PORTLAND, ORAGON, USA, Sept. 8, 2022 /EINPresswire.com/ — The winglet market was valued at $2.4 billion in 2021 and is expected to reach $4.7 billion by 2031, with growth at a CAGR of 7.4% from 2022 to 2031.
The North America region leads the market in terms of revenue, followed by Europe, Asia-Pacific and LAMEA. The winglets create a forward force inside the vortex circulation field and weaken them. Lift is regained due to weaker vortices resulting in less drag at the wingtips. Winglets provide better wing efficiency, which results in more payload, less fuel burn and longer cruise range.
There are significant key factors driving the growth of the winglets market such as increasing growth in aircraft manufacturing industry and adoption of new technologies and components to produce fuel efficient aircraft. The market economy is also responsible for the growth of the winglets market. Emerging countries in the region, such as India and China, are witnessing a significant increase in civil aviation markets due to increased demand for air travel. Thus, the manufacturing sector is witnessing significant growth in these countries, which is expected to provide lucrative opportunities for the growth of the winglets market.
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COVID-19 scenario –
The COVID-19 outbreak has negatively impacted the growth of the global winglets market, owing to the presence of lockdowns in various countries across the globe.
Aviation production and sales have been devastated during the pandemic due to strict travel and social distancing restrictions imposed by the government to curb the spread of the virus.
Additionally, strict import and export restrictions have been imposed by the government, which further aggravated the demand for winglets.
However, the market should recover quickly.
The report offers a detailed segmentation of the global winglets market on the basis of aircraft type, end use, winglet type, fit, and region.
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Based on aircraft type, the narrow-body aircraft segment held the largest market share in 2021, capturing nearly two-thirds of the global market. The regional jet segment, on the other hand, is expected to quote the fastest CAGR of 8.3% during the forecast period.
Based on fitting, the online fitting segment held the majority market share in 2021, attracting more than two-thirds of the global market. The renovation segment, on the other hand, is expected to show the fastest CAGR of 8.0% during the forecast period.
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By region, the North American market held the lion’s share in 2021, holding nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to quote the fastest CAGR of 8.4% during the forecast period.
The major players analyzed in the global winglets market report are Airbus, Boeing, Aviation Partners, Inc., BLR Aerospace, Daher, FACC AG, GKN Aerospace Services Limited, Hyune Aero-Specialty Inc., RUAG Group, Tamarack Aerospace and Winglet Technology. , LLC.
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