Winglets Market 2020| Business Scope for the Forecast period 2026
Category: #business  By Rahul Varpe  Date: 2020-10-16
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Winglets Market 2020| Business Scope for the Forecast period 2026

Global winglet market is projected to experience a robust growth during the study timeframe. This growth can be largely attributed to strong demand for winglets to extend the range of military and surveillance mission aircrafts.

Based on type, the industry share can be segmented into blended winglet, split scimitar winglet, raked wingtip, advanced technology winglet, wingtip fence, sharklet, and others. Advanced technology winglet segment was valued at more than US$250 million in 2018. The others segment is comprised of active, canted, and elliptical winglets.

Split scimitar winglet captured nearly 7.4% revenue share during 2018 and is estimated to record a 3% CAGR up to 2026. Wingtip fence segment is anticipated to experience increased demand in the coming years. The segment will witness a CAGR of 3% during the study timeframe.

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Winglet market share is classified into commercial aircraft, military aircraft, business jets, and regional jets. In terms of market share, commercial aircraft segment is projected to witness major gains in the coming years. Bifurcating further, narrow-body commercial aircraft segment was estimated to be worth US$1 billion in 2018 and is projected to robust 9.5% CAGR up to 2026. With more than 20% revenue share in 2018, wide-body commercial aircraft segment is expected to gain prominence in the near future.

Military aircrafts winglet industry will also witness substantial growth at over 6.5% during the study period. Extensive application of winglets to extend the range and performance of military aircrafts for surveillance missions and medical evacuation operations will drive the product demand.

Considering the platform, the industry share is segmented into B737, B737 MAX, B747, B767, B777, B787, A320 Family, A330, A350 XWB, A380, and others. B747 segment was valued at more than US$5 million in 2018. The others segment includes Cessna, Embraer, Bombardier, Gulfstream, and Falcon aircrafts.

B737 MAX segment captured more than 9% revenue share during 2018. However, grounding of the model on account of several safety concerns has resulted in a bit of uncertainty in the segment growth in the future. On the other hand, B777 segment is projected to register a CAGR of 10.5% over 2019-2026.

B767 aircraft segment is estimated to witness a 7% CAGR during the projected timeframe. This can be attributed to widespread of second generation winglets by B767 aircrafts, enabling the aircraft to improve fuel efficiency by 4-6%. Meanwhile, B787 segment will account for a 7% revenue share in the coming years.

Table of contents for this research [email protected] https://www.decresearch.com/toc/detail/winglets-market  

Speaking of the regional landscape, Latin America currently accounts for about 3% share in global winglet industry and is projected to witness substantial growth by the end of the forecast period. This can be attributed to increasing production of business and regional jets in the region.

With a CAGR of more than 10%, Middle East and Africa winglet market will experience lucrative growth over the next few years on account of shifting focus of the aircraft MROs towards the region.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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