Raked wingtips segment is expected to hold more than 8% share in the total winglets market by 2026
Ocean View, DE -- (SBWIRE) -- 04/02/2020 -- Subsequent increase in the production and delivery of passenger aircraft is expected to drive winglets market 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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On the basis of aircraft types, winglets market is segmented into commercial aircraft, business jets, regional jets, and military aircraft. The business jets segment is expected to witness huge growth owing to the increasing number of high net worth individuals and aging fleet size. As per estimates, the business jets segment is likely to grow at a CAGR of more than 6.5% over 2019-2026.
The Major Key Players in the Market are as follows:
1. Arysta LifeScience Corporation
2. Biolchim S.p.A
3. Biovert SL
4. BASF SE
5. Bayer S.p.A
6. Desarrollo Agrícola y Minero S.A
7. ILSA S.p.A
8. Italpollina S.p.A
9. Koppert B.V.
11. Trade Corporation International
13. Artal Agronutrientes
14. Mahafeed Specialty Fertilizers Pvt. Ltd.
17. Biostadt India Limited
18. Agricultural Sciences Inc.
19. Ag Concepts
20. Produquimica (Compass Minerals)
21. Agrichem S.A.
Based on winglet type, winglets market has been segmented into blended winglets, raked wingtip, split scimitar winglets, sharklets, wingtip fences, and advanced technology winglets. Among all, raked wingtips segment is expected to hold more than 8% share in the total winglets market by 2026. Raked wingtips are extensively used in wide-body aircraft due to large wings of jets that restrict the use of other winglet types. These winglets significantly enhance aircraft performance on long-range travels. Raked wingtip segment is likely to register a 7% CAGR over the forecast period.
Elaborating further on winglet types, sharklets are extensively being used in Airbus A330 family, which will remarkably stimulate winglets market trends. Sharklets segment is anticipated to record an 18% CAGR over 2019-2026. The segmental growth is stemmed from the amplifying demand for A330neo across the world. Every year, this jet airliner receives an average investment of around $165 million to incorporate the latest technologies from A350 XWB and A380 families and position it as the finest in its class. These aircraft possess versatility and superior efficiency and fly most frequently amongst all the wide-body aircraft, which will spur sharklets winglets market demand.
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.
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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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