Subsequent increase in the production and delivery of passenger aircraft is expected to drive winglets market size over the coming years. Winglets play a crucial role in minimizing wingtip vortex, allowing airplane manufacturers to improve the operational efficiency of aircraft.
Rising concerns over GHG and carbon emissions have impelled aerospace companies to develop more efficient aircraft. In a bid to achieve these efficiency goals, several industry players have started to offer winglets as a standard feature for multiple aircraft variants. According to a research report by Global Market Insights Inc., winglets market valuation is slated to surpass USD 3.2 billion by 2026.
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Which winglet types are projected to gain substantial traction?
Given that raked wingtips effectively complement aircraft with large wings, they are anticipated to register an appreciative adoption rate in the coming years. Estimates suggest that this segment is likely to represent more than 8% of the overall winglets market share by 2026 while maintaining a promising growth rate of 7% through the forecast timeframe.
These wingtips are commonly used in wide-body airplanes as the large-wings of these air carriers limit the use of other types of winglets. Moreover, these winglets also help improve aircraft performance over long-distance trips, making them much more viable over their counterparts.
Meanwhile, increasing use of sharklets in the Airbus A330 variants could massively boost the sharklet segment growth, helping it achieve the highest CAGR of over 18% over the analysis period. Lately, the A330neo variants have been gaining substantial traction globally. In fact, it also receives an investment of more than USD 165 million every year to combine the latest innovations from the A350 XWB and A380 models and create its position as a superior aircraft in its class.
In addition, A330’s competitive features like its versatility and improved efficiency help it fly most frequently among any widebody airplanes, allowing it to stand out among all other wide-body aircraft.
How will the business jet segment contribute to the global winglets market share over the coming years?
Increasing number of aging fleets that are on the verge of being decommissioned could propel the demand for business jets. Estimates suggest that business jets industry could record gains over 6.5% through the forthcoming timeframe. Increasing number of individuals that possess high net worth is also expected to make a positive impact on segmental growth.
This demographic usually opts to charter or buy a business jet over traveling through commercial airlines. Additionally, aircraft companies are also shifting their focus towards enhancing operational efficiency of these jets, which are likely to boost the sales of winglets in the coming years.
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Why is Europe considered an ideal growth ground for winglet manufacturers?
The Europe winglets market is projected to record lucrative growth on account of increasing presence of major aircraft manufacturing companies. The region is expected to amass nearly USD 1.2 billion by 2026. Europe also houses a major portion of the Airbus production facilities, which is responsible for catering to a plethora of global aircraft demands.
Additionally, increasing presence of military aircraft facilities in Spain along with proliferating demand for narrow-body airplanes from local low-cost carriers are expected to augment product demand over the forecasted timeframe.
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