Home > Aerospace & Defense > Aircraft Parts > Winglets Market
Winglets Market Size
- Report ID: GMI4516
- Published Date: Jan 2020
- Report Format: PDF
Winglets Market Size
Winglets Market size surpassed USD 1.98 billion in 2018 and will showcase a growth rate of 8.9% from 2019 to 2026. Increasing production of passenger aircraft in order to meet ever growing air travel passengers demand will boost the market growth.
Increasing air travel activities have created immense opportunities for aircraft manufacturers in the recent years. Rising urbanization, changing lifestyle, and economic growth across major countries have increased the percentage of passengers travelling by air.
Globally, aircraft fleet sector has been estimated to grow at 4% rate per annum by the end of 2038. These trends will positively influence the aircraft production rate over upcoming years, which will further enhance winglets market demand in future.
Another key growth enabling factor is increasing trend of airlines to install the product on in service aircrafts that enable airlines to enhance its performance and efficiency. For instance, in October 2019, Flydubai retrofitted its Being 737-800 aircraft with split scimitar winglets. Major airliners are working closely with MRO service providers and industry players to perform retrofitting activities during aircraft maintenance time, thereby reducing aircraft on ground time.
| Report Attribute | Details |
|---|---|
| Base Year: | 2018 |
| Winglets Market Size in 2018: | 1.97 Billion (USD) |
| Forecast Period: | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR: | 8.9% |
| 2026 Value Projection: | 3.25 Billion (USD) |
| Historical Data for: | 2016 to 2018 |
| No. of Pages: | 180 |
| Tables, Charts & Figures: | 289 |
| Segments covered: | Winglet Type, Aircraft type, Platform, Fit, and Region |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
Similarly, Advanced Aero Services (AAS) has also announced to create an MRO facility at Shreveport Regional Airport, to serve international as well as North American airlines in near future. These will further boost the requirement for retrofitting of aircraft fleets in next few years, which is further going to increase the product sale.
Though these products have promising future in aircrafts industry ahead, but the challenges associated with the installation time and higher weight hamper the winglets market growth. On an average 25 days are required to perform in-service retrofit programme, which may vary depending upon resource availability.
Further, installation of these equipment increases aircraft weight. However, technological advancements and rising need for new aircraft will stimulate the market revenue.
Frequently Asked Questions (FAQ) :
Winglets Market Scope
