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Winglets Market Report: Industry Analysis, Trends, Production, Revenue, Growth And Forecast To 2033
Winglets Market Report
As per the report, the winglets market size has grown strongly in recent years. It will grow from $2.68 billion in 2023 to $2.93 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The winglets market size is expected to see strong growth in the next few years. It will grow to $3.98 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
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Increasing Aircraft Production Propels Winglets Market Growth
The increasing aircraft production is expected to propel the growth of the winglets market going forward. Aircraft production refers to designing, manufacturing, and assembling aircraft, including commercial and military aircraft. Winglets are used in aircraft production to improve aerodynamic performance and fuel efficiency. For instance, according Airbus SE, a France-based aerospace corporation, Airbus delivered 735 commercial aircrafts to 87 customers around the world in 2023, an 11% increase from 2022. Therefore, the increasing aircraft production is driving the growth of the winglets market.
Transformative Impact Of Strategic Partnership In Winglets
Strategic partnerships are a key trend gaining popularity in the winglet market. Major companies operating in the winglet market are collaborating with other companies to sustain their position in the market. For instance, in March 2021, Korean Air's aerospace division (KAL-ASD), a South Korea-based aerospace manufacturing division of the Korean Air group, made a deal extension for manufacturing winglets for the Boeing 737 Max. The firm says a new contract worth roughly $292 million will be in place from 2022 to 2028 for the production of the winglets for the narrow body. Furthermore, in January 2023, Ryanair Holdings plc, an Ireland-based low-cost airline, partnered with Aviation Partners Boeing, a US-based aviation company, to modify its Boeing 737-800 fleet with Split Scimitar winglets. This initiative will reduce Ryanair's yearly fuel usage by 65 million liters and carbon emissions by 165.000 tons, increasing aircraft fuel efficiency by up to 1.5%, reducing aerodynamic drag, and enhancing airplane performance.
The winglets market covered in this report is segmented -
1) By Winglet Type: Sharklets, Split Scimitar Winglets, Wingtip Fences, Blended Winglets, Other Winglet Types
2) By Fit: Line Fit, Retrofit
3) By End Use: Civil Aircraft, Military Aircraft, Commercial And Cargo Aircraft
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Major companies operating in the winglets market report are Airbus SE, The Boeing Company, Mitsubishi Heavy Industries Ltd, PPG Aerospace, Melrose Industries Plc, Korean Air Lines Co. Ltd., Gulfstream Aerospace Corporation, Dassault Aviation, Bombardier Aerospace, Textron Aviation Inc., Spirit AeroSystems Holdings, Israel Aircraft Industries, Embraer S.A., Daher, RUAG Holding, Aernnova Aerospace S.A., FACC AG, GKN Aerospace, Honda Aircraft Company, Viking Air Limited, BLR Aerospace, Applied Composites Engineering, SyberJet Aircraft, Vortex Aviation Inc., Aviation Partners Inc., Aviation Partners Boeing (APB), Tamarack Aerospace Group,Yankee Composites, Winglet Technology LLC, The Aircraft Performance Company GmbH.
Contents of the report:
1. Executive Summary
2. Winglets Market Report Structure
3. Winglets Market Trends And Strategies
4. Winglets Market - Macro Economic Scenario
5. Winglets Market Size And Growth
…..
27. Winglets Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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