发动机停飞追踪器- GTF与LEAP对比

Engine Out-of-Service Tracker –GTF vs LEAP GTF 32% (PW1100G 35%/PW1500G 21%) out of service; LEAP2% U.S. Aerospace & DefenceNEUTRALEuropean Aerospace & DefenceNEUTRAL We estimate total GTF (PW1100G/PW1500G) out-of-service at ~32% (~33% last week/36%peak), including PW1100G at 35% (~36% last week/38% peak) and PW1500G at 21% (~21%last week/27% peak). We estimate LEAP at ~2% (~3% last week).By comparison, weestimate CFM56 at ~9% and V2500 at ~8%. U.S. Aerospace & Defense David Strauss+1 212 526 5580david.strauss@barclays.comBCI, US We estimate ~635 total PW1100Gaircraftout-of-service (35% of total fleet), including ~335out/of-service for >1 year, near peak levels. This compares to RTX projected average for2024-26 of 350aircraftout-of-service.Operators with the most PW1100Gaircraftout of serviceinclude IndiGo (65), Wizz Air (42), Volaris (39), and Spirit Airlines (34). Joshua Korn+1 212 526 3283joshua.korn@barclays.comBCI, US We estimate total PW1100G (A320neo) out-of-service at ~35% as compared to ~21% forPW1500G (A220).LEAP-1A (A320neo) out-of-service at ~3% compared to LEAP-1B (737 MAX) at~2%. Srividya Vinjamuri+1 212 526 7536srividya.vinjamuri@barclays.comBCI, US PW1100G out-of-service are highest in Asia at ~45% and Latin America at ~40%, followedby Europe at ~31% and North America at ~17%.Air China (~62%), IndiGo (~54%), SichuanAirlines (~52%), Shenzhen Airlines (~48%), and ANA (~24%) are highest in Asia. VivaAerobus(~49%), Volaris (~46%), and JetSmart (~23%) are highest in Latin America. S7 (~74%), SWISS(~29%), Wizz Air (~26%), Turkish Airlines (~25%), andLufthansa(~17%) are highest in Europe,while Air Transat (~32%), Spirit Airlines (~28%), JetBlue Airways (~16%), and Delta (~7%) arehighest in North America. Benjamin Tomick+1 212 526 8926benjamin.tomick@barclays.comBCI, US European Aerospace & Defence Milene Kerner+33 (0)1 4458 4002milene.kerner@barclays.comBBI, Paris PW1500G out-of-service are highest in Asia at ~36%, followed by Europe at ~26% and NorthAmerica at ~11%.Korean Air (~30%) is highest in Asia. Air France (~33%), airBaltic (~24%), andSWISS (~17%) are highest in Europe. Air Canada (~18%), Delta (~9%), and JetBlue Airways (~7%)are highest in North America. Overall, we estimate GTF daily utilization (hours per day) at 8.7, including PW1100G at 9.1and PW1500G at 7.4, as compared to LEAP at 9.7. Engine Tracker We track engines that are out-of-service to gauge the severity of operational and supply chainissues. We estimate GTF (PW1100G/PW1500G) out-of-service at ~32% as compared to LEAP(1A/1B) at ~2%. By comparison, we estimate CFM56 at ~9% and V2500 at ~8%. FIGURE 1. GTF vs LEAP Total Out-of-Service Source: Cirium, Barclays Research FIGURE 4. PW1100G TotalAircraftOut-of-Service by Operator, Absolute & Percentage of PW1000G Fleet Source: Cirium, Barclays Research GTF (PW1100G/PW1500G) The fleet of GTF engines is now ~4,500, with ~33% in Europe, ~32% in Asia, and ~28% in NorthAmerica. A220 GTFs (PW1500G) account for ~19% of the total GTF fleet. FIGURE 5. Total GTF Engines Source: Cirium, Barclays Research By engine series, we estimate that out-of-service PW1100G (A320neo) engines are higher at~35% as compared to ~21% for PW1500G (A220). The average length out-of-service for GTF is ~13.0 months. We estimate GTF average utilization at ~8.7 hours per day, with North America at ~9.1 hours perday, Europe at ~8.5 hours per day, and Asia at ~8.3 hours per day. Among the top operators of GTF engines, IndiGo is highest at ~54% out-of-service. Other largeoperators include Sichuan Airlines at ~52%, Volaris at ~46%, and Spirit Airlines at ~28%. Top operators of PW1100G (A320) include Wizz Air, Spirit, and IndiGo, while top operators ofPW1500G (A220) include Delta, JetBlue Airways, and Air France. FIGURE 13. Top Operators of PW1100G (A320) Engines We estimate GTF out-of-service in Asia at ~45%, Latin America at ~40%, Europe at ~30%, andNorth America at ~15%. FIGURE 15. GTF Total Out-of-Service by Region Within Asia, Air China (~62%), IndiGo (~54%), Sichuan Airlines (~52%), and ShenzhenAirlines (~48%) are highest in terms of out-of-service. Within Europe, S7 Airlines (~74%), Wizz Air (~26%), Turkish Airlines (~25%), airBaltic (~24%), andSWISS (~21%) are highest in terms of out-of-service. FIGURE 17. GTF in Europe Total Out-of-Service In North America, Air Transat (~32%), Spirit (~28%), Air Canada (~18%), and JetBlueAirways (~11%) are highest in terms of out-of-service. In Latin America, VivaAerobus (~49%), Volaris (~46%), and JetSmart (~23%) are highest in termsof out-of-service. FIGURE 19. GTF in Latin America Total Out-of-Service Source: Cirium, Barclays Research LEAP (1A/1B) The LEAP fleet is nearly double the size of the GTF fleet. Asia accounts for ~36% of the installedbase followed by Europe (~24%) and North America (~24%). A320 LEAPs (1A) account for ~54%of the total LEAP fleet. FIGURE 20. Total LEAP Engines Source: Cirium, Barclays Research By engine series,