rotary- and Fixed-Wing Aircraft. Ducommun Incorporated delivers value-added innovative manufacturing products and solutions to customers in the aerospace, defense, and industrial markets.
In June 2019, Korean Air Aerospace Division announced that it has signed a cooperation and research agreement with Airbus for their future Wings program
Analyst View
The global aerospace winglets market is moderately consolidated with presence of fewer than 50 players globally. Increasing aircraft production owing to rising aircraft orders and fulfilment of backlog orders of major aircraft OEMs such as Boeing and Airbus is one of the major factors aiding into the growth for the market. Moreover, the recent action by Boeing towards the suspension of the production of B737 max model due to accidental crashes is expected to impact negatively to the growth of winglets market globally during the forecast period.
Key Target Audience
Aircraft OEMs, MRO Service Providers and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.