Selected research
Industry Research
Transformer Radiator Industry Research Report 2026
Market perspective
The global Transformer Radiator 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 Transformer Radiator 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 Transformer Radiator 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 Transformer Radiator 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 Transformer Radiator include , among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report quantifies the global Transformer Radiator market in revenue (US$ million) and, where applicable, sales volume (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$/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 Transformer Radiator.
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.
Transformer Radiator Market by Company
Hi Tech
Trantech Radiator Products
China XD
TTP Technologies
PE Tarang
Engineering Craft Industries
Techarsh Prive
Composite Power Group
Thermocool Engineering
Trans Volt
Eurocooler System
Meiden Metal Engineering
Sanman Engineering Services
Convett
Sinjungwoo Industrial
Menk USA
Triveni
Warm
Thermofin
Golden Star Radiator
Marangoni
Changzhou Tengju Machine
Baoding Chunsheng Radiator
Meidefu Electric Power
WX Transformer
Jiangsu Tengqi Electrical Equipment Tech
Transformer Radiator Segment by Type
Air Cooling Radiator
Water Cooling Radiator
Self Cooling Radiator
Transformer Radiator Segment by Application
Industrial Equipment
Distribution Hub
Hydropower Station
Others
Transformer Radiator 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
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 Transformer Radiator 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 Transformer Radiator 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 Transformer Radiator.
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 Transformer Radiator 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 Transformer Radiator 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 Transformer Radiator 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
- Air Cooling Radiator
- Water Cooling Radiator
- Self Cooling Radiator
Applications
- Industrial Equipment
- Distribution Hub
- Hydropower Station
- Others
Companies covered
- Hi Tech
- Trantech Radiator Products
- China XD
- TTP Technologies
- PE Tarang
- Engineering Craft Industries
- Techarsh Prive
- Composite Power Group
- Thermocool Engineering
- Trans Volt
- Eurocooler System
- Meiden Metal Engineering
- Sanman Engineering Services
- Convett
- Sinjungwoo Industrial
- Menk USA
- Triveni
- Warm
- Thermofin
- Golden Star Radiator
- Marangoni
- Changzhou Tengju Machine
- Baoding Chunsheng Radiator
- Meidefu Electric Power
- WX Transformer
- Jiangsu Tengqi Electrical Equipment Tech
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 Transformer Radiator by Type
- 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.2.2 Air Cooling Radiator
- 2.2.3 Water Cooling Radiator
- 2.2.4 Self Cooling Radiator
- 2.3 Transformer Radiator by Application
- 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 Industrial Equipment
- 2.3.3 Distribution Hub
- 2.3.4 Hydropower Station
- 2.3.5 Others
- 2.4 Global Market Growth Prospects
- 2.4.1 Global Transformer Radiator Production Value Estimates and Forecasts (2021-2032)
- 2.4.2 Global Transformer Radiator Production Capacity Estimates and Forecasts (2021-2032)
- 2.4.3 Global Transformer Radiator Production Estimates and Forecasts (2021-2032)
- 2.4.4 Global Transformer Radiator Market Average Price (2021-2032)
3 Market Competitive Landscape by Manufacturers
- 3.1 Global Transformer Radiator Production by Manufacturers (2021-2026)
- 3.2 Global Transformer Radiator Production Value by Manufacturers (2021-2026)
- 3.3 Global Transformer Radiator Average Price by Manufacturers (2021-2026)
- 3.4 Global Transformer Radiator Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Transformer Radiator Key Manufacturers, Manufacturing Sites & Headquarters
- 3.6 Global Transformer Radiator Manufacturers, Product Type & Application
- 3.7 Global Transformer Radiator Manufacturers Established Date
- 3.8 Global Transformer Radiator Market CR5 and HHI
- 3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 Hi Tech
- 4.1.1 Hi Tech Transformer Radiator Company Information
- 4.1.2 Hi Tech Transformer Radiator Business Overview
- 4.1.3 Hi Tech Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.1.4 Hi Tech Product Portfolio
- 4.1.5 Hi Tech Recent Developments
- 4.2 Trantech Radiator Products
- 4.2.1 Trantech Radiator Products Transformer Radiator Company Information
- 4.2.2 Trantech Radiator Products Transformer Radiator Business Overview
- 4.2.3 Trantech Radiator Products Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.2.4 Trantech Radiator Products Product Portfolio
- 4.2.5 Trantech Radiator Products Recent Developments
- 4.3 China XD
- 4.3.1 China XD Transformer Radiator Company Information
- 4.3.2 China XD Transformer Radiator Business Overview
- 4.3.3 China XD Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.3.4 China XD Product Portfolio
- 4.3.5 China XD Recent Developments
- 4.4 TTP Technologies
- 4.4.1 TTP Technologies Transformer Radiator Company Information
- 4.4.2 TTP Technologies Transformer Radiator Business Overview
- 4.4.3 TTP Technologies Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.4.4 TTP Technologies Product Portfolio
- 4.4.5 TTP Technologies Recent Developments
- 4.5 PE Tarang
- 4.5.1 PE Tarang Transformer Radiator Company Information
- 4.5.2 PE Tarang Transformer Radiator Business Overview
- 4.5.3 PE Tarang Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.5.4 PE Tarang Product Portfolio
- 4.5.5 PE Tarang Recent Developments
- 4.6 Engineering Craft Industries
- 4.6.1 Engineering Craft Industries Transformer Radiator Company Information
- 4.6.2 Engineering Craft Industries Transformer Radiator Business Overview
- 4.6.3 Engineering Craft Industries Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.6.4 Engineering Craft Industries Product Portfolio
- 4.6.5 Engineering Craft Industries Recent Developments
- 4.7 Techarsh Prive
- 4.7.1 Techarsh Prive Transformer Radiator Company Information
- 4.7.2 Techarsh Prive Transformer Radiator Business Overview
- 4.7.3 Techarsh Prive Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.7.4 Techarsh Prive Product Portfolio
- 4.7.5 Techarsh Prive Recent Developments
- 4.8 Composite Power Group
- 4.8.1 Composite Power Group Transformer Radiator Company Information
- 4.8.2 Composite Power Group Transformer Radiator Business Overview
- 4.8.3 Composite Power Group Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.8.4 Composite Power Group Product Portfolio
- 4.8.5 Composite Power Group Recent Developments
- 4.9 Thermocool Engineering
- 4.9.1 Thermocool Engineering Transformer Radiator Company Information
- 4.9.2 Thermocool Engineering Transformer Radiator Business Overview
- 4.9.3 Thermocool Engineering Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.9.4 Thermocool Engineering Product Portfolio
- 4.9.5 Thermocool Engineering Recent Developments
- 4.10 Trans Volt
- 4.10.1 Trans Volt Transformer Radiator Company Information
- 4.10.2 Trans Volt Transformer Radiator Business Overview
- 4.10.3 Trans Volt Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.10.4 Trans Volt Product Portfolio
- 4.10.5 Trans Volt Recent Developments
- 4.11 Eurocooler System
- 4.11.1 Eurocooler System Transformer Radiator Company Information
- 4.11.2 Eurocooler System Transformer Radiator Business Overview
- 4.11.3 Eurocooler System Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.11.4 Eurocooler System Product Portfolio
- 4.11.5 Eurocooler System Recent Developments
- 4.12 Meiden Metal Engineering
- 4.12.1 Meiden Metal Engineering Transformer Radiator Company Information
- 4.12.2 Meiden Metal Engineering Transformer Radiator Business Overview
- 4.12.3 Meiden Metal Engineering Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.12.4 Meiden Metal Engineering Product Portfolio
- 4.12.5 Meiden Metal Engineering Recent Developments
- 4.13 Sanman Engineering Services
- 4.13.1 Sanman Engineering Services Transformer Radiator Company Information
- 4.13.2 Sanman Engineering Services Transformer Radiator Business Overview
- 4.13.3 Sanman Engineering Services Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.13.4 Sanman Engineering Services Product Portfolio
- 4.13.5 Sanman Engineering Services Recent Developments
- 4.14 Convett
- 4.14.1 Convett Transformer Radiator Company Information
- 4.14.2 Convett Transformer Radiator Business Overview
- 4.14.3 Convett Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.14.4 Convett Product Portfolio
- 4.14.5 Convett Recent Developments
- 4.15 Sinjungwoo Industrial
- 4.15.1 Sinjungwoo Industrial Transformer Radiator Company Information
- 4.15.2 Sinjungwoo Industrial Transformer Radiator Business Overview
- 4.15.3 Sinjungwoo Industrial Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.15.4 Sinjungwoo Industrial Product Portfolio
- 4.15.5 Sinjungwoo Industrial Recent Developments
- 4.16 Menk USA
- 4.16.1 Menk USA Transformer Radiator Company Information
- 4.16.2 Menk USA Transformer Radiator Business Overview
- 4.16.3 Menk USA Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.16.4 Menk USA Product Portfolio
- 4.16.5 Menk USA Recent Developments
- 4.17 Triveni
- 4.17.1 Triveni Transformer Radiator Company Information
- 4.17.2 Triveni Transformer Radiator Business Overview
- 4.17.3 Triveni Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.17.4 Triveni Product Portfolio
- 4.17.5 Triveni Recent Developments
- 4.18 Warm
- 4.18.1 Warm Transformer Radiator Company Information
- 4.18.2 Warm Transformer Radiator Business Overview
- 4.18.3 Warm Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.18.4 Warm Product Portfolio
- 4.18.5 Warm Recent Developments
- 4.19 Thermofin
- 4.19.1 Thermofin Transformer Radiator Company Information
- 4.19.2 Thermofin Transformer Radiator Business Overview
- 4.19.3 Thermofin Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.19.4 Thermofin Product Portfolio
- 4.19.5 Thermofin Recent Developments
- 4.20 Golden Star Radiator
- 4.20.1 Golden Star Radiator Transformer Radiator Company Information
- 4.20.2 Golden Star Radiator Transformer Radiator Business Overview
- 4.20.3 Golden Star Radiator Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.20.4 Golden Star Radiator Product Portfolio
- 4.20.5 Golden Star Radiator Recent Developments
- 4.21 Marangoni
- 4.21.1 Marangoni Transformer Radiator Company Information
- 4.21.2 Marangoni Transformer Radiator Business Overview
- 4.21.3 Marangoni Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.21.4 Marangoni Product Portfolio
- 4.21.5 Marangoni Recent Developments
- 4.22 Changzhou Tengju Machine
- 4.22.1 Changzhou Tengju Machine Transformer Radiator Company Information
- 4.22.2 Changzhou Tengju Machine Transformer Radiator Business Overview
- 4.22.3 Changzhou Tengju Machine Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.22.4 Changzhou Tengju Machine Product Portfolio
- 4.22.5 Changzhou Tengju Machine Recent Developments
- 4.23 Baoding Chunsheng Radiator
- 4.23.1 Baoding Chunsheng Radiator Transformer Radiator Company Information
- 4.23.2 Baoding Chunsheng Radiator Transformer Radiator Business Overview
- 4.23.3 Baoding Chunsheng Radiator Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.23.4 Baoding Chunsheng Radiator Product Portfolio
- 4.23.5 Baoding Chunsheng Radiator Recent Developments
- 4.24 Meidefu Electric Power
- 4.24.1 Meidefu Electric Power Transformer Radiator Company Information
- 4.24.2 Meidefu Electric Power Transformer Radiator Business Overview
- 4.24.3 Meidefu Electric Power Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.24.4 Meidefu Electric Power Product Portfolio
- 4.24.5 Meidefu Electric Power Recent Developments
- 4.25 WX Transformer
- 4.25.1 WX Transformer Transformer Radiator Company Information
- 4.25.2 WX Transformer Transformer Radiator Business Overview
- 4.25.3 WX Transformer Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.25.4 WX Transformer Product Portfolio
- 4.25.5 WX Transformer Recent Developments
- 4.26 Jiangsu Tengqi Electrical Equipment Tech
- 4.26.1 Jiangsu Tengqi Electrical Equipment Tech Transformer Radiator Company Information
- 4.26.2 Jiangsu Tengqi Electrical Equipment Tech Transformer Radiator Business Overview
- 4.26.3 Jiangsu Tengqi Electrical Equipment Tech Transformer Radiator Production, Value and Gross Margin (2021-2026)
- 4.26.4 Jiangsu Tengqi Electrical Equipment Tech Product Portfolio
- 4.26.5 Jiangsu Tengqi Electrical Equipment Tech Recent Developments
5 Global Transformer Radiator Production by Region
- 5.1 Global Transformer Radiator Production Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.2 Global Transformer Radiator Production by Region: 2021-2032
- 5.2.1 Global Transformer Radiator Production by Region: 2021-2026
- 5.2.2 Global Transformer Radiator Production Forecast by Region (2027-2032)
- 5.3 Global Transformer Radiator Production Value Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.4 Global Transformer Radiator Production Value by Region: 2021-2032
- 5.4.1 Global Transformer Radiator Production Value by Region: 2021-2026
- 5.4.2 Global Transformer Radiator Production Value Forecast by Region (2027-2032)
- 5.5 Global Transformer Radiator Market Price Analysis by Region (2021-2026)
- 5.6 Global Transformer Radiator Production and Value, YOY Growth
- 5.6.1 North America Transformer Radiator Production Value Estimates and Forecasts (2021-2032)
- 5.6.2 Europe Transformer Radiator Production Value Estimates and Forecasts (2021-2032)
- 5.6.3 China Transformer Radiator Production Value Estimates and Forecasts (2021-2032)
- 5.6.4 Japan Transformer Radiator Production Value Estimates and Forecasts (2021-2032)
6 Global Transformer Radiator Consumption by Region
- 6.1 Global Transformer Radiator Consumption Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 6.2 Global Transformer Radiator Consumption by Region (2021-2032)
- 6.2.1 Global Transformer Radiator Consumption by Region: 2021-2026
- 6.2.2 Global Transformer Radiator Forecasted Consumption by Region (2027-2032)
- 6.3 North America
- 6.3.1 North America Transformer Radiator Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.3.2 North America Transformer Radiator 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 Transformer Radiator Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.4.2 Europe Transformer Radiator 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 Transformer Radiator Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.5.2 Asia Pacific Transformer Radiator 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 Transformer Radiator Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.6.2 South America, Middle East & Africa Transformer Radiator 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 Transformer Radiator Production by Type (2021-2032)
- 7.1.1 Global Transformer Radiator Production by Type (2021-2032) & (units)
- 7.1.2 Global Transformer Radiator Production Market Share by Type (2021-2032)
- 7.2 Global Transformer Radiator Production Value by Type (2021-2032)
- 7.2.1 Global Transformer Radiator Production Value by Type (2021-2032) & (US$ Million)
- 7.2.2 Global Transformer Radiator Production Value Market Share by Type (2021-2032)
- 7.3 Global Transformer Radiator Price by Type (2021-2032)
8 Segment by Application
- 8.1 Global Transformer Radiator Production by Application (2021-2032)
- 8.1.1 Global Transformer Radiator Production by Application (2021-2032) & (units)
- 8.1.2 Global Transformer Radiator Production Market Share by Application (2021-2032)
- 8.2 Global Transformer Radiator Production Value by Application (2021-2032)
- 8.2.1 Global Transformer Radiator Production Value by Application (2021-2032) & (US$ Million)
- 8.2.2 Global Transformer Radiator Production Value Market Share by Application (2021-2032)
- 8.3 Global Transformer Radiator Price by Application (2021-2032)
9 Value Chain and Sales Channels Analysis of the Market
- 9.1 Transformer Radiator Value Chain Analysis
- 9.1.1 Transformer Radiator Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 Transformer Radiator Production Mode & Process
- 9.2 Transformer Radiator Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 Transformer Radiator Distributors
- 9.2.3 Transformer Radiator Customers
10 Global Transformer Radiator Analyzing Market Dynamics
- 10.1 Transformer Radiator Industry Trends
- 10.2 Transformer Radiator Industry Drivers
- 10.3 Transformer Radiator Industry Opportunities and Challenges
- 10.4 Transformer Radiator Industry Restraints
11 Report Conclusion
12 Disclaimer
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