Selected research
Industry Research
Electric Sub-meter Industry Research Report 2026
Market perspective
The global Electric Sub-meter market was valued at US$ million in 2025 and is projected to reach US$ million by 2032, implying a CAGR of % over 2026–2032.
The North America market for Electric Sub-meter is forecast to increase from US$ million in 2026 to US$ million by 2032, corresponding to a CAGR of % over 2026–2032.
The Europe market for Electric Sub-meter is projected to rise from US$ million in 2026 to US$ million by 2032, registering a CAGR of % over 2026–2032.
Read the full market overview
The Asia Pacific market for Electric Sub-meter is expected to grow from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026–2032.
Leading global manufacturers of Electric Sub-meter include , among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report quantifies the global Electric Sub-meter market in revenue (US$ million) and, where applicable, sales volume (k units), using 2025 as the base year and providing annual historical and forecast data for 2021–2032.
It standardizes definitions of types and applications, harmonizes vendor attribution, and presents comparable time series by company, type, application, and region/country, including indicative price bands (US$/k units) and concentration ratios (CR5/CR10).
The outputs are intended to support strategy development, budgeting, and performance benchmarking for manufacturers, new entrants, channel partners, and investors; the report also reviews technology shifts and notable product introductions relevant to Electric Sub-meter.
Key Companies & Market Share Insights
This section profiles leading manufacturers, combining 2021–2025 results with a 2026–2032 outlook. It reports revenue, market share, price bands, product and application mix, regional and channel mix, and key developments (M&A, capacity additions, certifications). It also provides global revenue, average price, and—where applicable—sales volume by manufacturer, and calculates CR5/CR10 and rank changes to support comparative benchmarking.
Electric Sub-meter Market by Company
Landis+Gyr
Itron(Silver Spring Networks)
GE Digital Energy
Siemens
Kamstrup
Xylem Inc
Elster Group
Aclara
Sagemcom
Leviton
Echelon
Nuri Telecom
E-Mon
Sanxing
Linyang Electronics
Wasion Group
Haixing Electrical
Techrise Electronics
Chintim Instruments
XJ Measurement & Control Meter
Clou Electronics
HND Electronics
Longi
Hengye Electronics
Holley Metering
Wellsun Electric Meter
Sunrise
Electric Sub-meter Segment by Type
Single Electric Sub-meter
Three Electric Sub-meter
Electric Sub-meter Segment by Application
Residential
Commercial
Industrial
Electric Sub-meter 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 Electric Sub-meter 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 Electric Sub-meter 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 Electric Sub-meter.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Research objectives, research methods, data sources, data cross-validation;
Chapter 2: Introduces the report scope of the report, executive summary of different market segments (by region, product type, 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 3: Detailed analysis of Electric Sub-meter manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 5: Production/output, value of Electric Sub-meter by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 6: Consumption of Electric Sub-meter in 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, and production of each country in the world.
Chapter 7: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: 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 11: The main points and conclusions of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Single Electric Sub-meter
- Three Electric Sub-meter
Applications
- Residential
- Commercial
- Industrial
Companies covered
- Landis+Gyr
- Itron(Silver Spring Networks)
- GE Digital Energy
- Siemens
- Kamstrup
- Xylem Inc
- Elster Group
- Aclara
- Sagemcom
- Leviton
- Echelon
- Nuri Telecom
- E-Mon
- Sanxing
- Linyang Electronics
- Wasion Group
- Haixing Electrical
- Techrise Electronics
- Chintim Instruments
- XJ Measurement & Control Meter
- Clou Electronics
- HND Electronics
- Longi
- Hengye Electronics
- Holley Metering
- Wellsun Electric Meter
- Sunrise
Inside the report.
1 Preface
- 1.1 Scope of Report
- 1.2 Reasons for Doing This Study
- 1.3 Research Methodology
- 1.4 Research Process
- 1.5 Data Source
- 1.5.1 Secondary Sources
- 1.5.2 Primary Sources
2 Market Overview
- 2.1 Product Definition
- 2.2 Electric Sub-meter by Type
- 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.2.2 Single Electric Sub-meter
- 2.2.3 Three Electric Sub-meter
- 2.3 Electric Sub-meter by Application
- 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 Residential
- 2.3.3 Commercial
- 2.3.4 Industrial
- 2.4 Global Market Growth Prospects
- 2.4.1 Global Electric Sub-meter Production Value Estimates and Forecasts (2021-2032)
- 2.4.2 Global Electric Sub-meter Production Capacity Estimates and Forecasts (2021-2032)
- 2.4.3 Global Electric Sub-meter Production Estimates and Forecasts (2021-2032)
- 2.4.4 Global Electric Sub-meter Market Average Price (2021-2032)
3 Market Competitive Landscape by Manufacturers
- 3.1 Global Electric Sub-meter Production by Manufacturers (2021-2026)
- 3.2 Global Electric Sub-meter Production Value by Manufacturers (2021-2026)
- 3.3 Global Electric Sub-meter Average Price by Manufacturers (2021-2026)
- 3.4 Global Electric Sub-meter Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Electric Sub-meter Key Manufacturers, Manufacturing Sites & Headquarters
- 3.6 Global Electric Sub-meter Manufacturers, Product Type & Application
- 3.7 Global Electric Sub-meter Manufacturers Established Date
- 3.8 Global Electric Sub-meter Market CR5 and HHI
- 3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 Landis+Gyr
- 4.1.1 Landis+Gyr Electric Sub-meter Company Information
- 4.1.2 Landis+Gyr Electric Sub-meter Business Overview
- 4.1.3 Landis+Gyr Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.1.4 Landis+Gyr Product Portfolio
- 4.1.5 Landis+Gyr Recent Developments
- 4.2 Itron(Silver Spring Networks)
- 4.2.1 Itron(Silver Spring Networks) Electric Sub-meter Company Information
- 4.2.2 Itron(Silver Spring Networks) Electric Sub-meter Business Overview
- 4.2.3 Itron(Silver Spring Networks) Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.2.4 Itron(Silver Spring Networks) Product Portfolio
- 4.2.5 Itron(Silver Spring Networks) Recent Developments
- 4.3 GE Digital Energy
- 4.3.1 GE Digital Energy Electric Sub-meter Company Information
- 4.3.2 GE Digital Energy Electric Sub-meter Business Overview
- 4.3.3 GE Digital Energy Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.3.4 GE Digital Energy Product Portfolio
- 4.3.5 GE Digital Energy Recent Developments
- 4.4 Siemens
- 4.4.1 Siemens Electric Sub-meter Company Information
- 4.4.2 Siemens Electric Sub-meter Business Overview
- 4.4.3 Siemens Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.4.4 Siemens Product Portfolio
- 4.4.5 Siemens Recent Developments
- 4.5 Kamstrup
- 4.5.1 Kamstrup Electric Sub-meter Company Information
- 4.5.2 Kamstrup Electric Sub-meter Business Overview
- 4.5.3 Kamstrup Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.5.4 Kamstrup Product Portfolio
- 4.5.5 Kamstrup Recent Developments
- 4.6 Xylem Inc
- 4.6.1 Xylem Inc Electric Sub-meter Company Information
- 4.6.2 Xylem Inc Electric Sub-meter Business Overview
- 4.6.3 Xylem Inc Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.6.4 Xylem Inc Product Portfolio
- 4.6.5 Xylem Inc Recent Developments
- 4.7 Elster Group
- 4.7.1 Elster Group Electric Sub-meter Company Information
- 4.7.2 Elster Group Electric Sub-meter Business Overview
- 4.7.3 Elster Group Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.7.4 Elster Group Product Portfolio
- 4.7.5 Elster Group Recent Developments
- 4.8 Aclara
- 4.8.1 Aclara Electric Sub-meter Company Information
- 4.8.2 Aclara Electric Sub-meter Business Overview
- 4.8.3 Aclara Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.8.4 Aclara Product Portfolio
- 4.8.5 Aclara Recent Developments
- 4.9 Sagemcom
- 4.9.1 Sagemcom Electric Sub-meter Company Information
- 4.9.2 Sagemcom Electric Sub-meter Business Overview
- 4.9.3 Sagemcom Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.9.4 Sagemcom Product Portfolio
- 4.9.5 Sagemcom Recent Developments
- 4.10 Leviton
- 4.10.1 Leviton Electric Sub-meter Company Information
- 4.10.2 Leviton Electric Sub-meter Business Overview
- 4.10.3 Leviton Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.10.4 Leviton Product Portfolio
- 4.10.5 Leviton Recent Developments
- 4.11 Echelon
- 4.11.1 Echelon Electric Sub-meter Company Information
- 4.11.2 Echelon Electric Sub-meter Business Overview
- 4.11.3 Echelon Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.11.4 Echelon Product Portfolio
- 4.11.5 Echelon Recent Developments
- 4.12 Nuri Telecom
- 4.12.1 Nuri Telecom Electric Sub-meter Company Information
- 4.12.2 Nuri Telecom Electric Sub-meter Business Overview
- 4.12.3 Nuri Telecom Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.12.4 Nuri Telecom Product Portfolio
- 4.12.5 Nuri Telecom Recent Developments
- 4.13 E-Mon
- 4.13.1 E-Mon Electric Sub-meter Company Information
- 4.13.2 E-Mon Electric Sub-meter Business Overview
- 4.13.3 E-Mon Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.13.4 E-Mon Product Portfolio
- 4.13.5 E-Mon Recent Developments
- 4.14 Sanxing
- 4.14.1 Sanxing Electric Sub-meter Company Information
- 4.14.2 Sanxing Electric Sub-meter Business Overview
- 4.14.3 Sanxing Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.14.4 Sanxing Product Portfolio
- 4.14.5 Sanxing Recent Developments
- 4.15 Linyang Electronics
- 4.15.1 Linyang Electronics Electric Sub-meter Company Information
- 4.15.2 Linyang Electronics Electric Sub-meter Business Overview
- 4.15.3 Linyang Electronics Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.15.4 Linyang Electronics Product Portfolio
- 4.15.5 Linyang Electronics Recent Developments
- 4.16 Wasion Group
- 4.16.1 Wasion Group Electric Sub-meter Company Information
- 4.16.2 Wasion Group Electric Sub-meter Business Overview
- 4.16.3 Wasion Group Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.16.4 Wasion Group Product Portfolio
- 4.16.5 Wasion Group Recent Developments
- 4.17 Haixing Electrical
- 4.17.1 Haixing Electrical Electric Sub-meter Company Information
- 4.17.2 Haixing Electrical Electric Sub-meter Business Overview
- 4.17.3 Haixing Electrical Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.17.4 Haixing Electrical Product Portfolio
- 4.17.5 Haixing Electrical Recent Developments
- 4.18 Techrise Electronics
- 4.18.1 Techrise Electronics Electric Sub-meter Company Information
- 4.18.2 Techrise Electronics Electric Sub-meter Business Overview
- 4.18.3 Techrise Electronics Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.18.4 Techrise Electronics Product Portfolio
- 4.18.5 Techrise Electronics Recent Developments
- 4.19 Chintim Instruments
- 4.19.1 Chintim Instruments Electric Sub-meter Company Information
- 4.19.2 Chintim Instruments Electric Sub-meter Business Overview
- 4.19.3 Chintim Instruments Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.19.4 Chintim Instruments Product Portfolio
- 4.19.5 Chintim Instruments Recent Developments
- 4.20 XJ Measurement & Control Meter
- 4.20.1 XJ Measurement & Control Meter Electric Sub-meter Company Information
- 4.20.2 XJ Measurement & Control Meter Electric Sub-meter Business Overview
- 4.20.3 XJ Measurement & Control Meter Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.20.4 XJ Measurement & Control Meter Product Portfolio
- 4.20.5 XJ Measurement & Control Meter Recent Developments
- 4.21 Clou Electronics
- 4.21.1 Clou Electronics Electric Sub-meter Company Information
- 4.21.2 Clou Electronics Electric Sub-meter Business Overview
- 4.21.3 Clou Electronics Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.21.4 Clou Electronics Product Portfolio
- 4.21.5 Clou Electronics Recent Developments
- 4.22 HND Electronics
- 4.22.1 HND Electronics Electric Sub-meter Company Information
- 4.22.2 HND Electronics Electric Sub-meter Business Overview
- 4.22.3 HND Electronics Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.22.4 HND Electronics Product Portfolio
- 4.22.5 HND Electronics Recent Developments
- 4.23 Longi
- 4.23.1 Longi Electric Sub-meter Company Information
- 4.23.2 Longi Electric Sub-meter Business Overview
- 4.23.3 Longi Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.23.4 Longi Product Portfolio
- 4.23.5 Longi Recent Developments
- 4.24 Hengye Electronics
- 4.24.1 Hengye Electronics Electric Sub-meter Company Information
- 4.24.2 Hengye Electronics Electric Sub-meter Business Overview
- 4.24.3 Hengye Electronics Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.24.4 Hengye Electronics Product Portfolio
- 4.24.5 Hengye Electronics Recent Developments
- 4.25 Holley Metering
- 4.25.1 Holley Metering Electric Sub-meter Company Information
- 4.25.2 Holley Metering Electric Sub-meter Business Overview
- 4.25.3 Holley Metering Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.25.4 Holley Metering Product Portfolio
- 4.25.5 Holley Metering Recent Developments
- 4.26 Wellsun Electric Meter
- 4.26.1 Wellsun Electric Meter Electric Sub-meter Company Information
- 4.26.2 Wellsun Electric Meter Electric Sub-meter Business Overview
- 4.26.3 Wellsun Electric Meter Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.26.4 Wellsun Electric Meter Product Portfolio
- 4.26.5 Wellsun Electric Meter Recent Developments
- 4.27 Sunrise
- 4.27.1 Sunrise Electric Sub-meter Company Information
- 4.27.2 Sunrise Electric Sub-meter Business Overview
- 4.27.3 Sunrise Electric Sub-meter Production, Value and Gross Margin (2021-2026)
- 4.27.4 Sunrise Product Portfolio
- 4.27.5 Sunrise Recent Developments
5 Global Electric Sub-meter Production by Region
- 5.1 Global Electric Sub-meter Production Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.2 Global Electric Sub-meter Production by Region: 2021-2032
- 5.2.1 Global Electric Sub-meter Production by Region: 2021-2026
- 5.2.2 Global Electric Sub-meter Production Forecast by Region (2027-2032)
- 5.3 Global Electric Sub-meter Production Value Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.4 Global Electric Sub-meter Production Value by Region: 2021-2032
- 5.4.1 Global Electric Sub-meter Production Value by Region: 2021-2026
- 5.4.2 Global Electric Sub-meter Production Value Forecast by Region (2027-2032)
- 5.5 Global Electric Sub-meter Market Price Analysis by Region (2021-2026)
- 5.6 Global Electric Sub-meter Production and Value, YOY Growth
- 5.6.1 North America Electric Sub-meter Production Value Estimates and Forecasts (2021-2032)
- 5.6.2 Europe Electric Sub-meter Production Value Estimates and Forecasts (2021-2032)
- 5.6.3 China Electric Sub-meter Production Value Estimates and Forecasts (2021-2032)
- 5.6.4 Japan Electric Sub-meter Production Value Estimates and Forecasts (2021-2032)
6 Global Electric Sub-meter Consumption by Region
- 6.1 Global Electric Sub-meter Consumption Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 6.2 Global Electric Sub-meter Consumption by Region (2021-2032)
- 6.2.1 Global Electric Sub-meter Consumption by Region: 2021-2026
- 6.2.2 Global Electric Sub-meter Forecasted Consumption by Region (2027-2032)
- 6.3 North America
- 6.3.1 North America Electric Sub-meter Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.3.2 North America Electric Sub-meter Consumption by Country (2021-2032)
- 6.3.3 United States
- 6.3.4 Canada
- 6.3.5 Mexico
- 6.4 Europe
- 6.4.1 Europe Electric Sub-meter Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.4.2 Europe Electric Sub-meter Consumption by Country (2021-2032)
- 6.4.3 Germany
- 6.4.4 France
- 6.4.5 U.K.
- 6.4.6 Italy
- 6.4.7 Russia
- 6.4.8 Spain
- 6.4.9 Netherlands
- 6.4.10 Switzerland
- 6.4.11 Sweden
- 6.4.12 Poland
- 6.5 Asia Pacific
- 6.5.1 Asia Pacific Electric Sub-meter Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.5.2 Asia Pacific Electric Sub-meter Consumption by Country (2021-2032)
- 6.5.3 China
- 6.5.4 Japan
- 6.5.5 South Korea
- 6.5.6 India
- 6.5.7 Australia
- 6.5.8 Taiwan
- 6.5.9 Southeast Asia
- 6.6 South America, Middle East & Africa
- 6.6.1 South America, Middle East & Africa Electric Sub-meter Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.6.2 South America, Middle East & Africa Electric Sub-meter Consumption by Country (2021-2032)
- 6.6.3 Brazil
- 6.6.4 Argentina
- 6.6.5 Chile
- 6.6.6 Turkey
- 6.6.7 GCC Countries
7 Segment by Type
- 7.1 Global Electric Sub-meter Production by Type (2021-2032)
- 7.1.1 Global Electric Sub-meter Production by Type (2021-2032) & (k units)
- 7.1.2 Global Electric Sub-meter Production Market Share by Type (2021-2032)
- 7.2 Global Electric Sub-meter Production Value by Type (2021-2032)
- 7.2.1 Global Electric Sub-meter Production Value by Type (2021-2032) & (US$ Million)
- 7.2.2 Global Electric Sub-meter Production Value Market Share by Type (2021-2032)
- 7.3 Global Electric Sub-meter Price by Type (2021-2032)
8 Segment by Application
- 8.1 Global Electric Sub-meter Production by Application (2021-2032)
- 8.1.1 Global Electric Sub-meter Production by Application (2021-2032) & (k units)
- 8.1.2 Global Electric Sub-meter Production Market Share by Application (2021-2032)
- 8.2 Global Electric Sub-meter Production Value by Application (2021-2032)
- 8.2.1 Global Electric Sub-meter Production Value by Application (2021-2032) & (US$ Million)
- 8.2.2 Global Electric Sub-meter Production Value Market Share by Application (2021-2032)
- 8.3 Global Electric Sub-meter Price by Application (2021-2032)
9 Value Chain and Sales Channels Analysis of the Market
- 9.1 Electric Sub-meter Value Chain Analysis
- 9.1.1 Electric Sub-meter Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 Electric Sub-meter Production Mode & Process
- 9.2 Electric Sub-meter Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 Electric Sub-meter Distributors
- 9.2.3 Electric Sub-meter Customers
10 Global Electric Sub-meter Analyzing Market Dynamics
- 10.1 Electric Sub-meter Industry Trends
- 10.2 Electric Sub-meter Industry Drivers
- 10.3 Electric Sub-meter Industry Opportunities and Challenges
- 10.4 Electric Sub-meter Industry Restraints
11 Report Conclusion
12 Disclaimer
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