May 27, 2020
According to the research report titled ‘Winglets Market Size By Winglet Type, By Aircraft Type, By Platform Type, By Fit, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, global winglets market is expected to record remunerative growth by the year 2026.
Growing demand for winglets in order to expand the range of surveillance and military mission aircrafts is a major factor driving the market growth.
As per type, advanced technology winglets segment was worth USD 250 million in 2018 and is predicted to witness consistent growth in the forthcoming years. On the other hand, split scimitar winglet market segment held 7.4% revenue share in 2018 and is slated to expand with a CAGR of 3% through 2026. Similarly, wingtip fences segment is reckoned to register a y-o-y growth rate of 3% between 2019 and 2026.
The report states that narrow-body commercial aircraft segment was valued at USD 1 billion in 2018 and is slated to expand with a CAGR of 9.5% during 2019-2026. Alternatively, wide-body commercial aircraft segment is also assumed to grow significantly during the estimated timeframe.
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Further elaborating on aircraft landscape, military segment is poised to showcase 6.5% growth rate through 2026. There has been an upsurge in adoption of winglets in military sector in order to improve the performance and range of aircrafts as they are used for medical evacuation and surveillance operations.
In terms of platform type, B747 segment accounted for USD 5 million while B737 MAX segment held 9% market share in 2018. However, rising safety concerns associated with B737 MAX has resulted in grounding of the model, which in turn showcases uncertainty in growth.
According to the report, B777 and B767 segments are poised to expand at 10.5% CAGR and 7% CAGR respectively through 2026. Increasing utilization of advanced winglets in B767 aircrafts in order to enhance fuel efficiency is favoring the market outlook.
Citing the regional scope, Latin America held 3% of global winglets market share in 2018 and is expected to witness considerable growth in the subsequent years, owing to rising production of regional and business jets.
On the other hand, winglets market in Middle East & Africa is expected to grow with a CAGR of 10% during the period of 2019-2026. The growth is credited to emphasis of MROs towards this region.
HYUNE AERO-SPECIALTY Inc., Tamarack Aerospace Group Inc., Aviation Partners Boeing, Winglet Technology LLC, Aviation Partners Inc., RUAG Aerostructures, Korean Air’s Aerospace Division, Kaman Corp., GKN Aerospace and FACC AG are the major participants in global winglets market.