Aerospace Winglets Market Growth Analysis | 2017-2022

Market Insights

The aerospace winglets market was valued at US$ 297.0 million in 2016 and is expected to grow at a CAGR of 9.7% over the next five years to reach US$ 558.9 million in 2022.

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What are winglets?

Winglets reduce wingtip vortices, the twin whirlwinds formed by the difference between the pressure on the upper surface of an aircraft's wing and that on the lower surface. High pressure on the lower surface creates a natural airflow that makes its way to the wingtip and curls upward around it. When flow around the wingtips streams out behind the airplane, a vortex is formed. This represents an energy loss and is strong enough to flip the aircraft. Overall, winglets are a proven way to reduce drag, enhance fuel efficiency, reduce CO2 and NOx emissions, and reduce community noise. The addition of winglets can also be used to increase the payload or range capabilities of the aircraft apart from reducing fuel consumption.

Market Dynamics

The major factors driving the growth of the aerospace winglets market are-

• Increasing the production rate of commercial and regional aircraft.
• Certification of winglets as standard equipment in the variants of the best-selling aircraft, such as the B737 Max and A320neo family.
• The increasing adoption rate of winglets by airlines in both the new as well as retrofit installations.
• Winglet technology advancement.
• Increasing fleet size.

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Segments Analysis

By Aircraft Type

The aerospace winglets market is segmented based on aircraft type as narrow-body aircraft, wide-body aircraft, very large aircraft, regional aircraft, and general aviation. Narrow-body aircraft is likely to remain the largest and fastest-growing segment of the market during the forecast period of 2017-2022. B737 and A320 along with their recently launched variants would remain the growth engines of the winglets market in the narrow-body aerospace industry over the next five years.

By Winglet Type

Based on winglet type, the global aerospace winglets market is segmented as blended winglets, sharklets, split scimitar winglets, raked wingtips, advanced technology winglets, wingtip fences, elliptical winglets, and others. Blended winglet dominates the aerospace winglets market, propelled by its certification in Boeing's best-selling aircraft program B737. Blended winglets offer a 3% to 5% increase in fuel efficiency as compared to aircraft without winglets. Advanced technology winglet is projected to witness the highest growth during the forecast period of 2017-2022.

Regional Insights

North America is projected to remain the largest market for winglets during the forecast period, driven by the presence of assembly plants of Boeing and Bombardier. The region is also the manufacturing capital of the aerospace industry with the presence of major composite part fabricators and raw material suppliers. Asia-Pacific is the fastest-growing winglets market over the next five years, driven by upcoming commercial and regional aircraft with winglets as an option and high commercial aircraft fleet size.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market. 

The market is segmented into the following categories. 

By Aircraft Type

• Narrow-Body Aircraft
• Wide-Body Aircraft
• Very Large Aircraft
• Regional Aircraft
• General Aviation

By Platform Type

• B737
• B747
• B777
• B787
• A320 Family
• A330 / A340
• A350XWB
• A380
• B737 Max
• B777x
• A320neo Family
• E175
• C Series
• Others

By Winglet Type

• Advanced Technology Winglets
• Blended Winglets
• Elliptical Winglets
• Raked Winglets
• Sharklet Winglets
• Split Scimitar Winglets
• Wingtip Fence Winglets
• Others

By Manufacturing Process Type

• Hand Layup Process
• Automated Process
• Other Process

By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

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Key Players

The supply chain of this market comprises raw material manufacturers, winglet manufacturers, aerospace OEMs, and airline companies.

The raw material manufacturers are-

• Rio Tinto
• Toray Industries
• Hexcel
• The Gill Corporation
• Cytec.

The key aerospace OEMs are-

• Boeing
• Airbus
• Comac
• Bombardier
• Embraer
• Cessna
• Gulfstream.

The key winglet manufacturers are-

• FACC AG
• Korean Air Aerospace Division
• RUAG Aerostructures
• GKN Aerospace
• Winglet Technology LLC
• BLR Aerospace LLC.

New product development, collaboration with OEMs, and the formation of long-term contracts with OEMs are the key strategies adopted by the key players to gain a competitive edge in the market.

Research Methodology

For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

We leverage a multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentations, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

Report Features

This report, from Stratview Research, studies the aerospace winglets market over the period 2017 to 2022. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3)
• SWOT analysis of key players (up to 3)

Market Segmentation

• Current market segmentation of any one of the aircraft types by product type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.