Scope of the Study
The global aerospace winglets market was estimated to be around USD 367 million in 2018 and is expected to grow at a significant pace during the forecast period, according to the AMA study. The factors such as increasing global aircraft production and fleet propelled by the rising supply of commercial planes to cater to the growing passenger traffic across different regions of the world are one of the major factors driving the market. In addition, growing adoption of advanced technology winglets by airlines and aircraft original equipment manufacturers for boosting the aircraft performance in terms of fuel efficiency, power consumption, and overall output propelled by refurbishment projects of old aircraft fleets by different airlines is another major factor acting as a major driver for the winglets market.
The market study is being classified by Type (Wingtip Fence, Sharklets, Blended Winglets, Ranked Wingtip, Split-up Winglets, Elliptical Winglets and Others), by Application (Narrow-Body, Wide-Body, Very Large Aircraft, Regional Aircraft and General Aviation) and major geographies with country level break-up. According to AMA, the Global Aerospace Winglets market is expected to see growth rate of 7.9%
FACC AG (Austria), Korean Air Aerospace Division (South Korea), RUAG Group (Switzerland), GKN Aerospace Services Limited (United Kingdom), Winglet Technology LLC (United States), BLR Aerospace (United States), Kaman Composites - Wichita Inc. (United States), Tamarack Aerospae Group, Inc. (United States), Midland Aerospace (United Kingdom) and Aviation Partners, Inc. (United States) are some of the key players profiled in the study.
The companies in this market are focusing on grabbing long-term agreements with major aircraft OEMs for providing aircraft wing components for specific aircraft models. Moreover, the vendors in this market are also trying to retain their previously signed agreements for the supply of winglets and other aircraft wing parts for aircraft models. For instance, in October 2019, Kaman Composites - Wichita Inc., announced that it has entered into a long-term agreement with Winglet Technology LLC to continue the supply of composite winglet systems for Cessna Citation Sovereign aircraft model. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Aerospace Winglets market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Aerospace Winglets market by Type, Application and Region.
On the basis of geography, the market of Aerospace Winglets has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Global Aircraft Production and Fleet Propelled by Increasing Demand & Supply of Commercial Planes due to Rising Passenger Traffic Across the World
- Growing Adoption of Winglets for Boosting the Performance During Purchase of New Aircraft or Refurbishment of Old Aircraft Fleet
- Increasing Demand for Cost-Effective Flight and Operations by Reducing Aerodynamic Drag Which can Reduce the Fuel Costs by 20 to 30 percent
- Growing Adoption of Composite Aircraft Winglets Propelled by Increasing Production of Composite based Aircraft Components
- The Requirement of Short Runway Take-off Owing to Introduction of Advanced Winglet Technology
- Growing Concerns Towards Safer Take-off and Landings Will Create Large Opportunities for Winglet, Sharklets, and Fairing Manufacturers in the near Future
- Growing Adoption of UAVs and Introduction of Electric Jets
- Deployment of Winglets in Short Wings can Increase the Danger of Flutter
- Suspended Planned Production of Boeing 737 Max Series Hampering the Aerospace Components Market and thereby Winglets Technology
In June 2019, Korean Air Aerospace Division announced that it has signed a cooperation and research agreement with Airbus for their future Wings program
Analyst CommentThe global aerospace winglets market is moderately consolidated with presence of fewer than 50 players globally. Increasing aircraft production owing to rising aircraft orders and fulfilment of backlog orders of major aircraft OEMs such as Boeing and Airbus is one of the major factors aiding into the growth for the market. Moreover, the recent action by Boeing towards the suspension of the production of B737 max model due to accidental crashes is expected to impact negatively to the growth of winglets market globally during the forecast period.
Key Target AudienceAircraft OEMs, MRO Service Providers and Others
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