Portland, OR, July 06, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global winglets market generated $2.4 billion in 2021, and is projected to reach $4.7 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Surge in in production and deliveries of commercial aircraft, remarkable perks of winglets such as increased fuel efficiency and cruising range of the aircraft, and increase in demand for environment-friendly and fuel-efficient aircraft are expected to drive the growth of the global winglets market. On the other hand, high maintenance cost of winglets is expected to hinder the growth to some extent. However, upsurge in the adoption rate of winglets by airlines in both, new and retrofit installations, is expected to create ample opportunities for the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the global winglets market, owing to the presence of lockdowns in various countries across the globe.
- Aviation production and sales were devastatingly impacted during the pandemic due to the stringent travel and social distancing restrictions imposed by government in order to curb the spread of the virus.
- In addition, strict import and export restrictions were imposed by the government, which further aggravated the demand for winglets.
- However, the market is expected to recoup soon.
The report offers a detailed segmentation on the global winglets market based on 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, holding nearly two-thirds of the global market. The regional jet aircraft segment, on the other hand, is expected to cite the fastest CAGR of 8.3% during the forecast period.
Based on fit, the line fit segment held the majority market share in 2021, garnering more than two-thirds of the global market. The retrofit segment, on the other hand, is predicted to exhibit the fastest CAGR of 8.0% during the forecast period.
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Based on region, the market across North America held the lion’s share in 2021, holding nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, is predicted to cite the fastest CAGR of 8.4% during the forecast period.
The key players analyzed in the global winglets market report include 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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