APO RESEARCH · REPORT
Photoelectric Sensors
Photoelectric sensors detect objects through emitted and received light. Through-beam, retroreflective and diffuse-reflective arrangements differ in the light path used to establish detection.

Product & engineering
Understand the product.
A photoelectric sensor, or photo eye, is an equipment used to discover the distance, absence, or presence of an object by using a light transmitter, often infrared, and a photoelectric receiver. They are largely used in industrial manufacturing. There are three different useful types: opposed (through beam), retro-reflective, and proximity-sensing (diffused).
A through-beam device detects interruption between a separate emitter and receiver. Retroreflective and diffuse sensors compare light returned from a reflector or the object.
Transparency, gloss, background, contamination and alignment change the received light. Detection distance alone does not establish performance on the actual target.
What turns activity into demand
Conveyor growth reaches sensor demand through the number and function of detection points. Sensor units, reflector accessories and complete inspection systems represent different purchased scope.
The commercial boundary
Sensor units, reflector accessories and complete inspection systems represent different purchased scope.
Selected research
Industry Growth & Trends
Global Photoelectric Sensors Industry Growth and Trends Forecast to 2032
Market perspective
A photoelectric sensor, or photo eye, is an equipment used to discover the distance, absence, or presence of an object by using a light transmitter, often infrared, and a photoelectric receiver. They are largely used in industrial manufacturing. There are three different useful types: opposed (through beam), retro-reflective, and proximity-sensing (diffused).
In the industry, OMRON profits most in 2019 and recent years, while Panasonic and SICK ranked 2 and 3.The market share of them is 23.52%, 14.88% and 13.51% in 2019.The gap of market share is keep on enlarged due to different strategy.
Report Scope
Read the full market overview
This report provides a structured, data-driven view of the global Photoelectric Sensors market, combining harmonized quantitative metrics with targeted qualitative insight to support business and growth strategy, market positioning, and capital allocation.
The Photoelectric Sensors market size, estimates, and forecasts are presented in terms of sales volume (K Units) and revenue (US$ million), with 2025 as the base year and historical and forecast data for 2021-2032. The report segments the global Photoelectric Sensors market by Type, Application, region/country, and company, provides regional market sizes at the segment level, profiles the competitive landscape and key players and their market ranks, and reviews technology trends and new product developments relevant to Photoelectric Sensors.
Key Companies & Market Share Insights
This section analyzes the strategies and performance of leading manufacturers in the global Photoelectric Sensors market, including portfolio focus, innovation and product development, mergers and acquisitions, collaborations, and geographic expansion used to sustain or enhance competitive positions. It also summarizes recent corporate developments and key financial indicators and provides global revenue, price, and sales volume data by manufacturer for 2020-2025, enabling benchmarking of scale, pricing, and market share and supporting assessment of market concentration through indicators such as CR5 and CR10.
Photoelectric Sensors Market by Company
OMRON
Panasonic
SICK
Keyence
Rockwell Automation
Balluff
Optex
Baumer
Pepperl+Fuchs
TAKEX
Wenglor
Schneider Electric
Banner
Hans Turck
Leuze Electronic
Tri-Tronics
Di-soric
Autonics
RiKO
F&C Sensing Technology
Shenzhen Dokai
Photoelectric Sensors Segment by Type
Reflective Photoelectric Sensors
Diffuse Photoelectric Sensors
Through Beam Photoelectric Sensors
Photoelectric Sensors Segment by Downstream Industry
Food & Beverage
Automotive
Equipment Manufacturing
Pharmaceutical Industry
Electronic Industry
Others
Photoelectric Sensors Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Key Drivers & Barriers
High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Photoelectric Sensors market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Photoelectric Sensors and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market.
5. This report helps stakeholders to gain insights into which regions to target globally.
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Photoelectric Sensors.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Introduces the study scope of this report, executive summary of market segments by type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 2: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 3: Detailed analysis of Photoelectric Sensors manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter 4: Sales, revenue of Photoelectric Sensors in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter 5: Introduces market segments by application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 6: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 7, 8, 9, 10 and 11: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter 12: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics.
Chapter 13: Concluding Insights of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Reflective Photoelectric Sensors
- Diffuse Photoelectric Sensors
- Through Beam Photoelectric Sensors
Applications
- Food & Beverage
- Automotive
- Equipment Manufacturing
- Pharmaceutical Industry
- Electronic Industry
- Others
Companies covered
- OMRON
- Panasonic
- SICK
- Keyence
- Rockwell Automation
- Balluff
- Optex
- Baumer
- Pepperl+Fuchs
- TAKEX
- Wenglor
- Schneider Electric
- Banner
- Hans Turck
- Leuze Electronic
- Tri-Tronics
- Di-soric
- Autonics
- RiKO
- F&C Sensing Technology
- Shenzhen Dokai
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Global Market Growth Prospects
- 1.2.1 Global Photoelectric Sensors Market Size Estimates and Forecasts (2021-2032)
- 1.2.2 Global Photoelectric Sensors Sales Estimates and Forecasts (2021-2032)
- 1.3 Photoelectric Sensors Market by Type
- 1.3.1 Reflective Photoelectric Sensors
- 1.3.2 Diffuse Photoelectric Sensors
- 1.3.3 Through Beam Photoelectric Sensors
- 1.4 Global Photoelectric Sensors Market Size by Type
- 1.4.1 Global Photoelectric Sensors Market Size Overview by Type (2021-2032)
- 1.4.2 Global Photoelectric Sensors Historic Market Size Review by Type (2021-2026)
- 1.4.3 Global Photoelectric Sensors Forecasted Market Size by Type (2027-2032)
- 1.5 Key Regions Market Size by Type
- 1.5.1 North America Photoelectric Sensors Sales Breakdown by Type (2021-2026)
- 1.5.2 Europe Photoelectric Sensors Sales Breakdown by Type (2021-2026)
- 1.5.3 Asia-Pacific Photoelectric Sensors Sales Breakdown by Type (2021-2026)
- 1.5.4 South America Photoelectric Sensors Sales Breakdown by Type (2021-2026)
- 1.5.5 Middle East and Africa Photoelectric Sensors Sales Breakdown by Type (2021-2026)
2 Global Market Dynamics
- 2.1 Photoelectric Sensors Industry Trends
- 2.2 Photoelectric Sensors Industry Drivers
- 2.3 Photoelectric Sensors Industry Opportunities and Challenges
- 2.4 Photoelectric Sensors Industry Restraints
3 Market Competitive Landscape by Company
- 3.1 Global Top Players by Photoelectric Sensors Revenue (2021-2026)
- 3.2 Global Top Players by Photoelectric Sensors Sales (2021-2026)
- 3.3 Global Top Players by Photoelectric Sensors Price (2021-2026)
- 3.4 Global Photoelectric Sensors Industry Company Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Photoelectric Sensors Major Company Production Sites & Headquarters
- 3.6 Global Photoelectric Sensors Company, Product Type & Application
- 3.7 Global Photoelectric Sensors Company Establishment Date
- 3.8 Market Competitive Analysis
- 3.8.1 Global Photoelectric Sensors Market CR5 and HHI
- 3.8.2 Global Top 5 and 10 Photoelectric Sensors Players Market Share by Revenue in 2025
- 3.8.3 2025 Photoelectric Sensors Tier 1, Tier 2, and Tier 3
4 Photoelectric Sensors Regional Status and Outlook
- 4.1 Global Photoelectric Sensors Market Size and CAGR by Region: 2021 VS 2025 VS 2032
- 4.2 Global Photoelectric Sensors Historic Market Size by Region
- 4.2.1 Global Photoelectric Sensors Sales in Volume by Region (2021-2026)
- 4.2.2 Global Photoelectric Sensors Sales in Value by Region (2021-2026)
- 4.2.3 Global Photoelectric Sensors Sales (Volume & Value), Price and Gross Margin (2021-2026)
- 4.3 Global Photoelectric Sensors Forecasted Market Size by Region
- 4.3.1 Global Photoelectric Sensors Sales in Volume by Region (2027-2032)
- 4.3.2 Global Photoelectric Sensors Sales in Value by Region (2027-2032)
- 4.3.3 Global Photoelectric Sensors Sales (Volume & Value), Price and Gross Margin (2027-2032)
5 Photoelectric Sensors by Application
- 5.1 Photoelectric Sensors Market by Downstream Industry
- 5.1.1 Food & Beverage
- 5.1.2 Automotive
- 5.1.3 Equipment Manufacturing
- 5.1.4 Pharmaceutical Industry
- 5.1.5 Electronic Industry
- 5.1.6 Others
- 5.2 Global Photoelectric Sensors Market Size by Downstream Industry
- 5.2.1 Global Photoelectric Sensors Market Size Overview by Application (2021-2032)
- 5.2.2 Global Photoelectric Sensors Historic Market Size Review by Application (2021-2026)
- 5.2.3 Global Photoelectric Sensors Forecasted Market Size by Application (2027-2032)
- 5.3 Key Regions Market Size by Downstream Industry
- 5.3.1 North America Photoelectric Sensors Sales Breakdown by Downstream Industry (2021-2026)
- 5.3.2 Europe Photoelectric Sensors Sales Breakdown by Downstream Industry (2021-2026)
- 5.3.3 Asia-Pacific Photoelectric Sensors Sales Breakdown by Downstream Industry (2021-2026)
- 5.3.4 South America Photoelectric Sensors Sales Breakdown by Downstream Industry (2021-2026)
- 5.3.5 Middle East and Africa Photoelectric Sensors Sales Breakdown by Downstream Industry (2021-2026)
6 Company Profiles
- 6.1 OMRON
- 6.1.1 OMRON Company Information
- 6.1.2 OMRON Business Overview
- 6.1.3 OMRON Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.1.4 OMRON Photoelectric Sensors Product Portfolio
- 6.1.5 OMRON Recent Developments
- 6.2 Panasonic
- 6.2.1 Panasonic Company Information
- 6.2.2 Panasonic Business Overview
- 6.2.3 Panasonic Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.2.4 Panasonic Photoelectric Sensors Product Portfolio
- 6.2.5 Panasonic Recent Developments
- 6.3 SICK
- 6.3.1 SICK Company Information
- 6.3.2 SICK Business Overview
- 6.3.3 SICK Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.3.4 SICK Photoelectric Sensors Product Portfolio
- 6.3.5 SICK Recent Developments
- 6.4 Keyence
- 6.4.1 Keyence Company Information
- 6.4.2 Keyence Business Overview
- 6.4.3 Keyence Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.4.4 Keyence Photoelectric Sensors Product Portfolio
- 6.4.5 Keyence Recent Developments
- 6.5 Rockwell Automation
- 6.5.1 Rockwell Automation Company Information
- 6.5.2 Rockwell Automation Business Overview
- 6.5.3 Rockwell Automation Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.5.4 Rockwell Automation Photoelectric Sensors Product Portfolio
- 6.5.5 Rockwell Automation Recent Developments
- 6.6 Balluff
- 6.6.1 Balluff Company Information
- 6.6.2 Balluff Business Overview
- 6.6.3 Balluff Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.6.4 Balluff Photoelectric Sensors Product Portfolio
- 6.6.5 Balluff Recent Developments
- 6.7 Optex
- 6.7.1 Optex Company Information
- 6.7.2 Optex Business Overview
- 6.7.3 Optex Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.7.4 Optex Photoelectric Sensors Product Portfolio
- 6.7.5 Optex Recent Developments
- 6.8 Baumer
- 6.8.1 Baumer Company Information
- 6.8.2 Baumer Business Overview
- 6.8.3 Baumer Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.8.4 Baumer Photoelectric Sensors Product Portfolio
- 6.8.5 Baumer Recent Developments
- 6.9 Pepperl+Fuchs
- 6.9.1 Pepperl+Fuchs Company Information
- 6.9.2 Pepperl+Fuchs Business Overview
- 6.9.3 Pepperl+Fuchs Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.9.4 Pepperl+Fuchs Photoelectric Sensors Product Portfolio
- 6.9.5 Pepperl+Fuchs Recent Developments
- 6.10 TAKEX
- 6.10.1 TAKEX Company Information
- 6.10.2 TAKEX Business Overview
- 6.10.3 TAKEX Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.10.4 TAKEX Photoelectric Sensors Product Portfolio
- 6.10.5 TAKEX Recent Developments
- 6.11 Wenglor
- 6.11.1 Wenglor Company Information
- 6.11.2 Wenglor Business Overview
- 6.11.3 Wenglor Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.11.4 Wenglor Photoelectric Sensors Product Portfolio
- 6.11.5 Wenglor Recent Developments
- 6.12 Schneider Electric
- 6.12.1 Schneider Electric Company Information
- 6.12.2 Schneider Electric Business Overview
- 6.12.3 Schneider Electric Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.12.4 Schneider Electric Photoelectric Sensors Product Portfolio
- 6.12.5 Schneider Electric Recent Developments
- 6.13 Banner
- 6.13.1 Banner Company Information
- 6.13.2 Banner Business Overview
- 6.13.3 Banner Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.13.4 Banner Photoelectric Sensors Product Portfolio
- 6.13.5 Banner Recent Developments
- 6.14 Hans Turck
- 6.14.1 Hans Turck Company Information
- 6.14.2 Hans Turck Business Overview
- 6.14.3 Hans Turck Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.14.4 Hans Turck Photoelectric Sensors Product Portfolio
- 6.14.5 Hans Turck Recent Developments
- 6.15 Leuze Electronic
- 6.15.1 Leuze Electronic Company Information
- 6.15.2 Leuze Electronic Business Overview
- 6.15.3 Leuze Electronic Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.15.4 Leuze Electronic Photoelectric Sensors Product Portfolio
- 6.15.5 Leuze Electronic Recent Developments
- 6.16 Tri-Tronics
- 6.16.1 Tri-Tronics Company Information
- 6.16.2 Tri-Tronics Business Overview
- 6.16.3 Tri-Tronics Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.16.4 Tri-Tronics Photoelectric Sensors Product Portfolio
- 6.16.5 Tri-Tronics Recent Developments
- 6.17 Di-soric
- 6.17.1 Di-soric Company Information
- 6.17.2 Di-soric Business Overview
- 6.17.3 Di-soric Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.17.4 Di-soric Photoelectric Sensors Product Portfolio
- 6.17.5 Di-soric Recent Developments
- 6.18 Autonics
- 6.18.1 Autonics Company Information
- 6.18.2 Autonics Business Overview
- 6.18.3 Autonics Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.18.4 Autonics Photoelectric Sensors Product Portfolio
- 6.18.5 Autonics Recent Developments
- 6.19 RiKO
- 6.19.1 RiKO Company Information
- 6.19.2 RiKO Business Overview
- 6.19.3 RiKO Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.19.4 RiKO Photoelectric Sensors Product Portfolio
- 6.19.5 RiKO Recent Developments
- 6.20 F&C Sensing Technology
- 6.20.1 F&C Sensing Technology Company Information
- 6.20.2 F&C Sensing Technology Business Overview
- 6.20.3 F&C Sensing Technology Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.20.4 F&C Sensing Technology Photoelectric Sensors Product Portfolio
- 6.20.5 F&C Sensing Technology Recent Developments
- 6.21 Shenzhen Dokai
- 6.21.1 Shenzhen Dokai Company Information
- 6.21.2 Shenzhen Dokai Business Overview
- 6.21.3 Shenzhen Dokai Photoelectric Sensors Sales, Revenue and Gross Margin (2021-2026)
- 6.21.4 Shenzhen Dokai Photoelectric Sensors Product Portfolio
- 6.21.5 Shenzhen Dokai Recent Developments
7 North America by Country
- 7.1 North America Photoelectric Sensors Sales by Country
- 7.1.1 North America Photoelectric Sensors Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.1.2 North America Photoelectric Sensors Sales by Country (2021-2026)
- 7.1.3 North America Photoelectric Sensors Sales Forecast by Country (2027-2032)
- 7.2 North America Photoelectric Sensors Market Size by Country
- 7.2.1 North America Photoelectric Sensors Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.2.2 North America Photoelectric Sensors Market Size by Country (2021-2026)
- 7.2.3 North America Photoelectric Sensors Market Size Forecast by Country (2027-2032)
8 Europe by Country
- 8.1 Europe Photoelectric Sensors Sales by Country
- 8.1.1 Europe Photoelectric Sensors Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.1.2 Europe Photoelectric Sensors Sales by Country (2021-2026)
- 8.1.3 Europe Photoelectric Sensors Sales Forecast by Country (2027-2032)
- 8.2 Europe Photoelectric Sensors Market Size by Country
- 8.2.1 Europe Photoelectric Sensors Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.2.2 Europe Photoelectric Sensors Market Size by Country (2021-2026)
- 8.2.3 Europe Photoelectric Sensors Market Size Forecast by Country (2027-2032)
9 Asia-Pacific by Country
- 9.1 Asia-Pacific Photoelectric Sensors Sales by Country
- 9.1.1 Asia-Pacific Photoelectric Sensors Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.1.2 Asia-Pacific Photoelectric Sensors Sales by Country (2021-2026)
- 9.1.3 Asia-Pacific Photoelectric Sensors Sales Forecast by Country (2027-2032)
- 9.2 Asia-Pacific Photoelectric Sensors Market Size by Country
- 9.2.1 Asia-Pacific Photoelectric Sensors Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.2.2 Asia-Pacific Photoelectric Sensors Market Size by Country (2021-2026)
- 9.2.3 Asia-Pacific Photoelectric Sensors Market Size Forecast by Country (2027-2032)
10 South America by Country
- 10.1 South America Photoelectric Sensors Sales by Country
- 10.1.1 South America Photoelectric Sensors Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.1.2 South America Photoelectric Sensors Sales by Country (2021-2026)
- 10.1.3 South America Photoelectric Sensors Sales Forecast by Country (2027-2032)
- 10.2 South America Photoelectric Sensors Market Size by Country
- 10.2.1 South America Photoelectric Sensors Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.2.2 South America Photoelectric Sensors Market Size by Country (2021-2026)
- 10.2.3 South America Photoelectric Sensors Market Size Forecast by Country (2027-2032)
11 Middle East and Africa by Country
- 11.1 Middle East and Africa Photoelectric Sensors Sales by Country
- 11.1.1 Middle East and Africa Photoelectric Sensors Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.1.2 Middle East and Africa Photoelectric Sensors Sales by Country (2021-2026)
- 11.1.3 Middle East and Africa Photoelectric Sensors Sales Forecast by Country (2027-2032)
- 11.2 Middle East and Africa Photoelectric Sensors Market Size by Country
- 11.2.1 Middle East and Africa Photoelectric Sensors Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.2.2 Middle East and Africa Photoelectric Sensors Market Size by Country (2021-2026)
- 11.2.3 Middle East and Africa Photoelectric Sensors Market Size Forecast by Country (2027-2032)
12 Value Chain and Sales Channels Analysis
- 12.1 Photoelectric Sensors Value Chain Analysis
- 12.1.1 Photoelectric Sensors Key Raw Materials
- 12.1.2 Key Raw Materials Price
- 12.1.3 Raw Materials Key Suppliers
- 12.1.4 Manufacturing Cost Structure
- 12.1.5 Photoelectric Sensors Production Mode & Process
- 12.2 Photoelectric Sensors Sales Channels Analysis
- 12.2.1 Direct Comparison with Distribution Share
- 12.2.2 Photoelectric Sensors Distributors
- 12.2.3 Photoelectric Sensors Customers
13 Concluding Insights
14 Appendix
- 14.1 Reasons for Doing This Study
- 14.2 Research Methodology
- 14.3 Research Process
- 14.4 Authors List of This Report
- 14.5 Data Source
- 14.5.1 Secondary Sources
- 14.5.2 Primary Sources
- 14.6 Disclaimer
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