Selected research
Industry Research
Switch Mode Transformers Industry Research Report 2026
Market perspective
The global Switch Mode Transformers 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 Switch Mode Transformers 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 Switch Mode Transformers 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 Switch Mode Transformers 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 Switch Mode Transformers include , among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report quantifies the global Switch Mode Transformers 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 Switch Mode Transformers.
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.
Switch Mode Transformers Market by Company
Tamura Corporation of America
Premier Magnetics, Inc.
Triad Magnetics
Pulse Electronics Corporation
West Coast Magnetics
Coilcraft, Inc.
Electromech, Inc.
Mci Limited
Lauma Elettronica S.r.l.
Sirio Inductive Components
Power Coils SRL
Admagnetics
AGW Electronics Ltd.
Ferroperm UK, Ltd.
Lintron Electronics Ltd.
American Magnetics Corporation
Beta Transformer Technology Corp.
Bicron Electronics Co.
Renco Electronics, Inc.
Anhui Shirui Electronic Technology Co., Ltd.
Shenzhen Moso Power Supply Co., Ltd.
Switch Mode Transformers Segment by Type
Boost
Buck
Flyback
Switch Mode Transformers Segment by Application
Communication
Electronic
Medical
Automobile
Automated Industrial
Other
Switch Mode Transformers 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 Switch Mode Transformers 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 Switch Mode Transformers 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 Switch Mode Transformers.
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 Switch Mode Transformers 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 Switch Mode Transformers 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 Switch Mode Transformers 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
- Boost
- Buck
- Flyback
Applications
- Communication
- Electronic
- Medical
- Automobile
- Automated Industrial
- Other
Companies covered
- Tamura Corporation of America
- Premier Magnetics, Inc.
- Triad Magnetics
- Pulse Electronics Corporation
- West Coast Magnetics
- Coilcraft, Inc.
- Electromech, Inc.
- Mci Limited
- Lauma Elettronica S.r.l.
- Sirio Inductive Components
- Power Coils SRL
- Admagnetics
- AGW Electronics Ltd.
- Ferroperm UK, Ltd.
- Lintron Electronics Ltd.
- American Magnetics Corporation
- Beta Transformer Technology Corp.
- Bicron Electronics Co.
- Renco Electronics, Inc.
- Anhui Shirui Electronic Technology Co., Ltd.
- Shenzhen Moso Power Supply Co., Ltd.
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 Switch Mode Transformers by Type
- 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.2.2 Boost
- 2.2.3 Buck
- 2.2.4 Flyback
- 2.3 Switch Mode Transformers by Application
- 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 Communication
- 2.3.3 Electronic
- 2.3.4 Medical
- 2.3.5 Automobile
- 2.3.6 Automated Industrial
- 2.3.7 Other
- 2.4 Global Market Growth Prospects
- 2.4.1 Global Switch Mode Transformers Production Value Estimates and Forecasts (2021-2032)
- 2.4.2 Global Switch Mode Transformers Production Capacity Estimates and Forecasts (2021-2032)
- 2.4.3 Global Switch Mode Transformers Production Estimates and Forecasts (2021-2032)
- 2.4.4 Global Switch Mode Transformers Market Average Price (2021-2032)
3 Market Competitive Landscape by Manufacturers
- 3.1 Global Switch Mode Transformers Production by Manufacturers (2021-2026)
- 3.2 Global Switch Mode Transformers Production Value by Manufacturers (2021-2026)
- 3.3 Global Switch Mode Transformers Average Price by Manufacturers (2021-2026)
- 3.4 Global Switch Mode Transformers Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Switch Mode Transformers Key Manufacturers, Manufacturing Sites & Headquarters
- 3.6 Global Switch Mode Transformers Manufacturers, Product Type & Application
- 3.7 Global Switch Mode Transformers Manufacturers Established Date
- 3.8 Global Switch Mode Transformers Market CR5 and HHI
- 3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 Tamura Corporation of America
- 4.1.1 Tamura Corporation of America Switch Mode Transformers Company Information
- 4.1.2 Tamura Corporation of America Switch Mode Transformers Business Overview
- 4.1.3 Tamura Corporation of America Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.1.4 Tamura Corporation of America Product Portfolio
- 4.1.5 Tamura Corporation of America Recent Developments
- 4.2 Premier Magnetics, Inc.
- 4.2.1 Premier Magnetics, Inc. Switch Mode Transformers Company Information
- 4.2.2 Premier Magnetics, Inc. Switch Mode Transformers Business Overview
- 4.2.3 Premier Magnetics, Inc. Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.2.4 Premier Magnetics, Inc. Product Portfolio
- 4.2.5 Premier Magnetics, Inc. Recent Developments
- 4.3 Triad Magnetics
- 4.3.1 Triad Magnetics Switch Mode Transformers Company Information
- 4.3.2 Triad Magnetics Switch Mode Transformers Business Overview
- 4.3.3 Triad Magnetics Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.3.4 Triad Magnetics Product Portfolio
- 4.3.5 Triad Magnetics Recent Developments
- 4.4 Pulse Electronics Corporation
- 4.4.1 Pulse Electronics Corporation Switch Mode Transformers Company Information
- 4.4.2 Pulse Electronics Corporation Switch Mode Transformers Business Overview
- 4.4.3 Pulse Electronics Corporation Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.4.4 Pulse Electronics Corporation Product Portfolio
- 4.4.5 Pulse Electronics Corporation Recent Developments
- 4.5 West Coast Magnetics
- 4.5.1 West Coast Magnetics Switch Mode Transformers Company Information
- 4.5.2 West Coast Magnetics Switch Mode Transformers Business Overview
- 4.5.3 West Coast Magnetics Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.5.4 West Coast Magnetics Product Portfolio
- 4.5.5 West Coast Magnetics Recent Developments
- 4.6 Coilcraft, Inc.
- 4.6.1 Coilcraft, Inc. Switch Mode Transformers Company Information
- 4.6.2 Coilcraft, Inc. Switch Mode Transformers Business Overview
- 4.6.3 Coilcraft, Inc. Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.6.4 Coilcraft, Inc. Product Portfolio
- 4.6.5 Coilcraft, Inc. Recent Developments
- 4.7 Electromech, Inc.
- 4.7.1 Electromech, Inc. Switch Mode Transformers Company Information
- 4.7.2 Electromech, Inc. Switch Mode Transformers Business Overview
- 4.7.3 Electromech, Inc. Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.7.4 Electromech, Inc. Product Portfolio
- 4.7.5 Electromech, Inc. Recent Developments
- 4.8 Mci Limited
- 4.8.1 Mci Limited Switch Mode Transformers Company Information
- 4.8.2 Mci Limited Switch Mode Transformers Business Overview
- 4.8.3 Mci Limited Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.8.4 Mci Limited Product Portfolio
- 4.8.5 Mci Limited Recent Developments
- 4.9 Lauma Elettronica S.r.l.
- 4.9.1 Lauma Elettronica S.r.l. Switch Mode Transformers Company Information
- 4.9.2 Lauma Elettronica S.r.l. Switch Mode Transformers Business Overview
- 4.9.3 Lauma Elettronica S.r.l. Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.9.4 Lauma Elettronica S.r.l. Product Portfolio
- 4.9.5 Lauma Elettronica S.r.l. Recent Developments
- 4.10 Sirio Inductive Components
- 4.10.1 Sirio Inductive Components Switch Mode Transformers Company Information
- 4.10.2 Sirio Inductive Components Switch Mode Transformers Business Overview
- 4.10.3 Sirio Inductive Components Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.10.4 Sirio Inductive Components Product Portfolio
- 4.10.5 Sirio Inductive Components Recent Developments
- 4.11 Power Coils SRL
- 4.11.1 Power Coils SRL Switch Mode Transformers Company Information
- 4.11.2 Power Coils SRL Switch Mode Transformers Business Overview
- 4.11.3 Power Coils SRL Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.11.4 Power Coils SRL Product Portfolio
- 4.11.5 Power Coils SRL Recent Developments
- 4.12 Admagnetics
- 4.12.1 Admagnetics Switch Mode Transformers Company Information
- 4.12.2 Admagnetics Switch Mode Transformers Business Overview
- 4.12.3 Admagnetics Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.12.4 Admagnetics Product Portfolio
- 4.12.5 Admagnetics Recent Developments
- 4.13 AGW Electronics Ltd.
- 4.13.1 AGW Electronics Ltd. Switch Mode Transformers Company Information
- 4.13.2 AGW Electronics Ltd. Switch Mode Transformers Business Overview
- 4.13.3 AGW Electronics Ltd. Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.13.4 AGW Electronics Ltd. Product Portfolio
- 4.13.5 AGW Electronics Ltd. Recent Developments
- 4.14 Ferroperm UK, Ltd.
- 4.14.1 Ferroperm UK, Ltd. Switch Mode Transformers Company Information
- 4.14.2 Ferroperm UK, Ltd. Switch Mode Transformers Business Overview
- 4.14.3 Ferroperm UK, Ltd. Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.14.4 Ferroperm UK, Ltd. Product Portfolio
- 4.14.5 Ferroperm UK, Ltd. Recent Developments
- 4.15 Lintron Electronics Ltd.
- 4.15.1 Lintron Electronics Ltd. Switch Mode Transformers Company Information
- 4.15.2 Lintron Electronics Ltd. Switch Mode Transformers Business Overview
- 4.15.3 Lintron Electronics Ltd. Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.15.4 Lintron Electronics Ltd. Product Portfolio
- 4.15.5 Lintron Electronics Ltd. Recent Developments
- 4.16 American Magnetics Corporation
- 4.16.1 American Magnetics Corporation Switch Mode Transformers Company Information
- 4.16.2 American Magnetics Corporation Switch Mode Transformers Business Overview
- 4.16.3 American Magnetics Corporation Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.16.4 American Magnetics Corporation Product Portfolio
- 4.16.5 American Magnetics Corporation Recent Developments
- 4.17 Beta Transformer Technology Corp.
- 4.17.1 Beta Transformer Technology Corp. Switch Mode Transformers Company Information
- 4.17.2 Beta Transformer Technology Corp. Switch Mode Transformers Business Overview
- 4.17.3 Beta Transformer Technology Corp. Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.17.4 Beta Transformer Technology Corp. Product Portfolio
- 4.17.5 Beta Transformer Technology Corp. Recent Developments
- 4.18 Bicron Electronics Co.
- 4.18.1 Bicron Electronics Co. Switch Mode Transformers Company Information
- 4.18.2 Bicron Electronics Co. Switch Mode Transformers Business Overview
- 4.18.3 Bicron Electronics Co. Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.18.4 Bicron Electronics Co. Product Portfolio
- 4.18.5 Bicron Electronics Co. Recent Developments
- 4.19 Renco Electronics, Inc.
- 4.19.1 Renco Electronics, Inc. Switch Mode Transformers Company Information
- 4.19.2 Renco Electronics, Inc. Switch Mode Transformers Business Overview
- 4.19.3 Renco Electronics, Inc. Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.19.4 Renco Electronics, Inc. Product Portfolio
- 4.19.5 Renco Electronics, Inc. Recent Developments
- 4.20 Anhui Shirui Electronic Technology Co., Ltd.
- 4.20.1 Anhui Shirui Electronic Technology Co., Ltd. Switch Mode Transformers Company Information
- 4.20.2 Anhui Shirui Electronic Technology Co., Ltd. Switch Mode Transformers Business Overview
- 4.20.3 Anhui Shirui Electronic Technology Co., Ltd. Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.20.4 Anhui Shirui Electronic Technology Co., Ltd. Product Portfolio
- 4.20.5 Anhui Shirui Electronic Technology Co., Ltd. Recent Developments
- 4.21 Shenzhen Moso Power Supply Co., Ltd.
- 4.21.1 Shenzhen Moso Power Supply Co., Ltd. Switch Mode Transformers Company Information
- 4.21.2 Shenzhen Moso Power Supply Co., Ltd. Switch Mode Transformers Business Overview
- 4.21.3 Shenzhen Moso Power Supply Co., Ltd. Switch Mode Transformers Production, Value and Gross Margin (2021-2026)
- 4.21.4 Shenzhen Moso Power Supply Co., Ltd. Product Portfolio
- 4.21.5 Shenzhen Moso Power Supply Co., Ltd. Recent Developments
5 Global Switch Mode Transformers Production by Region
- 5.1 Global Switch Mode Transformers Production Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.2 Global Switch Mode Transformers Production by Region: 2021-2032
- 5.2.1 Global Switch Mode Transformers Production by Region: 2021-2026
- 5.2.2 Global Switch Mode Transformers Production Forecast by Region (2027-2032)
- 5.3 Global Switch Mode Transformers Production Value Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.4 Global Switch Mode Transformers Production Value by Region: 2021-2032
- 5.4.1 Global Switch Mode Transformers Production Value by Region: 2021-2026
- 5.4.2 Global Switch Mode Transformers Production Value Forecast by Region (2027-2032)
- 5.5 Global Switch Mode Transformers Market Price Analysis by Region (2021-2026)
- 5.6 Global Switch Mode Transformers Production and Value, YOY Growth
- 5.6.1 North America Switch Mode Transformers Production Value Estimates and Forecasts (2021-2032)
- 5.6.2 Europe Switch Mode Transformers Production Value Estimates and Forecasts (2021-2032)
- 5.6.3 China Switch Mode Transformers Production Value Estimates and Forecasts (2021-2032)
- 5.6.4 Japan Switch Mode Transformers Production Value Estimates and Forecasts (2021-2032)
- 5.6.5 South Korea Switch Mode Transformers Production Value Estimates and Forecasts (2021-2032)
6 Global Switch Mode Transformers Consumption by Region
- 6.1 Global Switch Mode Transformers Consumption Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 6.2 Global Switch Mode Transformers Consumption by Region (2021-2032)
- 6.2.1 Global Switch Mode Transformers Consumption by Region: 2021-2026
- 6.2.2 Global Switch Mode Transformers Forecasted Consumption by Region (2027-2032)
- 6.3 North America
- 6.3.1 North America Switch Mode Transformers Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.3.2 North America Switch Mode Transformers 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 Switch Mode Transformers Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.4.2 Europe Switch Mode Transformers 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 Switch Mode Transformers Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.5.2 Asia Pacific Switch Mode Transformers 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 Switch Mode Transformers Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.6.2 South America, Middle East & Africa Switch Mode Transformers 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 Switch Mode Transformers Production by Type (2021-2032)
- 7.1.1 Global Switch Mode Transformers Production by Type (2021-2032) & (k units)
- 7.1.2 Global Switch Mode Transformers Production Market Share by Type (2021-2032)
- 7.2 Global Switch Mode Transformers Production Value by Type (2021-2032)
- 7.2.1 Global Switch Mode Transformers Production Value by Type (2021-2032) & (US$ Million)
- 7.2.2 Global Switch Mode Transformers Production Value Market Share by Type (2021-2032)
- 7.3 Global Switch Mode Transformers Price by Type (2021-2032)
8 Segment by Application
- 8.1 Global Switch Mode Transformers Production by Application (2021-2032)
- 8.1.1 Global Switch Mode Transformers Production by Application (2021-2032) & (k units)
- 8.1.2 Global Switch Mode Transformers Production Market Share by Application (2021-2032)
- 8.2 Global Switch Mode Transformers Production Value by Application (2021-2032)
- 8.2.1 Global Switch Mode Transformers Production Value by Application (2021-2032) & (US$ Million)
- 8.2.2 Global Switch Mode Transformers Production Value Market Share by Application (2021-2032)
- 8.3 Global Switch Mode Transformers Price by Application (2021-2032)
9 Value Chain and Sales Channels Analysis of the Market
- 9.1 Switch Mode Transformers Value Chain Analysis
- 9.1.1 Switch Mode Transformers Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 Switch Mode Transformers Production Mode & Process
- 9.2 Switch Mode Transformers Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 Switch Mode Transformers Distributors
- 9.2.3 Switch Mode Transformers Customers
10 Global Switch Mode Transformers Analyzing Market Dynamics
- 10.1 Switch Mode Transformers Industry Trends
- 10.2 Switch Mode Transformers Industry Drivers
- 10.3 Switch Mode Transformers Industry Opportunities and Challenges
- 10.4 Switch Mode Transformers Industry Restraints
11 Report Conclusion
12 Disclaimer
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