Selected research
Market Analysis & Forecast
Global Power Adapter Module Market Analysis and Forecast 2026-2032
Market perspective
The global Power Adapter Module market is projected to grow from US$ million in 2026 to US$ million by 2032, at a Compound Annual Growth Rate (CAGR) of % during the forecast period.
Power Adapter Module's global sales reached XX (k units) with a value of US$ XX Million, marking an change of XX% compared to the previous year. This performance has positioned Delta as the global sales leader, a title it has maintained for several consecutive years. Notably, Delta's performance in primary markets is also remarkable. In the Chinese market, sales were XX (k units), a change of XX% from the previous year. In Europe, sales were XX (k units), showing a year-on-year of XX%. In the US, sales were XX (k units), a year-on-year change of XX%.
The major global manufacturers in the Power Adapter Module market include Delta, Lite-On Technology, Salcomp, TDK Lambda, Mean Well, Flextronics, Shenzhen Honor Electronic, Acbel Polytech and Chicony Power, etc. In 2025, the top three vendors accounted for approximately % of the revenue.
Read the full market overview
In terms of production side, this report researches the Power Adapter Module production, growth rate, market share by manufacturers and by region (region level and country level), from 2021 to 2026, and forecast to 2032.
In terms of consumption side, this report focuses on the sales of Power Adapter Module by region (region level and country level), by Company, by Type and by Application. from 2021 to 2026 and forecast to 2032.
This report presents an overview of global market for Power Adapter Module, capacity, output, revenue and price. Analyses of the global market trends, with historic market revenue or sales data for 2021 - 2025, estimates for 2026, and projections of CAGR through 2032.
This report researches the key producers of Power Adapter Module, also provides the consumption of main regions and countries. Of the upcoming market potential for Power Adapter Module, and key regions or countries of focus to forecast this market into various segments and sub-segments. Country specific data and market value analysis for the U.S., Canada, Mexico, Brazil, China, Japan, South Korea, Southeast Asia, India, Germany, the U.K., Italy, Middle East, Africa, and Other Countries.
This report focuses on the Power Adapter Module sales, revenue, market share and industry ranking of main manufacturers, data from 2021 to 2026. Identification of the major stakeholders in the global Power Adapter Module market, and analysis of their competitive landscape and market positioning based on recent developments and segmental revenues. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.
This report analyzes the segments data by Type and by Application, sales, revenue, and price, from 2021 to 2032. Evaluation and forecast the market size for Power Adapter Module sales, projected growth trends, production technology, application and end-user industry.
Power Adapter Module Segment by Company
Delta
Lite-On Technology
Salcomp
TDK Lambda
Mean Well
Flextronics
Shenzhen Honor Electronic
Acbel Polytech
Chicony Power
Phihong
FSP Group
Shenzhen Click Technology
Shenzhen Jingquanhua Electronics
Artesyn
Power Adapter Module Segment by Type
AC-DC Module
DC-DC Module
DC-AC Module
AC-AC Module
Power Adapter Module Segment by Application
Industrial Automation
Medical Equipment
Automotive Electronics
IoT & Consumer Electronics
Others
Power Adapter Module 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
Colombia
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Study Objectives
1. To analyze and research the global status and future forecast, involving, production, value, consumption, growth rate (CAGR), market share, historical and forecast.
2. To present the key manufacturers, capacity, production, revenue, market share, and Recent Developments.
3. To split the breakdown data by regions, type, manufacturers, and Application.
4. To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints, and risks.
5. To identify significant trends, drivers, influence factors in global and regions.
6. To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
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 Power Adapter Module 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 Power Adapter Module 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 Power Adapter Module.
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 report scope of the report, executive summary of different market segments (by type and by application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
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: Power Adapter Module production/output of global and key producers (regions/countries). It provides a quantitative analysis of the production, and development potential of each producer in the next six years.
Chapter 4: Sales (consumption), revenue of Power Adapter Module in global, regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 5: Detailed analysis of Power Adapter Module manufacturers competitive landscape, price, sales, revenue, market share and industry ranking, latest development plan, merger, and acquisition information, etc.
Chapter 6: Provides the analysis of various market segments by type, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 7: Provides the analysis of various market segments by application, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 8: Provides profiles of key manufacturers, introducing the basic situation of the main companies in the market in detail, including product descriptions and specifications, Power Adapter Module sales, revenue, price, gross margin, and recent development, etc.
Chapter 9: North America by type, by application and by country, sales, and revenue for each segment.
Chapter 10: Europe by type, by application and by country, sales, and revenue for each segment.
Chapter 11: China by type, by application, sales, and revenue for each segment.
Chapter 12: Asia (Excluding China) by type, by application and by region, sales, and revenue for each segment.
Chapter 13: South America, Middle East and Africa by type, by application and by country, sales, and revenue for each segment.
Chapter 14: Analysis of industrial chain, sales channel, key raw materials, distributors and customers.
Chapter 15: The main concluding insights of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- AC-DC Module
- DC-DC Module
- DC-AC Module
- AC-AC Module
Applications
- Industrial Automation
- Medical Equipment
- Automotive Electronics
- IoT & Consumer Electronics
- Others
Companies covered
- Delta
- Lite-On Technology
- Salcomp
- TDK Lambda
- Mean Well
- Flextronics
- Shenzhen Honor Electronic
- Acbel Polytech
- Chicony Power
- Phihong
- FSP Group
- Shenzhen Click Technology
- Shenzhen Jingquanhua Electronics
- Artesyn
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Power Adapter Module Market by Type
- 1.2.1 Global Power Adapter Module Market Size by Type, 2021 VS 2025 VS 2032
- 1.2.2 AC-DC Module
- 1.2.3 DC-DC Module
- 1.2.4 DC-AC Module
- 1.2.5 AC-AC Module
- 1.3 Power Adapter Module Market by Application
- 1.3.1 Global Power Adapter Module Market Size by Application, 2021 VS 2025 VS 2032
- 1.3.2 Industrial Automation
- 1.3.3 Medical Equipment
- 1.3.4 Automotive Electronics
- 1.3.5 IoT & Consumer Electronics
- 1.3.6 Others
- 1.4 Assumptions and Limitations
- 1.5 Study Goals and Objectives
2 Power Adapter Module Market Dynamics
- 2.1 Power Adapter Module Industry Trends
- 2.2 Power Adapter Module Industry Drivers
- 2.3 Power Adapter Module Industry Opportunities and Challenges
- 2.4 Power Adapter Module Industry Restraints
3 Global Power Adapter Module Production Overview
- 3.1 Global Power Adapter Module Production Capacity (2021-2032)
- 3.2 Global Power Adapter Module Production by Region: 2021 VS 2025 VS 2032
- 3.3 Global Power Adapter Module Production by Region
- 3.3.1 Global Power Adapter Module Production by Region (2021-2026)
- 3.3.2 Global Power Adapter Module Production by Region (2027-2032)
- 3.3.3 Global Power Adapter Module Production Market Share by Region (2021-2032)
- 3.4 North America
- 3.5 Europe
- 3.6 China
- 3.7 Japan
- 3.8 South Korea
4 Global Market Growth Prospects
- 4.1 Global Power Adapter Module Revenue Estimates and Forecasts (2021-2032)
- 4.2 Global Power Adapter Module Revenue by Region
- 4.2.1 Global Power Adapter Module Revenue by Region: 2021 VS 2025 VS 2032
- 4.2.2 Global Power Adapter Module Revenue by Region (2021-2026)
- 4.2.3 Global Power Adapter Module Revenue by Region (2027-2032)
- 4.2.4 Global Power Adapter Module Revenue Market Share by Region (2021-2032)
- 4.3 Global Power Adapter Module Sales Estimates and Forecasts 2021-2032
- 4.4 Global Power Adapter Module Sales by Region
- 4.4.1 Global Power Adapter Module Sales by Region: 2021 VS 2025 VS 2032
- 4.4.2 Global Power Adapter Module Sales by Region (2021-2026)
- 4.4.3 Global Power Adapter Module Sales by Region (2027-2032)
- 4.4.4 Global Power Adapter Module Sales Market Share by Region (2021-2032)
- 4.5 North America
- 4.6 Europe
- 4.7 China
- 4.8 Asia (Excluding China)
- 4.9 South America, Middle East and Africa
5 Market Competitive Landscape by Manufacturers
- 5.1 Global Power Adapter Module Revenue by Manufacturers
- 5.1.1 Global Power Adapter Module Revenue by Manufacturers (2021-2026)
- 5.1.2 Global Power Adapter Module Revenue Market Share by Manufacturers (2021-2026)
- 5.1.3 Global Power Adapter Module Manufacturers Revenue Share Top 10 and Top 5 in 2025
- 5.2 Global Power Adapter Module Sales by Manufacturers
- 5.2.1 Global Power Adapter Module Sales by Manufacturers (2021-2026)
- 5.2.2 Global Power Adapter Module Sales Market Share by Manufacturers (2021-2026)
- 5.2.3 Global Power Adapter Module Manufacturers Sales Share Top 10 and Top 5 in 2025
- 5.3 Global Power Adapter Module Sales Price by Manufacturers (2021-2026)
- 5.4 Global Power Adapter Module Key Manufacturers Ranking, 2024 VS 2025 VS 2026
- 5.5 Global Power Adapter Module Key Manufacturers Manufacturing Sites & Headquarters
- 5.6 Global Power Adapter Module Manufacturers, Product Type & Application
- 5.7 Global Power Adapter Module Manufacturers Commercialization Time
- 5.8 Market Competitive Analysis
- 5.8.1 Global Power Adapter Module Market CR5 and HHI
- 5.8.2 2025 Power Adapter Module Tier 1, Tier 2, and Tier 3
6 Power Adapter Module Market by Type
- 6.1 Global Power Adapter Module Revenue by Type
- 6.1.1 Global Power Adapter Module Revenue by Type (2021-2032) & (US$ Million)
- 6.1.2 Global Power Adapter Module Revenue Market Share by Type (2021-2032)
- 6.2 Global Power Adapter Module Sales by Type
- 6.2.1 Global Power Adapter Module Sales by Type (2021-2032) & (k units)
- 6.2.2 Global Power Adapter Module Sales Market Share by Type (2021-2032)
- 6.3 Global Power Adapter Module Price by Type
7 Power Adapter Module Market by Application
- 7.1 Global Power Adapter Module Revenue by Application
- 7.1.1 Global Power Adapter Module Revenue by Application (2021-2032) & (US$ Million)
- 7.1.2 Global Power Adapter Module Revenue Market Share by Application (2021-2032)
- 7.2 Global Power Adapter Module Sales by Application
- 7.2.1 Global Power Adapter Module Sales by Application (2021-2032) & (k units)
- 7.2.2 Global Power Adapter Module Sales Market Share by Application (2021-2032)
- 7.3 Global Power Adapter Module Price by Application
8 Company Profiles
- 8.1 Delta
- 8.1.1 Delta Company Information
- 8.1.2 Delta Business Overview
- 8.1.3 Delta Power Adapter Module Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.1.4 Delta Power Adapter Module Product Portfolio
- 8.1.5 Delta Recent Developments
- 8.2 Lite-On Technology
- 8.2.1 Lite-On Technology Company Information
- 8.2.2 Lite-On Technology Business Overview
- 8.2.3 Lite-On Technology Power Adapter Module Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.2.4 Lite-On Technology Power Adapter Module Product Portfolio
- 8.2.5 Lite-On Technology Recent Developments
- 8.3 Salcomp
- 8.3.1 Salcomp Company Information
- 8.3.2 Salcomp Business Overview
- 8.3.3 Salcomp Power Adapter Module Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.3.4 Salcomp Power Adapter Module Product Portfolio
- 8.3.5 Salcomp Recent Developments
- 8.4 TDK Lambda
- 8.4.1 TDK Lambda Company Information
- 8.4.2 TDK Lambda Business Overview
- 8.4.3 TDK Lambda Power Adapter Module Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.4.4 TDK Lambda Power Adapter Module Product Portfolio
- 8.4.5 TDK Lambda Recent Developments
- 8.5 Mean Well
- 8.5.1 Mean Well Company Information
- 8.5.2 Mean Well Business Overview
- 8.5.3 Mean Well Power Adapter Module Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.5.4 Mean Well Power Adapter Module Product Portfolio
- 8.5.5 Mean Well Recent Developments
- 8.6 Flextronics
- 8.6.1 Flextronics Company Information
- 8.6.2 Flextronics Business Overview
- 8.6.3 Flextronics Power Adapter Module Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.6.4 Flextronics Power Adapter Module Product Portfolio
- 8.6.5 Flextronics Recent Developments
- 8.7 Shenzhen Honor Electronic
- 8.7.1 Shenzhen Honor Electronic Company Information
- 8.7.2 Shenzhen Honor Electronic Business Overview
- 8.7.3 Shenzhen Honor Electronic Power Adapter Module Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.7.4 Shenzhen Honor Electronic Power Adapter Module Product Portfolio
- 8.7.5 Shenzhen Honor Electronic Recent Developments
- 8.8 Acbel Polytech
- 8.8.1 Acbel Polytech Company Information
- 8.8.2 Acbel Polytech Business Overview
- 8.8.3 Acbel Polytech Power Adapter Module Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.8.4 Acbel Polytech Power Adapter Module Product Portfolio
- 8.8.5 Acbel Polytech Recent Developments
- 8.9 Chicony Power
- 8.9.1 Chicony Power Company Information
- 8.9.2 Chicony Power Business Overview
- 8.9.3 Chicony Power Power Adapter Module Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.9.4 Chicony Power Power Adapter Module Product Portfolio
- 8.9.5 Chicony Power Recent Developments
- 8.10 Phihong
- 8.10.1 Phihong Company Information
- 8.10.2 Phihong Business Overview
- 8.10.3 Phihong Power Adapter Module Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.10.4 Phihong Power Adapter Module Product Portfolio
- 8.10.5 Phihong Recent Developments
- 8.11 FSP Group
- 8.11.1 FSP Group Company Information
- 8.11.2 FSP Group Business Overview
- 8.11.3 FSP Group Power Adapter Module Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.11.4 FSP Group Power Adapter Module Product Portfolio
- 8.11.5 FSP Group Recent Developments
- 8.12 Shenzhen Click Technology
- 8.12.1 Shenzhen Click Technology Company Information
- 8.12.2 Shenzhen Click Technology Business Overview
- 8.12.3 Shenzhen Click Technology Power Adapter Module Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.12.4 Shenzhen Click Technology Power Adapter Module Product Portfolio
- 8.12.5 Shenzhen Click Technology Recent Developments
- 8.13 Shenzhen Jingquanhua Electronics
- 8.13.1 Shenzhen Jingquanhua Electronics Company Information
- 8.13.2 Shenzhen Jingquanhua Electronics Business Overview
- 8.13.3 Shenzhen Jingquanhua Electronics Power Adapter Module Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.13.4 Shenzhen Jingquanhua Electronics Power Adapter Module Product Portfolio
- 8.13.5 Shenzhen Jingquanhua Electronics Recent Developments
- 8.14 Artesyn
- 8.14.1 Artesyn Company Information
- 8.14.2 Artesyn Business Overview
- 8.14.3 Artesyn Power Adapter Module Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.14.4 Artesyn Power Adapter Module Product Portfolio
- 8.14.5 Artesyn Recent Developments
9 North America
- 9.1 North America Power Adapter Module Market Size by Type
- 9.1.1 North America Power Adapter Module Revenue by Type (2021-2032)
- 9.1.2 North America Power Adapter Module Sales by Type (2021-2032)
- 9.1.3 North America Power Adapter Module Price by Type (2021-2032)
- 9.2 North America Power Adapter Module Market Size by Application
- 9.2.1 North America Power Adapter Module Revenue by Application (2021-2032)
- 9.2.2 North America Power Adapter Module Sales by Application (2021-2032)
- 9.2.3 North America Power Adapter Module Price by Application (2021-2032)
- 9.3 North America Power Adapter Module Market Size by Country
- 9.3.1 North America Power Adapter Module Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 9.3.2 North America Power Adapter Module Sales by Country (2021 VS 2025 VS 2032)
- 9.3.3 North America Power Adapter Module Price by Country (2021-2032)
- 9.3.4 United States
- 9.3.5 Canada
- 9.3.6 Mexico
10 Europe
- 10.1 Europe Power Adapter Module Market Size by Type
- 10.1.1 Europe Power Adapter Module Revenue by Type (2021-2032)
- 10.1.2 Europe Power Adapter Module Sales by Type (2021-2032)
- 10.1.3 Europe Power Adapter Module Price by Type (2021-2032)
- 10.2 Europe Power Adapter Module Market Size by Application
- 10.2.1 Europe Power Adapter Module Revenue by Application (2021-2032)
- 10.2.2 Europe Power Adapter Module Sales by Application (2021-2032)
- 10.2.3 Europe Power Adapter Module Price by Application (2021-2032)
- 10.3 Europe Power Adapter Module Market Size by Country
- 10.3.1 Europe Power Adapter Module Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 10.3.2 Europe Power Adapter Module Sales by Country (2021 VS 2025 VS 2032)
- 10.3.3 Europe Power Adapter Module Price by Country (2021-2032)
- 10.3.4 Germany
- 10.3.5 France
- 10.3.6 U.K.
- 10.3.7 Italy
- 10.3.8 Russia
- 10.3.9 Spain
- 10.3.10 Netherlands
- 10.3.11 Switzerland
- 10.3.12 Sweden
11 China
- 11.1 China Power Adapter Module Market Size by Type
- 11.1.1 China Power Adapter Module Revenue by Type (2021-2032)
- 11.1.2 China Power Adapter Module Sales by Type (2021-2032)
- 11.1.3 China Power Adapter Module Price by Type (2021-2032)
- 11.2 China Power Adapter Module Market Size by Application
- 11.2.1 China Power Adapter Module Revenue by Application (2021-2032)
- 11.2.2 China Power Adapter Module Sales by Application (2021-2032)
- 11.2.3 China Power Adapter Module Price by Application (2021-2032)
12 Asia (Excluding China)
- 12.1 Asia Power Adapter Module Market Size by Type
- 12.1.1 Asia Power Adapter Module Revenue by Type (2021-2032)
- 12.1.2 Asia Power Adapter Module Sales by Type (2021-2032)
- 12.1.3 Asia Power Adapter Module Price by Type (2021-2032)
- 12.2 Asia Power Adapter Module Market Size by Application
- 12.2.1 Asia Power Adapter Module Revenue by Application (2021-2032)
- 12.2.2 Asia Power Adapter Module Sales by Application (2021-2032)
- 12.2.3 Asia Power Adapter Module Price by Application (2021-2032)
- 12.3 Asia Power Adapter Module Market Size by Country
- 12.3.1 Asia Power Adapter Module Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 12.3.2 Asia Power Adapter Module Sales by Country (2021 VS 2025 VS 2032)
- 12.3.3 Asia Power Adapter Module Price by Country (2021-2032)
- 12.3.4 Japan
- 12.3.5 South Korea
- 12.3.6 India
- 12.3.7 Australia
- 12.3.8 Taiwan
- 12.3.9 Southeast Asia
13 South America, Middle East and Africa
- 13.1 SAMEA Power Adapter Module Market Size by Type
- 13.1.1 SAMEA Power Adapter Module Revenue by Type (2021-2032)
- 13.1.2 SAMEA Power Adapter Module Sales by Type (2021-2032)
- 13.1.3 SAMEA Power Adapter Module Price by Type (2021-2032)
- 13.2 SAMEA Power Adapter Module Market Size by Application
- 13.2.1 SAMEA Power Adapter Module Revenue by Application (2021-2032)
- 13.2.2 SAMEA Power Adapter Module Sales by Application (2021-2032)
- 13.2.3 SAMEA Power Adapter Module Price by Application (2021-2032)
- 13.3 SAMEA Power Adapter Module Market Size by Country
- 13.3.1 SAMEA Power Adapter Module Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 13.3.2 SAMEA Power Adapter Module Sales by Country (2021 VS 2025 VS 2032)
- 13.3.3 SAMEA Power Adapter Module Price by Country (2021-2032)
- 13.3.4 Brazil
- 13.3.5 Argentina
- 13.3.6 Chile
- 13.3.7 Colombia
- 13.3.8 Peru
- 13.3.9 Saudi Arabia
- 13.3.10 Israel
- 13.3.11 UAE
- 13.3.12 Turkey
- 13.3.13 Iran
- 13.3.14 Egypt
14 Value Chain and Sales Channels Analysis
- 14.1 Power Adapter Module Value Chain Analysis
- 14.1.1 Power Adapter Module Key Raw Materials
- 14.1.2 Raw Materials Key Suppliers
- 14.1.3 Manufacturing Cost Structure
- 14.1.4 Power Adapter Module Production Mode & Process
- 14.2 Power Adapter Module Sales Channels Analysis
- 14.2.1 Direct Comparison with Distribution Share
- 14.2.2 Power Adapter Module Distributors
- 14.2.3 Power Adapter Module Customers
15 Concluding Insights
16 Appendix
- 16.1 Reasons for Doing This Study
- 16.2 Research Methodology
- 16.3 Research Process
- 16.4 Authors List of This Report
- 16.5 Data Source
- 16.5.1 Secondary Sources
- 16.5.2 Primary Sources
- 16.6 Disclaimer
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