▶ 調査レポート

世界のフリースペースフォトニクス機器市場 2028年:1 Gbps伝送速度、2.5 Gbps伝送速度、10 Gbps伝送速度、30 Gbps伝送速度、その他

• 英文タイトル:Global Free Space Photonics Equipment Market Insights, Forecast to 2028

Global Free Space Photonics Equipment Market Insights, Forecast to 2028「世界のフリースペースフォトニクス機器市場 2028年:1 Gbps伝送速度、2.5 Gbps伝送速度、10 Gbps伝送速度、30 Gbps伝送速度、その他」(市場規模、市場予測)調査レポートです。• レポートコード:QY2207C2087
• 出版社/出版日:QYResearch / 2022年7月8日
• レポート形態:英文、PDF、98ページ
• 納品方法:Eメール(納期:3日)
• 産業分類:IT&通信
• 販売価格(消費税別)
  Single User¥725,200 (USD4,900)▷ お問い合わせ
  Multi User¥1,087,800 (USD7,350)▷ お問い合わせ
  Enterprise License¥1,450,400 (USD9,800)▷ お問い合わせ
• ご注文方法:お問い合わせフォーム記入又はEメールでご連絡ください。
• お支払方法:銀行振込(納品後、ご請求書送付)
レポート概要
新型コロナウイルス感染症のパンデミックにより、世界のフリースペースフォトニクス機器の市場規模は2022年にUS$xxxと推定され、調査期間中のCAGRはxxx%で、2028年までに再調整された規模はUS$xxxになると予測されています。この医療危機による経済変化を十分に考慮すると、2021年にフリースペースフォトニクス機器の世界市場のxxx%を占める「1 Gbps伝送速度」タイプは、2028年までにUS$xxxの規模になり、パンデミック後の修正xxx%CAGRで成長すると予測されています。一方、「企業ネットワーク」セグメントは、この予測期間を通じてxxx%のCAGRに変更されます。
中国のフリースペースフォトニクス機器の市場規模は2021年にUS$xxxと分析されており、米国とヨーロッパのフリースペースフォトニクス機器市場規模はそれぞれUS$xxxとUS$xxxです。米国の割合は2021年にxxx%であり、中国とヨーロッパはそれぞれxxx%とxxx%です。中国の割合は2028年にxxx%に達し、対象期間を通じてxxx%のCAGRを記録すると予測されています。日本、韓国、東南アジアはアジアで注目市場であり、今後6年間のCAGRはそれぞれxxx%、xxx%、xxx%になる見通しです。ヨーロッパのフリースペースフォトニクス機器市場については、ドイツは2028年までにUS$xxxに達すると予測されており、予測期間中のCAGRはxxx%になる見通しです。

フリースペースフォトニクス機器のグローバル主要メーカーには、FSONA、Wireless Excellence Limited、Oledcomm、pureLiFi Limited、Acuity Brands、Mostcom、EC System、KORUZA、Huaweiなどがあります。2021年、世界のトップ5プレイヤーは売上ベースで約xxx%の市場シェアを占めています。

フリースペースフォトニクス機器市場は、種類と用途によって区分されます。世界のフリースペースフォトニクス機器市場のプレーヤー、利害関係者、およびその他の参加者は、当レポートを有益なリソースとして使用することで優位に立つことができます。セグメント分析は、2017年~2028年期間のタイプ別および用途別の販売量、売上、予測に焦点を当てています。

【種類別セグメント】
1 Gbps伝送速度、2.5 Gbps伝送速度、10 Gbps伝送速度、30 Gbps伝送速度、その他

【用途別セグメント】
企業ネットワーク、教育、エネルギー、ユーティリティ、工業、その他

【掲載地域】
北米:アメリカ、カナダ
ヨーロッパ:ドイツ、フランス、イギリス、イタリア、ロシア
アジア太平洋:日本、中国、韓国、インド、オーストラリア、台湾、インドネシア、タイ、マレーシア
中南米:メキシコ、ブラジル、アルゼンチン
中東・アフリカ:トルコ、サウジアラビア、UAE

【目次(一部)】

・調査の範囲
- フリースペースフォトニクス機器製品概要
- 種類別市場(1 Gbps伝送速度、2.5 Gbps伝送速度、10 Gbps伝送速度、30 Gbps伝送速度、その他)
- 用途別市場(企業ネットワーク、教育、エネルギー、ユーティリティ、工業、その他)
- 調査の目的
・エグゼクティブサマリー
- 世界のフリースペースフォトニクス機器販売量予測2017-2028
- 世界のフリースペースフォトニクス機器売上予測2017-2028
- フリースペースフォトニクス機器の地域別販売量
- フリースペースフォトニクス機器の地域別売上
- 北米市場
- ヨーロッパ市場
- アジア太平洋市場
- 中南米市場
- 中東・アフリカ市場
・メーカーの競争状況
- 主要メーカー別フリースペースフォトニクス機器販売量
- 主要メーカー別フリースペースフォトニクス機器売上
- 主要メーカー別フリースペースフォトニクス機器価格
- 競争状況の分析
- 企業M&A動向
・種類別市場規模(1 Gbps伝送速度、2.5 Gbps伝送速度、10 Gbps伝送速度、30 Gbps伝送速度、その他)
- フリースペースフォトニクス機器の種類別販売量
- フリースペースフォトニクス機器の種類別売上
- フリースペースフォトニクス機器の種類別価格
・用途別市場規模(企業ネットワーク、教育、エネルギー、ユーティリティ、工業、その他)
- フリースペースフォトニクス機器の用途別販売量
- フリースペースフォトニクス機器の用途別売上
- フリースペースフォトニクス機器の用途別価格
・北米市場
- 北米のフリースペースフォトニクス機器市場規模(種類別、用途別)
- 主要国別のフリースペースフォトニクス機器市場規模(アメリカ、カナダ)
・ヨーロッパ市場
- ヨーロッパのフリースペースフォトニクス機器市場規模(種類別、用途別)
- 主要国別のフリースペースフォトニクス機器市場規模(ドイツ、フランス、イギリス、イタリア、ロシア)
・アジア太平洋市場
- アジア太平洋のフリースペースフォトニクス機器市場規模(種類別、用途別)
- 主要国別のフリースペースフォトニクス機器市場規模(日本、中国、韓国、インド、オーストラリア、台湾、インドネシア、タイ、マレーシア)
・中南米市場
- 中南米のフリースペースフォトニクス機器市場規模(種類別、用途別)
- 主要国別のフリースペースフォトニクス機器市場規模(メキシコ、ブラジル、アルゼンチン)
・中東・アフリカ市場
- 中東・アフリカのフリースペースフォトニクス機器市場規模(種類別、用途別)
- 主要国別のフリースペースフォトニクス機器市場規模(トルコ、サウジアラビア)
・企業情報
FSONA、Wireless Excellence Limited、Oledcomm、pureLiFi Limited、Acuity Brands、Mostcom、EC System、KORUZA、Huawei
・産業チェーン及び販売チャネル分析
- フリースペースフォトニクス機器の産業チェーン分析
- フリースペースフォトニクス機器の原材料
- フリースペースフォトニクス機器の生産プロセス
- フリースペースフォトニクス機器の販売及びマーケティング
- フリースペースフォトニクス機器の主要顧客
・マーケットドライバー、機会、課題、リスク要因分析
- フリースペースフォトニクス機器の産業動向
- フリースペースフォトニクス機器のマーケットドライバー
- フリースペースフォトニクス機器の課題
- フリースペースフォトニクス機器の阻害要因
・主な調査結果

Market Analysis and Insights: Global Free Space Photonics Equipment Market
Due to the COVID-19 pandemic, the global Free Space Photonics Equipment market size is estimated to be worth US$ million in 2022 and is forecast to a readjusted size of US$ million by 2028 with a CAGR of % during the forecast period 2022-2028. Fully considering the economic change by this health crisis, 1 Gbps Transmission Rate accounting for % of the Free Space Photonics Equipment global market in 2021, is projected to value US$ million by 2028, growing at a revised % CAGR from 2022 to 2028. While Corporate Networks segment is altered to an % CAGR throughout this forecast period.
China Free Space Photonics Equipment market size is valued at US$ million in 2021, while the US and Europe Free Space Photonics Equipment are US$ million and US$ million, severally. The proportion of the US is % in 2021, while China and Europe are % and % respectively, and it is predicted that China proportion will reach % in 2028, trailing a CAGR of % through the analysis period 2022-2028. Japan, South Korea, and Southeast Asia are noteworthy markets in Asia, with CAGR %, %, and % respectively for the next 6-year period. As for the Europe Free Space Photonics Equipment landscape, Germany is projected to reach US$ million by 2028 trailing a CAGR of % over the forecast period 2022-2028.
The global key manufacturers of Free Space Photonics Equipment include FSONA, Wireless Excellence Limited, Oledcomm, pureLiFi Limited, Acuity Brands, Mostcom, EC System, KORUZA and Huawei. etc. In 2021, the global top five players have a share approximately % in terms of revenue.
In terms of production side, this report researches the Free Space Photonics Equipment capacity, production, growth rate, market share by manufacturers and by region (region level and country level), from 2017 to 2022, and forecast to 2028.
In terms of sales side, this report focuses on the sales of Free Space Photonics Equipment by region (region level and country level), by company, by Type and by Application. from 2017 to 2022 and forecast to 2028.
Global Free Space Photonics Equipment Scope and Segment
Free Space Photonics Equipment market is segmented by Type and by Application. Players, stakeholders, and other participants in the global Free Space Photonics Equipment market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on production capacity, revenue and forecast by Type and by Application for the period 2017-2028.
Segment by Type
1 Gbps Transmission Rate
2.5 Gbps Transmission Rate
10 Gbps Transmission Rate
30 Gbps Transmission Rate
Others
Segment by Application
Corporate Networks
Education
Energy
Utilities
Industrial
Others
By Company
FSONA
Wireless Excellence Limited
Oledcomm
pureLiFi Limited
Acuity Brands
Mostcom
EC System
KORUZA
Huawei
Production by Region
North America
Europe
China
Japan
Consumption by Region
North America
United States
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
India
Australia
China Taiwan
Indonesia
Thailand
Malaysia
Latin America
Mexico
Brazil
Argentina
Middle East & Africa
Turkey
Saudi Arabia
UAE

レポート目次

1 Study Coverage
1.1 Free Space Photonics Equipment Product Introduction
1.2 Market by Type
1.2.1 Global Free Space Photonics Equipment Market Size by Type, 2017 VS 2021 VS 2028
1.2.2 1 Gbps Transmission Rate
1.2.3 2.5 Gbps Transmission Rate
1.2.4 10 Gbps Transmission Rate
1.2.5 30 Gbps Transmission Rate
1.2.6 Others
1.3 Market by Application
1.3.1 Global Free Space Photonics Equipment Market Size by Application, 2017 VS 2021 VS 2028
1.3.2 Corporate Networks
1.3.3 Education
1.3.4 Energy
1.3.5 Utilities
1.3.6 Industrial
1.3.7 Others
1.4 Study Objectives
1.5 Years Considered
2 Global Free Space Photonics Equipment Production
2.1 Global Free Space Photonics Equipment Production Capacity (2017-2028)
2.2 Global Free Space Photonics Equipment Production by Region: 2017 VS 2021 VS 2028
2.3 Global Free Space Photonics Equipment Production by Region
2.3.1 Global Free Space Photonics Equipment Historic Production by Region (2017-2022)
2.3.2 Global Free Space Photonics Equipment Forecasted Production by Region (2023-2028)
2.4 North America
2.5 Europe
2.6 China
2.7 Japan
3 Global Free Space Photonics Equipment Sales in Volume & Value Estimates and Forecasts
3.1 Global Free Space Photonics Equipment Sales Estimates and Forecasts 2017-2028
3.2 Global Free Space Photonics Equipment Revenue Estimates and Forecasts 2017-2028
3.3 Global Free Space Photonics Equipment Revenue by Region: 2017 VS 2021 VS 2028
3.4 Global Free Space Photonics Equipment Sales by Region
3.4.1 Global Free Space Photonics Equipment Sales by Region (2017-2022)
3.4.2 Global Sales Free Space Photonics Equipment by Region (2023-2028)
3.5 Global Free Space Photonics Equipment Revenue by Region
3.5.1 Global Free Space Photonics Equipment Revenue by Region (2017-2022)
3.5.2 Global Free Space Photonics Equipment Revenue by Region (2023-2028)
3.6 North America
3.7 Europe
3.8 Asia-Pacific
3.9 Latin America
3.10 Middle East & Africa
4 Competition by Manufactures
4.1 Global Free Space Photonics Equipment Production Capacity by Manufacturers
4.2 Global Free Space Photonics Equipment Sales by Manufacturers
4.2.1 Global Free Space Photonics Equipment Sales by Manufacturers (2017-2022)
4.2.2 Global Free Space Photonics Equipment Sales Market Share by Manufacturers (2017-2022)
4.2.3 Global Top 10 and Top 5 Largest Manufacturers of Free Space Photonics Equipment in 2021
4.3 Global Free Space Photonics Equipment Revenue by Manufacturers
4.3.1 Global Free Space Photonics Equipment Revenue by Manufacturers (2017-2022)
4.3.2 Global Free Space Photonics Equipment Revenue Market Share by Manufacturers (2017-2022)
4.3.3 Global Top 10 and Top 5 Companies by Free Space Photonics Equipment Revenue in 2021
4.4 Global Free Space Photonics Equipment Sales Price by Manufacturers
4.5 Analysis of Competitive Landscape
4.5.1 Manufacturers Market Concentration Ratio (CR5 and HHI)
4.5.2 Global Free Space Photonics Equipment Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
4.5.3 Global Free Space Photonics Equipment Manufacturers Geographical Distribution
4.6 Mergers & Acquisitions, Expansion Plans
5 Market Size by Type
5.1 Global Free Space Photonics Equipment Sales by Type
5.1.1 Global Free Space Photonics Equipment Historical Sales by Type (2017-2022)
5.1.2 Global Free Space Photonics Equipment Forecasted Sales by Type (2023-2028)
5.1.3 Global Free Space Photonics Equipment Sales Market Share by Type (2017-2028)
5.2 Global Free Space Photonics Equipment Revenue by Type
5.2.1 Global Free Space Photonics Equipment Historical Revenue by Type (2017-2022)
5.2.2 Global Free Space Photonics Equipment Forecasted Revenue by Type (2023-2028)
5.2.3 Global Free Space Photonics Equipment Revenue Market Share by Type (2017-2028)
5.3 Global Free Space Photonics Equipment Price by Type
5.3.1 Global Free Space Photonics Equipment Price by Type (2017-2022)
5.3.2 Global Free Space Photonics Equipment Price Forecast by Type (2023-2028)
6 Market Size by Application
6.1 Global Free Space Photonics Equipment Sales by Application
6.1.1 Global Free Space Photonics Equipment Historical Sales by Application (2017-2022)
6.1.2 Global Free Space Photonics Equipment Forecasted Sales by Application (2023-2028)
6.1.3 Global Free Space Photonics Equipment Sales Market Share by Application (2017-2028)
6.2 Global Free Space Photonics Equipment Revenue by Application
6.2.1 Global Free Space Photonics Equipment Historical Revenue by Application (2017-2022)
6.2.2 Global Free Space Photonics Equipment Forecasted Revenue by Application (2023-2028)
6.2.3 Global Free Space Photonics Equipment Revenue Market Share by Application (2017-2028)
6.3 Global Free Space Photonics Equipment Price by Application
6.3.1 Global Free Space Photonics Equipment Price by Application (2017-2022)
6.3.2 Global Free Space Photonics Equipment Price Forecast by Application (2023-2028)
7 North America
7.1 North America Free Space Photonics Equipment Market Size by Type
7.1.1 North America Free Space Photonics Equipment Sales by Type (2017-2028)
7.1.2 North America Free Space Photonics Equipment Revenue by Type (2017-2028)
7.2 North America Free Space Photonics Equipment Market Size by Application
7.2.1 North America Free Space Photonics Equipment Sales by Application (2017-2028)
7.2.2 North America Free Space Photonics Equipment Revenue by Application (2017-2028)
7.3 North America Free Space Photonics Equipment Sales by Country
7.3.1 North America Free Space Photonics Equipment Sales by Country (2017-2028)
7.3.2 North America Free Space Photonics Equipment Revenue by Country (2017-2028)
7.3.3 United States
7.3.4 Canada
8 Europe
8.1 Europe Free Space Photonics Equipment Market Size by Type
8.1.1 Europe Free Space Photonics Equipment Sales by Type (2017-2028)
8.1.2 Europe Free Space Photonics Equipment Revenue by Type (2017-2028)
8.2 Europe Free Space Photonics Equipment Market Size by Application
8.2.1 Europe Free Space Photonics Equipment Sales by Application (2017-2028)
8.2.2 Europe Free Space Photonics Equipment Revenue by Application (2017-2028)
8.3 Europe Free Space Photonics Equipment Sales by Country
8.3.1 Europe Free Space Photonics Equipment Sales by Country (2017-2028)
8.3.2 Europe Free Space Photonics Equipment Revenue by Country (2017-2028)
8.3.3 Germany
8.3.4 France
8.3.5 U.K.
8.3.6 Italy
8.3.7 Russia
9 Asia Pacific
9.1 Asia Pacific Free Space Photonics Equipment Market Size by Type
9.1.1 Asia Pacific Free Space Photonics Equipment Sales by Type (2017-2028)
9.1.2 Asia Pacific Free Space Photonics Equipment Revenue by Type (2017-2028)
9.2 Asia Pacific Free Space Photonics Equipment Market Size by Application
9.2.1 Asia Pacific Free Space Photonics Equipment Sales by Application (2017-2028)
9.2.2 Asia Pacific Free Space Photonics Equipment Revenue by Application (2017-2028)
9.3 Asia Pacific Free Space Photonics Equipment Sales by Region
9.3.1 Asia Pacific Free Space Photonics Equipment Sales by Region (2017-2028)
9.3.2 Asia Pacific Free Space Photonics Equipment Revenue by Region (2017-2028)
9.3.3 China
9.3.4 Japan
9.3.5 South Korea
9.3.6 India
9.3.7 Australia
9.3.8 China Taiwan
9.3.9 Indonesia
9.3.10 Thailand
9.3.11 Malaysia
10 Latin America
10.1 Latin America Free Space Photonics Equipment Market Size by Type
10.1.1 Latin America Free Space Photonics Equipment Sales by Type (2017-2028)
10.1.2 Latin America Free Space Photonics Equipment Revenue by Type (2017-2028)
10.2 Latin America Free Space Photonics Equipment Market Size by Application
10.2.1 Latin America Free Space Photonics Equipment Sales by Application (2017-2028)
10.2.2 Latin America Free Space Photonics Equipment Revenue by Application (2017-2028)
10.3 Latin America Free Space Photonics Equipment Sales by Country
10.3.1 Latin America Free Space Photonics Equipment Sales by Country (2017-2028)
10.3.2 Latin America Free Space Photonics Equipment Revenue by Country (2017-2028)
10.3.3 Mexico
10.3.4 Brazil
10.3.5 Argentina
11 Middle East and Africa
11.1 Middle East and Africa Free Space Photonics Equipment Market Size by Type
11.1.1 Middle East and Africa Free Space Photonics Equipment Sales by Type (2017-2028)
11.1.2 Middle East and Africa Free Space Photonics Equipment Revenue by Type (2017-2028)
11.2 Middle East and Africa Free Space Photonics Equipment Market Size by Application
11.2.1 Middle East and Africa Free Space Photonics Equipment Sales by Application (2017-2028)
11.2.2 Middle East and Africa Free Space Photonics Equipment Revenue by Application (2017-2028)
11.3 Middle East and Africa Free Space Photonics Equipment Sales by Country
11.3.1 Middle East and Africa Free Space Photonics Equipment Sales by Country (2017-2028)
11.3.2 Middle East and Africa Free Space Photonics Equipment Revenue by Country (2017-2028)
11.3.3 Turkey
11.3.4 Saudi Arabia
11.3.5 UAE
12 Corporate Profiles
12.1 FSONA
12.1.1 FSONA Corporation Information
12.1.2 FSONA Overview
12.1.3 FSONA Free Space Photonics Equipment Sales, Price, Revenue and Gross Margin (2017-2022)
12.1.4 FSONA Free Space Photonics Equipment Product Model Numbers, Pictures, Descriptions and Specifications
12.1.5 FSONA Recent Developments
12.2 Wireless Excellence Limited
12.2.1 Wireless Excellence Limited Corporation Information
12.2.2 Wireless Excellence Limited Overview
12.2.3 Wireless Excellence Limited Free Space Photonics Equipment Sales, Price, Revenue and Gross Margin (2017-2022)
12.2.4 Wireless Excellence Limited Free Space Photonics Equipment Product Model Numbers, Pictures, Descriptions and Specifications
12.2.5 Wireless Excellence Limited Recent Developments
12.3 Oledcomm
12.3.1 Oledcomm Corporation Information
12.3.2 Oledcomm Overview
12.3.3 Oledcomm Free Space Photonics Equipment Sales, Price, Revenue and Gross Margin (2017-2022)
12.3.4 Oledcomm Free Space Photonics Equipment Product Model Numbers, Pictures, Descriptions and Specifications
12.3.5 Oledcomm Recent Developments
12.4 pureLiFi Limited
12.4.1 pureLiFi Limited Corporation Information
12.4.2 pureLiFi Limited Overview
12.4.3 pureLiFi Limited Free Space Photonics Equipment Sales, Price, Revenue and Gross Margin (2017-2022)
12.4.4 pureLiFi Limited Free Space Photonics Equipment Product Model Numbers, Pictures, Descriptions and Specifications
12.4.5 pureLiFi Limited Recent Developments
12.5 Acuity Brands
12.5.1 Acuity Brands Corporation Information
12.5.2 Acuity Brands Overview
12.5.3 Acuity Brands Free Space Photonics Equipment Sales, Price, Revenue and Gross Margin (2017-2022)
12.5.4 Acuity Brands Free Space Photonics Equipment Product Model Numbers, Pictures, Descriptions and Specifications
12.5.5 Acuity Brands Recent Developments
12.6 Mostcom
12.6.1 Mostcom Corporation Information
12.6.2 Mostcom Overview
12.6.3 Mostcom Free Space Photonics Equipment Sales, Price, Revenue and Gross Margin (2017-2022)
12.6.4 Mostcom Free Space Photonics Equipment Product Model Numbers, Pictures, Descriptions and Specifications
12.6.5 Mostcom Recent Developments
12.7 EC System
12.7.1 EC System Corporation Information
12.7.2 EC System Overview
12.7.3 EC System Free Space Photonics Equipment Sales, Price, Revenue and Gross Margin (2017-2022)
12.7.4 EC System Free Space Photonics Equipment Product Model Numbers, Pictures, Descriptions and Specifications
12.7.5 EC System Recent Developments
12.8 KORUZA
12.8.1 KORUZA Corporation Information
12.8.2 KORUZA Overview
12.8.3 KORUZA Free Space Photonics Equipment Sales, Price, Revenue and Gross Margin (2017-2022)
12.8.4 KORUZA Free Space Photonics Equipment Product Model Numbers, Pictures, Descriptions and Specifications
12.8.5 KORUZA Recent Developments
12.9 Huawei
12.9.1 Huawei Corporation Information
12.9.2 Huawei Overview
12.9.3 Huawei Free Space Photonics Equipment Sales, Price, Revenue and Gross Margin (2017-2022)
12.9.4 Huawei Free Space Photonics Equipment Product Model Numbers, Pictures, Descriptions and Specifications
12.9.5 Huawei Recent Developments
13 Industry Chain and Sales Channels Analysis
13.1 Free Space Photonics Equipment Industry Chain Analysis
13.2 Free Space Photonics Equipment Key Raw Materials
13.2.1 Key Raw Materials
13.2.2 Raw Materials Key Suppliers
13.3 Free Space Photonics Equipment Production Mode & Process
13.4 Free Space Photonics Equipment Sales and Marketing
13.4.1 Free Space Photonics Equipment Sales Channels
13.4.2 Free Space Photonics Equipment Distributors
13.5 Free Space Photonics Equipment Customers
14 Market Drivers, Opportunities, Challenges and Risks Factors Analysis
14.1 Free Space Photonics Equipment Industry Trends
14.2 Free Space Photonics Equipment Market Drivers
14.3 Free Space Photonics Equipment Market Challenges
14.4 Free Space Photonics Equipment Market Restraints
15 Key Finding in The Global Free Space Photonics Equipment Study
16 Appendix
16.1 Research Methodology
16.1.1 Methodology/Research Approach
16.1.2 Data Source
16.2 Author Details
16.3 Disclaimer