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