New engines keep faltering, and that's an aftermarket super-cycle for parts, MRO and engine leasing

The setup: two supply shocks at once

Two problems are hitting commercial aviation simultaneously. First, Boeing and Airbus have persistently under-delivered new narrowbodies versus airline demand, MAX production has been capped by regulatory and quality constraints, and the A320neo line has been throttled by its own supply chain. Second, the newest engines that power those jets have been unreliable: Pratt & Whitney's GTF powder-metal contamination recall grounded hundreds of A320neos for inspections, and CFM's LEAP has shown short time-on-wing in hot, harsh environments, forcing earlier-than-planned shop visits. So the industry can neither get enough new aircraft nor fully trust the ones it has.