Selected research
Industry Growth & Trends
Global Servo-Amplifiers Industry Growth and Trends Forecast to 2032
Market perspective
The global Servo-Amplifiers market was valued at US$ million in 2026 and is projected to reach US$ million by 2032, implying a CAGR of xx% over 2026-2032.
The North America market for Servo-Amplifiers is projected to increase from US$ million in 2026 to US$ million by 2032, corresponding to a CAGR of % over 2026-2032.
The Europe market for Servo-Amplifiers is projected to increase 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 Servo-Amplifiers is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
Leading global manufacturers of Servo-Amplifiers include Yasukawa, Panasonic, ABB, Mitsubshi, Siemens, Rexroth (Bosch), Lenze, Rockwell and Emerson, among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report provides a structured, data-driven view of the global Servo-Amplifiers market, combining harmonized quantitative metrics with targeted qualitative insight to support business and growth strategy, market positioning, and capital allocation.
The Servo-Amplifiers 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 Servo-Amplifiers 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 Servo-Amplifiers.
Key Companies & Market Share Insights
This section analyzes the strategies and performance of leading manufacturers in the global Servo-Amplifiers 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.
Servo-Amplifiers Market by Company
Yasukawa
Panasonic
ABB
Mitsubshi
Siemens
Rexroth (Bosch)
Lenze
Rockwell
Emerson
Omron
Schneider
Danaher Motion
Fanuc
Fuji
Shinano Kenshi
Parker Hannifin
Yokogawa
Toshiba
Keyence
Okuma
Hitachi
Sanyo Denki
Toyo
Beckhoff
Servo-Amplifiers Segment by Type
Small Servo (Below 1KW)
Medium Servo (1KW-5KW)
Large Servo (Above 5KW)
Servo-Amplifiers Segment by Application
CNC Cachining
Robotics
Others
Servo-Amplifiers 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 Servo-Amplifiers 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 Servo-Amplifiers 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 Servo-Amplifiers.
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 Servo-Amplifiers manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter 4: Sales, revenue of Servo-Amplifiers 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
- Small Servo (Below 1KW)
- Medium Servo (1KW-5KW)
- Large Servo (Above 5KW)
Applications
- CNC Cachining
- Robotics
- Others
Companies covered
- Yasukawa
- Panasonic
- ABB
- Mitsubshi
- Siemens
- Rexroth (Bosch)
- Lenze
- Rockwell
- Emerson
- Omron
- Schneider
- Danaher Motion
- Fanuc
- Fuji
- Shinano Kenshi
- Parker Hannifin
- Yokogawa
- Toshiba
- Keyence
- Okuma
- Hitachi
- Sanyo Denki
- Toyo
- Beckhoff
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Global Market Growth Prospects
- 1.2.1 Global Servo-Amplifiers Market Size Estimates and Forecasts (2021-2032)
- 1.2.2 Global Servo-Amplifiers Sales Estimates and Forecasts (2021-2032)
- 1.3 Servo-Amplifiers Market by Type
- 1.3.1 Small Servo (Below 1KW)
- 1.3.2 Medium Servo (1KW-5KW)
- 1.3.3 Large Servo (Above 5KW)
- 1.4 Global Servo-Amplifiers Market Size by Type
- 1.4.1 Global Servo-Amplifiers Market Size Overview by Type (2021-2032)
- 1.4.2 Global Servo-Amplifiers Historic Market Size Review by Type (2021-2026)
- 1.4.3 Global Servo-Amplifiers Forecasted Market Size by Type (2027-2032)
- 1.5 Key Regions Market Size by Type
- 1.5.1 North America Servo-Amplifiers Sales Breakdown by Type (2021-2026)
- 1.5.2 Europe Servo-Amplifiers Sales Breakdown by Type (2021-2026)
- 1.5.3 Asia-Pacific Servo-Amplifiers Sales Breakdown by Type (2021-2026)
- 1.5.4 South America Servo-Amplifiers Sales Breakdown by Type (2021-2026)
- 1.5.5 Middle East and Africa Servo-Amplifiers Sales Breakdown by Type (2021-2026)
2 Global Market Dynamics
- 2.1 Servo-Amplifiers Industry Trends
- 2.2 Servo-Amplifiers Industry Drivers
- 2.3 Servo-Amplifiers Industry Opportunities and Challenges
- 2.4 Servo-Amplifiers Industry Restraints
3 Market Competitive Landscape by Company
- 3.1 Global Top Players by Servo-Amplifiers Revenue (2021-2026)
- 3.2 Global Top Players by Servo-Amplifiers Sales (2021-2026)
- 3.3 Global Top Players by Servo-Amplifiers Price (2021-2026)
- 3.4 Global Servo-Amplifiers Industry Company Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Servo-Amplifiers Major Company Production Sites & Headquarters
- 3.6 Global Servo-Amplifiers Company, Product Type & Application
- 3.7 Global Servo-Amplifiers Company Establishment Date
- 3.8 Market Competitive Analysis
- 3.8.1 Global Servo-Amplifiers Market CR5 and HHI
- 3.8.2 Global Top 5 and 10 Servo-Amplifiers Players Market Share by Revenue in 2025
- 3.8.3 2025 Servo-Amplifiers Tier 1, Tier 2, and Tier 3
4 Servo-Amplifiers Regional Status and Outlook
- 4.1 Global Servo-Amplifiers Market Size and CAGR by Region: 2021 VS 2025 VS 2032
- 4.2 Global Servo-Amplifiers Historic Market Size by Region
- 4.2.1 Global Servo-Amplifiers Sales in Volume by Region (2021-2026)
- 4.2.2 Global Servo-Amplifiers Sales in Value by Region (2021-2026)
- 4.2.3 Global Servo-Amplifiers Sales (Volume & Value), Price and Gross Margin (2021-2026)
- 4.3 Global Servo-Amplifiers Forecasted Market Size by Region
- 4.3.1 Global Servo-Amplifiers Sales in Volume by Region (2027-2032)
- 4.3.2 Global Servo-Amplifiers Sales in Value by Region (2027-2032)
- 4.3.3 Global Servo-Amplifiers Sales (Volume & Value), Price and Gross Margin (2027-2032)
5 Servo-Amplifiers by Application
- 5.1 Servo-Amplifiers Market by Application
- 5.1.1 CNC Cachining
- 5.1.2 Robotics
- 5.1.3 Others
- 5.2 Global Servo-Amplifiers Market Size by Application
- 5.2.1 Global Servo-Amplifiers Market Size Overview by Application (2021-2032)
- 5.2.2 Global Servo-Amplifiers Historic Market Size Review by Application (2021-2026)
- 5.2.3 Global Servo-Amplifiers Forecasted Market Size by Application (2027-2032)
- 5.3 Key Regions Market Size by Application
- 5.3.1 North America Servo-Amplifiers Sales Breakdown by Application (2021-2026)
- 5.3.2 Europe Servo-Amplifiers Sales Breakdown by Application (2021-2026)
- 5.3.3 Asia-Pacific Servo-Amplifiers Sales Breakdown by Application (2021-2026)
- 5.3.4 South America Servo-Amplifiers Sales Breakdown by Application (2021-2026)
- 5.3.5 Middle East and Africa Servo-Amplifiers Sales Breakdown by Application (2021-2026)
6 Company Profiles
- 6.1 Yasukawa
- 6.1.1 Yasukawa Company Information
- 6.1.2 Yasukawa Business Overview
- 6.1.3 Yasukawa Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.1.4 Yasukawa Servo-Amplifiers Product Portfolio
- 6.1.5 Yasukawa Recent Developments
- 6.2 Panasonic
- 6.2.1 Panasonic Company Information
- 6.2.2 Panasonic Business Overview
- 6.2.3 Panasonic Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.2.4 Panasonic Servo-Amplifiers Product Portfolio
- 6.2.5 Panasonic Recent Developments
- 6.3 ABB
- 6.3.1 ABB Company Information
- 6.3.2 ABB Business Overview
- 6.3.3 ABB Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.3.4 ABB Servo-Amplifiers Product Portfolio
- 6.3.5 ABB Recent Developments
- 6.4 Mitsubshi
- 6.4.1 Mitsubshi Company Information
- 6.4.2 Mitsubshi Business Overview
- 6.4.3 Mitsubshi Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.4.4 Mitsubshi Servo-Amplifiers Product Portfolio
- 6.4.5 Mitsubshi Recent Developments
- 6.5 Siemens
- 6.5.1 Siemens Company Information
- 6.5.2 Siemens Business Overview
- 6.5.3 Siemens Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.5.4 Siemens Servo-Amplifiers Product Portfolio
- 6.5.5 Siemens Recent Developments
- 6.6 Rexroth (Bosch)
- 6.6.1 Rexroth (Bosch) Company Information
- 6.6.2 Rexroth (Bosch) Business Overview
- 6.6.3 Rexroth (Bosch) Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.6.4 Rexroth (Bosch) Servo-Amplifiers Product Portfolio
- 6.6.5 Rexroth (Bosch) Recent Developments
- 6.7 Lenze
- 6.7.1 Lenze Company Information
- 6.7.2 Lenze Business Overview
- 6.7.3 Lenze Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.7.4 Lenze Servo-Amplifiers Product Portfolio
- 6.7.5 Lenze Recent Developments
- 6.8 Rockwell
- 6.8.1 Rockwell Company Information
- 6.8.2 Rockwell Business Overview
- 6.8.3 Rockwell Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.8.4 Rockwell Servo-Amplifiers Product Portfolio
- 6.8.5 Rockwell Recent Developments
- 6.9 Emerson
- 6.9.1 Emerson Company Information
- 6.9.2 Emerson Business Overview
- 6.9.3 Emerson Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.9.4 Emerson Servo-Amplifiers Product Portfolio
- 6.9.5 Emerson Recent Developments
- 6.10 Omron
- 6.10.1 Omron Company Information
- 6.10.2 Omron Business Overview
- 6.10.3 Omron Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.10.4 Omron Servo-Amplifiers Product Portfolio
- 6.10.5 Omron Recent Developments
- 6.11 Schneider
- 6.11.1 Schneider Company Information
- 6.11.2 Schneider Business Overview
- 6.11.3 Schneider Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.11.4 Schneider Servo-Amplifiers Product Portfolio
- 6.11.5 Schneider Recent Developments
- 6.12 Danaher Motion
- 6.12.1 Danaher Motion Company Information
- 6.12.2 Danaher Motion Business Overview
- 6.12.3 Danaher Motion Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.12.4 Danaher Motion Servo-Amplifiers Product Portfolio
- 6.12.5 Danaher Motion Recent Developments
- 6.13 Fanuc
- 6.13.1 Fanuc Company Information
- 6.13.2 Fanuc Business Overview
- 6.13.3 Fanuc Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.13.4 Fanuc Servo-Amplifiers Product Portfolio
- 6.13.5 Fanuc Recent Developments
- 6.14 Fuji
- 6.14.1 Fuji Company Information
- 6.14.2 Fuji Business Overview
- 6.14.3 Fuji Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.14.4 Fuji Servo-Amplifiers Product Portfolio
- 6.14.5 Fuji Recent Developments
- 6.15 Shinano Kenshi
- 6.15.1 Shinano Kenshi Company Information
- 6.15.2 Shinano Kenshi Business Overview
- 6.15.3 Shinano Kenshi Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.15.4 Shinano Kenshi Servo-Amplifiers Product Portfolio
- 6.15.5 Shinano Kenshi Recent Developments
- 6.16 Parker Hannifin
- 6.16.1 Parker Hannifin Company Information
- 6.16.2 Parker Hannifin Business Overview
- 6.16.3 Parker Hannifin Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.16.4 Parker Hannifin Servo-Amplifiers Product Portfolio
- 6.16.5 Parker Hannifin Recent Developments
- 6.17 Yokogawa
- 6.17.1 Yokogawa Company Information
- 6.17.2 Yokogawa Business Overview
- 6.17.3 Yokogawa Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.17.4 Yokogawa Servo-Amplifiers Product Portfolio
- 6.17.5 Yokogawa Recent Developments
- 6.18 Toshiba
- 6.18.1 Toshiba Company Information
- 6.18.2 Toshiba Business Overview
- 6.18.3 Toshiba Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.18.4 Toshiba Servo-Amplifiers Product Portfolio
- 6.18.5 Toshiba Recent Developments
- 6.19 Keyence
- 6.19.1 Keyence Company Information
- 6.19.2 Keyence Business Overview
- 6.19.3 Keyence Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.19.4 Keyence Servo-Amplifiers Product Portfolio
- 6.19.5 Keyence Recent Developments
- 6.20 Okuma
- 6.20.1 Okuma Company Information
- 6.20.2 Okuma Business Overview
- 6.20.3 Okuma Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.20.4 Okuma Servo-Amplifiers Product Portfolio
- 6.20.5 Okuma Recent Developments
- 6.21 Hitachi
- 6.21.1 Hitachi Company Information
- 6.21.2 Hitachi Business Overview
- 6.21.3 Hitachi Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.21.4 Hitachi Servo-Amplifiers Product Portfolio
- 6.21.5 Hitachi Recent Developments
- 6.22 Sanyo Denki
- 6.22.1 Sanyo Denki Company Information
- 6.22.2 Sanyo Denki Business Overview
- 6.22.3 Sanyo Denki Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.22.4 Sanyo Denki Servo-Amplifiers Product Portfolio
- 6.22.5 Sanyo Denki Recent Developments
- 6.23 Toyo
- 6.23.1 Toyo Company Information
- 6.23.2 Toyo Business Overview
- 6.23.3 Toyo Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.23.4 Toyo Servo-Amplifiers Product Portfolio
- 6.23.5 Toyo Recent Developments
- 6.24 Beckhoff
- 6.24.1 Beckhoff Company Information
- 6.24.2 Beckhoff Business Overview
- 6.24.3 Beckhoff Servo-Amplifiers Sales, Revenue and Gross Margin (2021-2026)
- 6.24.4 Beckhoff Servo-Amplifiers Product Portfolio
- 6.24.5 Beckhoff Recent Developments
7 North America by Country
- 7.1 North America Servo-Amplifiers Sales by Country
- 7.1.1 North America Servo-Amplifiers Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.1.2 North America Servo-Amplifiers Sales by Country (2021-2026)
- 7.1.3 North America Servo-Amplifiers Sales Forecast by Country (2027-2032)
- 7.2 North America Servo-Amplifiers Market Size by Country
- 7.2.1 North America Servo-Amplifiers Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.2.2 North America Servo-Amplifiers Market Size by Country (2021-2026)
- 7.2.3 North America Servo-Amplifiers Market Size Forecast by Country (2027-2032)
8 Europe by Country
- 8.1 Europe Servo-Amplifiers Sales by Country
- 8.1.1 Europe Servo-Amplifiers Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.1.2 Europe Servo-Amplifiers Sales by Country (2021-2026)
- 8.1.3 Europe Servo-Amplifiers Sales Forecast by Country (2027-2032)
- 8.2 Europe Servo-Amplifiers Market Size by Country
- 8.2.1 Europe Servo-Amplifiers Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.2.2 Europe Servo-Amplifiers Market Size by Country (2021-2026)
- 8.2.3 Europe Servo-Amplifiers Market Size Forecast by Country (2027-2032)
9 Asia-Pacific by Country
- 9.1 Asia-Pacific Servo-Amplifiers Sales by Country
- 9.1.1 Asia-Pacific Servo-Amplifiers Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.1.2 Asia-Pacific Servo-Amplifiers Sales by Country (2021-2026)
- 9.1.3 Asia-Pacific Servo-Amplifiers Sales Forecast by Country (2027-2032)
- 9.2 Asia-Pacific Servo-Amplifiers Market Size by Country
- 9.2.1 Asia-Pacific Servo-Amplifiers Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.2.2 Asia-Pacific Servo-Amplifiers Market Size by Country (2021-2026)
- 9.2.3 Asia-Pacific Servo-Amplifiers Market Size Forecast by Country (2027-2032)
10 South America by Country
- 10.1 South America Servo-Amplifiers Sales by Country
- 10.1.1 South America Servo-Amplifiers Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.1.2 South America Servo-Amplifiers Sales by Country (2021-2026)
- 10.1.3 South America Servo-Amplifiers Sales Forecast by Country (2027-2032)
- 10.2 South America Servo-Amplifiers Market Size by Country
- 10.2.1 South America Servo-Amplifiers Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.2.2 South America Servo-Amplifiers Market Size by Country (2021-2026)
- 10.2.3 South America Servo-Amplifiers Market Size Forecast by Country (2027-2032)
11 Middle East and Africa by Country
- 11.1 Middle East and Africa Servo-Amplifiers Sales by Country
- 11.1.1 Middle East and Africa Servo-Amplifiers Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.1.2 Middle East and Africa Servo-Amplifiers Sales by Country (2021-2026)
- 11.1.3 Middle East and Africa Servo-Amplifiers Sales Forecast by Country (2027-2032)
- 11.2 Middle East and Africa Servo-Amplifiers Market Size by Country
- 11.2.1 Middle East and Africa Servo-Amplifiers Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.2.2 Middle East and Africa Servo-Amplifiers Market Size by Country (2021-2026)
- 11.2.3 Middle East and Africa Servo-Amplifiers Market Size Forecast by Country (2027-2032)
12 Value Chain and Sales Channels Analysis
- 12.1 Servo-Amplifiers Value Chain Analysis
- 12.1.1 Servo-Amplifiers 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 Servo-Amplifiers Production Mode & Process
- 12.2 Servo-Amplifiers Sales Channels Analysis
- 12.2.1 Direct Comparison with Distribution Share
- 12.2.2 Servo-Amplifiers Distributors
- 12.2.3 Servo-Amplifiers 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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