Global Aerospace Winglets Market Overview:
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. According to AMA, the Global Aerospace Winglets market is expected to see growth rate of 7.9%
- 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
- Increasing Demand for Cost-Effective Flight and Operations by Reducing Aerodynamic Drag Which can Reduce the Fuel Costs by 20 to 30 percent
- Growing Adoption of Composite Aircraft Winglets Propelled by Increasing Production of Composite based Aircraft Components
- The Requirement of Short Runway Take-off Owing to Introduction of Advanced Winglet Technology
- Growing Concerns Towards Safer Take-off and Landings Will Create Large Opportunities for Winglet, Sharklets, and Fairing Manufacturers in the near Future
- Growing Adoption of UAVs and Introduction of Electric Jets
- Deployment of Winglets in Short Wings can Increase the Danger of Flutter
- Suspended Planned Production of Boeing 737 Max Series Hampering the Aerospace Components Market and thereby Winglets Technology
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.
Some of the key players profiled in the report are 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). Analyst at AdvanceMarketAnalytics see United States Manufacturers to retain maximum share of Global Aerospace Winglets market by 2025. Considering Market by End Users, the sub-segment i.e. Original Equipment Manufacturers (OEMs) will boost the Aerospace Winglets market. Considering Market by Platform, the sub-segment i.e. B737 will boost the Aerospace Winglets market. Considering Market by Material, the sub-segment i.e. Composites will boost the Aerospace Winglets market. Considering Market by Manufacturing Process, the sub-segment i.e. Automated will boost the Aerospace Winglets market.
In June 2019, Korean Air Aerospace Division announced that it has signed a cooperation and research agreement with Airbus for their future Wings program
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be provided prior to purchase
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Aerospace Winglets market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Aerospace Winglets market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Aircraft OEMs, MRO Service Providers and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.