Selected research
Market Structure
Global Piezoelectric Ceramic Driving Power Supply Market by Size, by Type, by Application, by Region, History and Forecast 2021-2032
Market perspective
The global Piezoelectric Ceramic Driving Power Supply market is projected to grow from US$ million in 2026 to US$ million by 2032, implying a CAGR of % over 2026-2032.
The US & Canada market for Piezoelectric Ceramic Driving Power Supply is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
The Europe market for Piezoelectric Ceramic Driving Power Supply is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
Read the full market overview
The Asia Pacific market for Piezoelectric Ceramic Driving Power Supply is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
The China market for Piezoelectric Ceramic Driving Power Supply 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 Piezoelectric Ceramic Driving Power Supply include PiezoDrive, Physik Instrumente, Mechano Transformer Corporation, Smart Material, Siansonic Technology, Vescent, Matsusada Precision, Noliac and Kinetic Ceramics, among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
On the production side, the report examines Piezoelectric Ceramic Driving Power Supply output, growth rates, and market shares by manufacturer and by region (at regional and country level) for 2021-2026, with forecasts through 2032.
On the consumption side, the report analyzes sales of Piezoelectric Ceramic Driving Power Supply by region (regional and country level), company, type, and application for 2021-2026 and provides forecasts through 2032.
The report provides an overview of the global Piezoelectric Ceramic Driving Power Supply market in terms of capacity, output, revenue, and price, analyzing global market trends using historical revenue and sales data for 2021-2025, estimates for 2026, and projected CAGRs through 2032.
The study covers key producers of Piezoelectric Ceramic Driving Power Supply and consumption patterns in major regions and countries, assesses future market potential, and highlights priority regions and countries for segmenting the market into sub-sectors, with country-specific market value data for the U.S., Canada, Mexico, Brazil, China, Japan, South Korea, Southeast Asia, India, Germany, the U.K., Italy, the Middle East, Africa, and other countries.
The report also presents Piezoelectric Ceramic Driving Power Supply sales, revenue, market share, and industry ranking for the main manufacturers for 2021-2026, identifies the major stakeholders in the global market, and analyzes their competitive landscape and market positioning based on recent developments and segmental revenues.
In addition, the report analyzes segment data by type and application—covering sales, revenue, and price—for 2021-2032, and evaluates and forecasts the Piezoelectric Ceramic Driving Power Supply market size, projected growth trends, production technologies, key applications, and end-use industries.
Piezoelectric Ceramic Driving Power Supply Segment by Company
PiezoDrive
Physik Instrumente
Mechano Transformer Corporation
Smart Material
Siansonic Technology
Vescent
Matsusada Precision
Noliac
Kinetic Ceramics
MURATA
Leice Technology
Shandong Xinming Electronics
Pengxiang Technology
Ours Ultrasonic
SiMingPu Precision Technology
Core Tomorrow Technology
Piezoelectric Ceramic Driving Power Supply Segment by Type
Analog Signal Type
Digital Signal Type
Piezoelectric Ceramic Driving Power Supply Segment by Application
Optical Scanning
Robot
3D Printing
Other
Piezoelectric Ceramic Driving Power Supply 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 Piezoelectric Ceramic Driving Power Supply 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 Piezoelectric Ceramic Driving Power Supply 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 Piezoelectric Ceramic Driving Power Supply.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Provides an overview of the Piezoelectric Ceramic Driving Power Supply market, including product definition, global market growth prospects, production value, capacity, and average price forecasts (2021-2032).
Chapter 2: Analysis key trends, drivers, challenges, and opportunities within the global Piezoelectric Ceramic Driving Power Supply industry.
Chapter 3: Detailed analysis of Piezoelectric Ceramic Driving Power Supply market competition landscape. Including Piezoelectric Ceramic Driving Power Supply manufacturers' output value, output and average price from 2021 to 2026, as well as competition analysis indicators such as origin, product type, application, merger and acquisition information, etc.
Chapter 4: 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 5: 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 6: 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 7: Production/Production Value of Piezoelectric Ceramic Driving Power Supply by region. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 8: Consumption of Piezoelectric Ceramic Driving Power Supply 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 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: Concluding Insights of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Analog Signal Type
- Digital Signal Type
Applications
- Optical Scanning
- Robot
- 3D Printing
- Other
Companies covered
- PiezoDrive
- Physik Instrumente
- Mechano Transformer Corporation
- Smart Material
- Siansonic Technology
- Vescent
- Matsusada Precision
- Noliac
- Kinetic Ceramics
- MURATA
- Leice Technology
- Shandong Xinming Electronics
- Pengxiang Technology
- Ours Ultrasonic
- SiMingPu Precision Technology
- Core Tomorrow Technology
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Global Market Growth Prospects
- 1.2.1 Global Piezoelectric Ceramic Driving Power Supply Production Value Estimates and Forecasts (2021-2032)
- 1.2.2 Global Piezoelectric Ceramic Driving Power Supply Production Capacity Estimates and Forecasts (2021-2032)
- 1.2.3 Global Piezoelectric Ceramic Driving Power Supply Production Estimates and Forecasts (2021-2032)
- 1.2.4 Global Piezoelectric Ceramic Driving Power Supply Market Average Price (2021-2032)
- 1.3 Assumptions and Limitations
- 1.4 Study Goals and Objectives
2 Global Piezoelectric Ceramic Driving Power Supply Market Dynamics
- 2.1 Piezoelectric Ceramic Driving Power Supply Industry Trends
- 2.2 Piezoelectric Ceramic Driving Power Supply Industry Drivers
- 2.3 Piezoelectric Ceramic Driving Power Supply Industry Opportunities and Challenges
- 2.4 Piezoelectric Ceramic Driving Power Supply Industry Restraints
3 Piezoelectric Ceramic Driving Power Supply Market by Manufacturers
- 3.1 Global Piezoelectric Ceramic Driving Power Supply Production Value by Manufacturers (2021-2026)
- 3.2 Global Piezoelectric Ceramic Driving Power Supply Production by Manufacturers (2021-2026)
- 3.3 Global Piezoelectric Ceramic Driving Power Supply Average Price by Manufacturers (2021-2026)
- 3.4 Global Piezoelectric Ceramic Driving Power Supply Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Piezoelectric Ceramic Driving Power Supply Key Manufacturers Manufacturing Sites & Headquarters
- 3.6 Global Piezoelectric Ceramic Driving Power Supply Manufacturers, Product Type & Application
- 3.7 Global Piezoelectric Ceramic Driving Power Supply Manufacturers Established Date
- 3.8 Market Competitive Analysis
- 3.8.1 Global Piezoelectric Ceramic Driving Power Supply Market CR5 and HHI
- 3.8.2 Global Top 5 and 10 Piezoelectric Ceramic Driving Power Supply Players Market Share by Production Value in 2025
- 3.8.3 2025 Piezoelectric Ceramic Driving Power Supply Tier 1, Tier 2, and Tier 3
4 Piezoelectric Ceramic Driving Power Supply Market by Type
- 4.1 Piezoelectric Ceramic Driving Power Supply Type Introduction
- 4.1.1 Analog Signal Type
- 4.1.2 Digital Signal Type
- 4.2 Global Piezoelectric Ceramic Driving Power Supply Production by Type
- 4.2.1 Global Piezoelectric Ceramic Driving Power Supply Production by Type (2021 VS 2025 VS 2032)
- 4.2.2 Global Piezoelectric Ceramic Driving Power Supply Production by Type (2021-2032)
- 4.2.3 Global Piezoelectric Ceramic Driving Power Supply Production Market Share by Type (2021-2032)
- 4.3 Global Piezoelectric Ceramic Driving Power Supply Production Value by Type
- 4.3.1 Global Piezoelectric Ceramic Driving Power Supply Production Value by Type (2021 VS 2025 VS 2032)
- 4.3.2 Global Piezoelectric Ceramic Driving Power Supply Production Value by Type (2021-2032)
- 4.3.3 Global Piezoelectric Ceramic Driving Power Supply Production Value Market Share by Type (2021-2032)
5 Piezoelectric Ceramic Driving Power Supply Market by Application
- 5.1 Piezoelectric Ceramic Driving Power Supply Application Introduction
- 5.1.1 Optical Scanning
- 5.1.2 Robot
- 5.1.3 3D Printing
- 5.1.4 Other
- 5.2 Global Piezoelectric Ceramic Driving Power Supply Production by Application
- 5.2.1 Global Piezoelectric Ceramic Driving Power Supply Production by Application (2021 VS 2025 VS 2032)
- 5.2.2 Global Piezoelectric Ceramic Driving Power Supply Production by Application (2021-2032)
- 5.2.3 Global Piezoelectric Ceramic Driving Power Supply Production Market Share by Application (2021-2032)
- 5.3 Global Piezoelectric Ceramic Driving Power Supply Production Value by Application
- 5.3.1 Global Piezoelectric Ceramic Driving Power Supply Production Value by Application (2021 VS 2025 VS 2032)
- 5.3.2 Global Piezoelectric Ceramic Driving Power Supply Production Value by Application (2021-2032)
- 5.3.3 Global Piezoelectric Ceramic Driving Power Supply Production Value Market Share by Application (2021-2032)
6 Company Profiles
- 6.1 PiezoDrive
- 6.1.1 PiezoDrive Company Information
- 6.1.2 PiezoDrive Business Overview
- 6.1.3 PiezoDrive Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.1.4 PiezoDrive Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.1.5 PiezoDrive Recent Developments
- 6.2 Physik Instrumente
- 6.2.1 Physik Instrumente Company Information
- 6.2.2 Physik Instrumente Business Overview
- 6.2.3 Physik Instrumente Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.2.4 Physik Instrumente Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.2.5 Physik Instrumente Recent Developments
- 6.3 Mechano Transformer Corporation
- 6.3.1 Mechano Transformer Corporation Company Information
- 6.3.2 Mechano Transformer Corporation Business Overview
- 6.3.3 Mechano Transformer Corporation Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.3.4 Mechano Transformer Corporation Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.3.5 Mechano Transformer Corporation Recent Developments
- 6.4 Smart Material
- 6.4.1 Smart Material Company Information
- 6.4.2 Smart Material Business Overview
- 6.4.3 Smart Material Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.4.4 Smart Material Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.4.5 Smart Material Recent Developments
- 6.5 Siansonic Technology
- 6.5.1 Siansonic Technology Company Information
- 6.5.2 Siansonic Technology Business Overview
- 6.5.3 Siansonic Technology Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.5.4 Siansonic Technology Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.5.5 Siansonic Technology Recent Developments
- 6.6 Vescent
- 6.6.1 Vescent Company Information
- 6.6.2 Vescent Business Overview
- 6.6.3 Vescent Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.6.4 Vescent Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.6.5 Vescent Recent Developments
- 6.7 Matsusada Precision
- 6.7.1 Matsusada Precision Company Information
- 6.7.2 Matsusada Precision Business Overview
- 6.7.3 Matsusada Precision Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.7.4 Matsusada Precision Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.7.5 Matsusada Precision Recent Developments
- 6.8 Noliac
- 6.8.1 Noliac Company Information
- 6.8.2 Noliac Business Overview
- 6.8.3 Noliac Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.8.4 Noliac Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.8.5 Noliac Recent Developments
- 6.9 Kinetic Ceramics
- 6.9.1 Kinetic Ceramics Company Information
- 6.9.2 Kinetic Ceramics Business Overview
- 6.9.3 Kinetic Ceramics Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.9.4 Kinetic Ceramics Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.9.5 Kinetic Ceramics Recent Developments
- 6.10 MURATA
- 6.10.1 MURATA Company Information
- 6.10.2 MURATA Business Overview
- 6.10.3 MURATA Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.10.4 MURATA Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.10.5 MURATA Recent Developments
- 6.11 Leice Technology
- 6.11.1 Leice Technology Company Information
- 6.11.2 Leice Technology Business Overview
- 6.11.3 Leice Technology Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.11.4 Leice Technology Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.11.5 Leice Technology Recent Developments
- 6.12 Shandong Xinming Electronics
- 6.12.1 Shandong Xinming Electronics Company Information
- 6.12.2 Shandong Xinming Electronics Business Overview
- 6.12.3 Shandong Xinming Electronics Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.12.4 Shandong Xinming Electronics Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.12.5 Shandong Xinming Electronics Recent Developments
- 6.13 Pengxiang Technology
- 6.13.1 Pengxiang Technology Company Information
- 6.13.2 Pengxiang Technology Business Overview
- 6.13.3 Pengxiang Technology Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.13.4 Pengxiang Technology Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.13.5 Pengxiang Technology Recent Developments
- 6.14 Ours Ultrasonic
- 6.14.1 Ours Ultrasonic Company Information
- 6.14.2 Ours Ultrasonic Business Overview
- 6.14.3 Ours Ultrasonic Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.14.4 Ours Ultrasonic Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.14.5 Ours Ultrasonic Recent Developments
- 6.15 SiMingPu Precision Technology
- 6.15.1 SiMingPu Precision Technology Company Information
- 6.15.2 SiMingPu Precision Technology Business Overview
- 6.15.3 SiMingPu Precision Technology Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.15.4 SiMingPu Precision Technology Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.15.5 SiMingPu Precision Technology Recent Developments
- 6.16 Core Tomorrow Technology
- 6.16.1 Core Tomorrow Technology Company Information
- 6.16.2 Core Tomorrow Technology Business Overview
- 6.16.3 Core Tomorrow Technology Piezoelectric Ceramic Driving Power Supply Production, Value and Gross Margin (2021-2026)
- 6.16.4 Core Tomorrow Technology Piezoelectric Ceramic Driving Power Supply Product Portfolio
- 6.16.5 Core Tomorrow Technology Recent Developments
7 Global Piezoelectric Ceramic Driving Power Supply Production by Region
- 7.1 Global Piezoelectric Ceramic Driving Power Supply Production by Region: 2021 VS 2025 VS 2032
- 7.2 Global Piezoelectric Ceramic Driving Power Supply Production by Region (2021-2032)
- 7.2.1 Global Piezoelectric Ceramic Driving Power Supply Production by Region (2021-2026)
- 7.2.2 Global Piezoelectric Ceramic Driving Power Supply Production Forecast by Region (2027-2032)
- 7.3 Global Piezoelectric Ceramic Driving Power Supply Production by Region: 2021 VS 2025 VS 2032
- 7.4 Global Piezoelectric Ceramic Driving Power Supply Production Value by Region (2021-2032)
- 7.4.1 Global Piezoelectric Ceramic Driving Power Supply Production Value by Region (2021-2026)
- 7.4.2 Global Piezoelectric Ceramic Driving Power Supply Production Value by Region (2027-2032)
- 7.5 Global Piezoelectric Ceramic Driving Power Supply Market Price Analysis by Region (2021-2032)
- 7.6 Regional Production Value Trends (2021-2032)
- 7.6.1 North America Piezoelectric Ceramic Driving Power Supply Production Value (2021-2032)
- 7.6.2 Europe Piezoelectric Ceramic Driving Power Supply Production Value (2021-2032)
- 7.6.3 Asia-Pacific Piezoelectric Ceramic Driving Power Supply Production Value (2021-2032)
- 7.6.4 South America Piezoelectric Ceramic Driving Power Supply Production Value (2021-2032)
- 7.6.5 Middle East & Africa Piezoelectric Ceramic Driving Power Supply Production Value (2021-2032)
8 Global Piezoelectric Ceramic Driving Power Supply Consumption by Region
- 8.1 Global Piezoelectric Ceramic Driving Power Supply Consumption by Region: 2021 VS 2025 VS 2032
- 8.2 Global Piezoelectric Ceramic Driving Power Supply Consumption by Region (2021-2032)
- 8.2.1 Global Piezoelectric Ceramic Driving Power Supply Consumption by Region (2021-2026)
- 8.2.2 Global Piezoelectric Ceramic Driving Power Supply Consumption by Region (2027-2032)
- 8.3 North America
- 8.3.1 North America Piezoelectric Ceramic Driving Power Supply Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 8.3.2 North America Piezoelectric Ceramic Driving Power Supply Consumption by Country (2021-2032)
- 8.3.3 U.S.
- 8.3.4 Canada
- 8.3.5 Mexico
- 8.4 Europe
- 8.4.1 Europe Piezoelectric Ceramic Driving Power Supply Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 8.4.2 Europe Piezoelectric Ceramic Driving Power Supply Consumption by Country (2021-2032)
- 8.4.3 Germany
- 8.4.4 France
- 8.4.5 U.K.
- 8.4.6 Italy
- 8.4.7 Netherlands
- 8.5 Asia Pacific
- 8.5.1 Asia Pacific Piezoelectric Ceramic Driving Power Supply Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 8.5.2 Asia Pacific Piezoelectric Ceramic Driving Power Supply Consumption by Country (2021-2032)
- 8.5.3 China
- 8.5.4 Japan
- 8.5.5 South Korea
- 8.5.6 Southeast Asia
- 8.5.7 India
- 8.5.8 Australia
- 8.6 South America
- 8.6.1 South America Piezoelectric Ceramic Driving Power Supply Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 8.6.2 South America Piezoelectric Ceramic Driving Power Supply Consumption by Country (2021-2032)
- 8.6.3 Brazil
- 8.6.4 Argentina
- 8.6.5 Chile
- 8.6.6 Colombia
- 8.7 Middle East & Africa
- 8.7.1 Middle East & Africa Piezoelectric Ceramic Driving Power Supply Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 8.7.2 Middle East & Africa Piezoelectric Ceramic Driving Power Supply Consumption by Country (2021-2032)
- 8.7.3 Egypt
- 8.7.4 South Africa
- 8.7.5 Israel
- 8.7.6 Türkiye
- 8.7.7 GCC Countries
9 Value Chain and Sales Channels Analysis
- 9.1 Piezoelectric Ceramic Driving Power Supply Value Chain Analysis
- 9.1.1 Piezoelectric Ceramic Driving Power Supply Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 Manufacturing Cost Structure
- 9.1.4 Piezoelectric Ceramic Driving Power Supply Production Mode & Process
- 9.2 Piezoelectric Ceramic Driving Power Supply Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 Piezoelectric Ceramic Driving Power Supply Distributors
- 9.2.3 Piezoelectric Ceramic Driving Power Supply Customers
10 Concluding Insights
11 Appendix
- 11.1 Reasons for Doing This Study
- 11.2 Research Methodology
- 11.3 Research Process
- 11.4 Authors List of This Report
- 11.5 Data Source
- 11.5.1 Secondary Sources
- 11.5.2 Primary Sources
- 11.6 Disclaimer
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