Selected research
Market Analysis & Forecast
Global Digital PTP Radio Market Analysis and Forecast 2026-2032
Market perspective
The global Digital PTP Radio 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.
Digital PTP Radio'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 Alcatel-Lucent as the global sales leader, a title it has maintained for several consecutive years. Notably, Alcatel-Lucent'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 Digital PTP Radio market include Alcatel-Lucent, Aviat Networks, Ceragon Networks, DragonWave, ELVA-1, Ericsson, Huawei, Intracom Telecom and Moseley Associates, 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 Digital PTP Radio 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 Digital PTP Radio 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 Digital PTP Radio, 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 Digital PTP Radio, also provides the consumption of main regions and countries. Of the upcoming market potential for Digital PTP Radio, 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 Digital PTP Radio sales, revenue, market share and industry ranking of main manufacturers, data from 2021 to 2026. Identification of the major stakeholders in the global Digital PTP Radio 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 Digital PTP Radio sales, projected growth trends, production technology, application and end-user industry.
Digital PTP Radio Segment by Company
Alcatel-Lucent
Aviat Networks
Ceragon Networks
DragonWave
ELVA-1
Ericsson
Huawei
Intracom Telecom
Moseley Associates
NEC
SAF Tehnika
SIAE Microelettronica
Siklu
ZTE
Digital PTP Radio Segment by Type
60GHz 5Gbps, 10Gbps
71-86GHz 5Gbps, 10Gbps
Digital PTP Radio Segment by Application
Commercials
Government
Industrial
Others
Digital PTP Radio 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
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 Digital PTP Radio 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 Digital PTP Radio 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 Digital PTP Radio.
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: Digital PTP Radio 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 Digital PTP Radio 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 Digital PTP Radio 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, Digital PTP Radio 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
- 60GHz 5Gbps, 10Gbps
- 71-86GHz 5Gbps, 10Gbps
Applications
- Commercials
- Government
- Industrial
- Others
Companies covered
- Alcatel-Lucent
- Aviat Networks
- Ceragon Networks
- DragonWave
- ELVA-1
- Ericsson
- Huawei
- Intracom Telecom
- Moseley Associates
- NEC
- SAF Tehnika
- SIAE Microelettronica
- Siklu
- ZTE
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Digital PTP Radio Market by Type
- 1.2.1 Global Digital PTP Radio Market Size by Type, 2021 VS 2025 VS 2032
- 1.2.2 60GHz 5Gbps, 10Gbps
- 1.2.3 71-86GHz 5Gbps, 10Gbps
- 1.3 Digital PTP Radio Market by Application
- 1.3.1 Global Digital PTP Radio Market Size by Application, 2021 VS 2025 VS 2032
- 1.3.2 Commercials
- 1.3.3 Government
- 1.3.4 Industrial
- 1.3.5 Others
- 1.4 Assumptions and Limitations
- 1.5 Study Goals and Objectives
2 Digital PTP Radio Market Dynamics
- 2.1 Digital PTP Radio Industry Trends
- 2.2 Digital PTP Radio Industry Drivers
- 2.3 Digital PTP Radio Industry Opportunities and Challenges
- 2.4 Digital PTP Radio Industry Restraints
3 Global Digital PTP Radio Production Overview
- 3.1 Global Digital PTP Radio Production Capacity (2021-2032)
- 3.2 Global Digital PTP Radio Production by Region: 2021 VS 2025 VS 2032
- 3.3 Global Digital PTP Radio Production by Region
- 3.3.1 Global Digital PTP Radio Production by Region (2021-2026)
- 3.3.2 Global Digital PTP Radio Production by Region (2027-2032)
- 3.3.3 Global Digital PTP Radio 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 Digital PTP Radio Revenue Estimates and Forecasts (2021-2032)
- 4.2 Global Digital PTP Radio Revenue by Region
- 4.2.1 Global Digital PTP Radio Revenue by Region: 2021 VS 2025 VS 2032
- 4.2.2 Global Digital PTP Radio Revenue by Region (2021-2026)
- 4.2.3 Global Digital PTP Radio Revenue by Region (2027-2032)
- 4.2.4 Global Digital PTP Radio Revenue Market Share by Region (2021-2032)
- 4.3 Global Digital PTP Radio Sales Estimates and Forecasts 2021-2032
- 4.4 Global Digital PTP Radio Sales by Region
- 4.4.1 Global Digital PTP Radio Sales by Region: 2021 VS 2025 VS 2032
- 4.4.2 Global Digital PTP Radio Sales by Region (2021-2026)
- 4.4.3 Global Digital PTP Radio Sales by Region (2027-2032)
- 4.4.4 Global Digital PTP Radio 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 Digital PTP Radio Revenue by Manufacturers
- 5.1.1 Global Digital PTP Radio Revenue by Manufacturers (2021-2026)
- 5.1.2 Global Digital PTP Radio Revenue Market Share by Manufacturers (2021-2026)
- 5.1.3 Global Digital PTP Radio Manufacturers Revenue Share Top 10 and Top 5 in 2025
- 5.2 Global Digital PTP Radio Sales by Manufacturers
- 5.2.1 Global Digital PTP Radio Sales by Manufacturers (2021-2026)
- 5.2.2 Global Digital PTP Radio Sales Market Share by Manufacturers (2021-2026)
- 5.2.3 Global Digital PTP Radio Manufacturers Sales Share Top 10 and Top 5 in 2025
- 5.3 Global Digital PTP Radio Sales Price by Manufacturers (2021-2026)
- 5.4 Global Digital PTP Radio Key Manufacturers Ranking, 2024 VS 2025 VS 2026
- 5.5 Global Digital PTP Radio Key Manufacturers Manufacturing Sites & Headquarters
- 5.6 Global Digital PTP Radio Manufacturers, Product Type & Application
- 5.7 Global Digital PTP Radio Manufacturers Commercialization Time
- 5.8 Market Competitive Analysis
- 5.8.1 Global Digital PTP Radio Market CR5 and HHI
- 5.8.2 2025 Digital PTP Radio Tier 1, Tier 2, and Tier 3
6 Digital PTP Radio Market by Type
- 6.1 Global Digital PTP Radio Revenue by Type
- 6.1.1 Global Digital PTP Radio Revenue by Type (2021-2032) & (US$ Million)
- 6.1.2 Global Digital PTP Radio Revenue Market Share by Type (2021-2032)
- 6.2 Global Digital PTP Radio Sales by Type
- 6.2.1 Global Digital PTP Radio Sales by Type (2021-2032) & (k units)
- 6.2.2 Global Digital PTP Radio Sales Market Share by Type (2021-2032)
- 6.3 Global Digital PTP Radio Price by Type
7 Digital PTP Radio Market by Application
- 7.1 Global Digital PTP Radio Revenue by Application
- 7.1.1 Global Digital PTP Radio Revenue by Application (2021-2032) & (US$ Million)
- 7.1.2 Global Digital PTP Radio Revenue Market Share by Application (2021-2032)
- 7.2 Global Digital PTP Radio Sales by Application
- 7.2.1 Global Digital PTP Radio Sales by Application (2021-2032) & (k units)
- 7.2.2 Global Digital PTP Radio Sales Market Share by Application (2021-2032)
- 7.3 Global Digital PTP Radio Price by Application
8 Company Profiles
- 8.1 Alcatel-Lucent
- 8.1.1 Alcatel-Lucent Company Information
- 8.1.2 Alcatel-Lucent Business Overview
- 8.1.3 Alcatel-Lucent Digital PTP Radio Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.1.4 Alcatel-Lucent Digital PTP Radio Product Portfolio
- 8.1.5 Alcatel-Lucent Recent Developments
- 8.2 Aviat Networks
- 8.2.1 Aviat Networks Company Information
- 8.2.2 Aviat Networks Business Overview
- 8.2.3 Aviat Networks Digital PTP Radio Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.2.4 Aviat Networks Digital PTP Radio Product Portfolio
- 8.2.5 Aviat Networks Recent Developments
- 8.3 Ceragon Networks
- 8.3.1 Ceragon Networks Company Information
- 8.3.2 Ceragon Networks Business Overview
- 8.3.3 Ceragon Networks Digital PTP Radio Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.3.4 Ceragon Networks Digital PTP Radio Product Portfolio
- 8.3.5 Ceragon Networks Recent Developments
- 8.4 DragonWave
- 8.4.1 DragonWave Company Information
- 8.4.2 DragonWave Business Overview
- 8.4.3 DragonWave Digital PTP Radio Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.4.4 DragonWave Digital PTP Radio Product Portfolio
- 8.4.5 DragonWave Recent Developments
- 8.5 ELVA-1
- 8.5.1 ELVA-1 Company Information
- 8.5.2 ELVA-1 Business Overview
- 8.5.3 ELVA-1 Digital PTP Radio Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.5.4 ELVA-1 Digital PTP Radio Product Portfolio
- 8.5.5 ELVA-1 Recent Developments
- 8.6 Ericsson
- 8.6.1 Ericsson Company Information
- 8.6.2 Ericsson Business Overview
- 8.6.3 Ericsson Digital PTP Radio Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.6.4 Ericsson Digital PTP Radio Product Portfolio
- 8.6.5 Ericsson Recent Developments
- 8.7 Huawei
- 8.7.1 Huawei Company Information
- 8.7.2 Huawei Business Overview
- 8.7.3 Huawei Digital PTP Radio Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.7.4 Huawei Digital PTP Radio Product Portfolio
- 8.7.5 Huawei Recent Developments
- 8.8 Intracom Telecom
- 8.8.1 Intracom Telecom Company Information
- 8.8.2 Intracom Telecom Business Overview
- 8.8.3 Intracom Telecom Digital PTP Radio Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.8.4 Intracom Telecom Digital PTP Radio Product Portfolio
- 8.8.5 Intracom Telecom Recent Developments
- 8.9 Moseley Associates
- 8.9.1 Moseley Associates Company Information
- 8.9.2 Moseley Associates Business Overview
- 8.9.3 Moseley Associates Digital PTP Radio Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.9.4 Moseley Associates Digital PTP Radio Product Portfolio
- 8.9.5 Moseley Associates Recent Developments
- 8.10 NEC
- 8.10.1 NEC Company Information
- 8.10.2 NEC Business Overview
- 8.10.3 NEC Digital PTP Radio Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.10.4 NEC Digital PTP Radio Product Portfolio
- 8.10.5 NEC Recent Developments
- 8.11 SAF Tehnika
- 8.11.1 SAF Tehnika Company Information
- 8.11.2 SAF Tehnika Business Overview
- 8.11.3 SAF Tehnika Digital PTP Radio Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.11.4 SAF Tehnika Digital PTP Radio Product Portfolio
- 8.11.5 SAF Tehnika Recent Developments
- 8.12 SIAE Microelettronica
- 8.12.1 SIAE Microelettronica Company Information
- 8.12.2 SIAE Microelettronica Business Overview
- 8.12.3 SIAE Microelettronica Digital PTP Radio Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.12.4 SIAE Microelettronica Digital PTP Radio Product Portfolio
- 8.12.5 SIAE Microelettronica Recent Developments
- 8.13 Siklu
- 8.13.1 Siklu Company Information
- 8.13.2 Siklu Business Overview
- 8.13.3 Siklu Digital PTP Radio Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.13.4 Siklu Digital PTP Radio Product Portfolio
- 8.13.5 Siklu Recent Developments
- 8.14 ZTE
- 8.14.1 ZTE Company Information
- 8.14.2 ZTE Business Overview
- 8.14.3 ZTE Digital PTP Radio Sales, Revenue, Price and Gross Margin (2021-2026)
- 8.14.4 ZTE Digital PTP Radio Product Portfolio
- 8.14.5 ZTE Recent Developments
9 North America
- 9.1 North America Digital PTP Radio Market Size by Type
- 9.1.1 North America Digital PTP Radio Revenue by Type (2021-2032)
- 9.1.2 North America Digital PTP Radio Sales by Type (2021-2032)
- 9.1.3 North America Digital PTP Radio Price by Type (2021-2032)
- 9.2 North America Digital PTP Radio Market Size by Application
- 9.2.1 North America Digital PTP Radio Revenue by Application (2021-2032)
- 9.2.2 North America Digital PTP Radio Sales by Application (2021-2032)
- 9.2.3 North America Digital PTP Radio Price by Application (2021-2032)
- 9.3 North America Digital PTP Radio Market Size by Country
- 9.3.1 North America Digital PTP Radio Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 9.3.2 North America Digital PTP Radio Sales by Country (2021 VS 2025 VS 2032)
- 9.3.3 North America Digital PTP Radio Price by Country (2021-2032)
- 9.3.4 United States
- 9.3.5 Canada
- 9.3.6 Mexico
10 Europe
- 10.1 Europe Digital PTP Radio Market Size by Type
- 10.1.1 Europe Digital PTP Radio Revenue by Type (2021-2032)
- 10.1.2 Europe Digital PTP Radio Sales by Type (2021-2032)
- 10.1.3 Europe Digital PTP Radio Price by Type (2021-2032)
- 10.2 Europe Digital PTP Radio Market Size by Application
- 10.2.1 Europe Digital PTP Radio Revenue by Application (2021-2032)
- 10.2.2 Europe Digital PTP Radio Sales by Application (2021-2032)
- 10.2.3 Europe Digital PTP Radio Price by Application (2021-2032)
- 10.3 Europe Digital PTP Radio Market Size by Country
- 10.3.1 Europe Digital PTP Radio Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 10.3.2 Europe Digital PTP Radio Sales by Country (2021 VS 2025 VS 2032)
- 10.3.3 Europe Digital PTP Radio 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 Digital PTP Radio Market Size by Type
- 11.1.1 China Digital PTP Radio Revenue by Type (2021-2032)
- 11.1.2 China Digital PTP Radio Sales by Type (2021-2032)
- 11.1.3 China Digital PTP Radio Price by Type (2021-2032)
- 11.2 China Digital PTP Radio Market Size by Application
- 11.2.1 China Digital PTP Radio Revenue by Application (2021-2032)
- 11.2.2 China Digital PTP Radio Sales by Application (2021-2032)
- 11.2.3 China Digital PTP Radio Price by Application (2021-2032)
12 Asia (Excluding China)
- 12.1 Asia Digital PTP Radio Market Size by Type
- 12.1.1 Asia Digital PTP Radio Revenue by Type (2021-2032)
- 12.1.2 Asia Digital PTP Radio Sales by Type (2021-2032)
- 12.1.3 Asia Digital PTP Radio Price by Type (2021-2032)
- 12.2 Asia Digital PTP Radio Market Size by Application
- 12.2.1 Asia Digital PTP Radio Revenue by Application (2021-2032)
- 12.2.2 Asia Digital PTP Radio Sales by Application (2021-2032)
- 12.2.3 Asia Digital PTP Radio Price by Application (2021-2032)
- 12.3 Asia Digital PTP Radio Market Size by Country
- 12.3.1 Asia Digital PTP Radio Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 12.3.2 Asia Digital PTP Radio Sales by Country (2021 VS 2025 VS 2032)
- 12.3.3 Asia Digital PTP Radio 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 Digital PTP Radio Market Size by Type
- 13.1.1 SAMEA Digital PTP Radio Revenue by Type (2021-2032)
- 13.1.2 SAMEA Digital PTP Radio Sales by Type (2021-2032)
- 13.1.3 SAMEA Digital PTP Radio Price by Type (2021-2032)
- 13.2 SAMEA Digital PTP Radio Market Size by Application
- 13.2.1 SAMEA Digital PTP Radio Revenue by Application (2021-2032)
- 13.2.2 SAMEA Digital PTP Radio Sales by Application (2021-2032)
- 13.2.3 SAMEA Digital PTP Radio Price by Application (2021-2032)
- 13.3 SAMEA Digital PTP Radio Market Size by Country
- 13.3.1 SAMEA Digital PTP Radio Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 13.3.2 SAMEA Digital PTP Radio Sales by Country (2021 VS 2025 VS 2032)
- 13.3.3 SAMEA Digital PTP Radio 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 Digital PTP Radio Value Chain Analysis
- 14.1.1 Digital PTP Radio Key Raw Materials
- 14.1.2 Raw Materials Key Suppliers
- 14.1.3 Manufacturing Cost Structure
- 14.1.4 Digital PTP Radio Production Mode & Process
- 14.2 Digital PTP Radio Sales Channels Analysis
- 14.2.1 Direct Comparison with Distribution Share
- 14.2.2 Digital PTP Radio Distributors
- 14.2.3 Digital PTP Radio 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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