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Industry Research
Intelligent Electromagnetic Flowmeters Industry Research Report 2026
Market perspective
The global Intelligent Electromagnetic Flowmeters 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 Intelligent Electromagnetic Flowmeters 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 Intelligent Electromagnetic Flowmeters 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 Intelligent Electromagnetic Flowmeters 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 Intelligent Electromagnetic Flowmeters include , among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report quantifies the global Intelligent Electromagnetic Flowmeters 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 Intelligent Electromagnetic Flowmeters.
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.
Intelligent Electromagnetic Flowmeters Market by Company
Krohne
Endress+Hauser
Yokogawa
ABB
Siemens
Emerson
Spirax-Sarco
Toshiba
Omega
Magnetrol
Fuji Electric
Seametrics
Arkon Flow Systems
Badger Meter
Onicon
IDEX
Shanghai Guanghua
ChuanYi Automation
Welltech Automation
Kaifeng Instrument
Intelligent Electromagnetic Flowmeters Segment by Type
Bench-Top Type
Portable Type
Intelligent Electromagnetic Flowmeters Segment by Application
Water Industry
Metallurgy
Chemical
Textile
Electric Power
Other
Intelligent Electromagnetic Flowmeters 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 Intelligent Electromagnetic Flowmeters 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 Intelligent Electromagnetic Flowmeters 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 Intelligent Electromagnetic Flowmeters.
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 Intelligent Electromagnetic Flowmeters 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 Intelligent Electromagnetic Flowmeters 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 Intelligent Electromagnetic Flowmeters 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
- Bench-Top Type
- Portable Type
Applications
- Water Industry
- Metallurgy
- Chemical
- Textile
- Electric Power
- Other
Companies covered
- Krohne
- Endress+Hauser
- Yokogawa
- ABB
- Siemens
- Emerson
- Spirax-Sarco
- Toshiba
- Omega
- Magnetrol
- Fuji Electric
- Seametrics
- Arkon Flow Systems
- Badger Meter
- Onicon
- IDEX
- Shanghai Guanghua
- ChuanYi Automation
- Welltech Automation
- Kaifeng Instrument
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 Intelligent Electromagnetic Flowmeters by Type
- 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.2.2 Bench-Top Type
- 2.2.3 Portable Type
- 2.3 Intelligent Electromagnetic Flowmeters by Application
- 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 Water Industry
- 2.3.3 Metallurgy
- 2.3.4 Chemical
- 2.3.5 Textile
- 2.3.6 Electric Power
- 2.3.7 Other
- 2.4 Global Market Growth Prospects
- 2.4.1 Global Intelligent Electromagnetic Flowmeters Production Value Estimates and Forecasts (2021-2032)
- 2.4.2 Global Intelligent Electromagnetic Flowmeters Production Capacity Estimates and Forecasts (2021-2032)
- 2.4.3 Global Intelligent Electromagnetic Flowmeters Production Estimates and Forecasts (2021-2032)
- 2.4.4 Global Intelligent Electromagnetic Flowmeters Market Average Price (2021-2032)
3 Market Competitive Landscape by Manufacturers
- 3.1 Global Intelligent Electromagnetic Flowmeters Production by Manufacturers (2021-2026)
- 3.2 Global Intelligent Electromagnetic Flowmeters Production Value by Manufacturers (2021-2026)
- 3.3 Global Intelligent Electromagnetic Flowmeters Average Price by Manufacturers (2021-2026)
- 3.4 Global Intelligent Electromagnetic Flowmeters Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Intelligent Electromagnetic Flowmeters Key Manufacturers, Manufacturing Sites & Headquarters
- 3.6 Global Intelligent Electromagnetic Flowmeters Manufacturers, Product Type & Application
- 3.7 Global Intelligent Electromagnetic Flowmeters Manufacturers Established Date
- 3.8 Global Intelligent Electromagnetic Flowmeters Market CR5 and HHI
- 3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 Krohne
- 4.1.1 Krohne Intelligent Electromagnetic Flowmeters Company Information
- 4.1.2 Krohne Intelligent Electromagnetic Flowmeters Business Overview
- 4.1.3 Krohne Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.1.4 Krohne Product Portfolio
- 4.1.5 Krohne Recent Developments
- 4.2 Endress+Hauser
- 4.2.1 Endress+Hauser Intelligent Electromagnetic Flowmeters Company Information
- 4.2.2 Endress+Hauser Intelligent Electromagnetic Flowmeters Business Overview
- 4.2.3 Endress+Hauser Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.2.4 Endress+Hauser Product Portfolio
- 4.2.5 Endress+Hauser Recent Developments
- 4.3 Yokogawa
- 4.3.1 Yokogawa Intelligent Electromagnetic Flowmeters Company Information
- 4.3.2 Yokogawa Intelligent Electromagnetic Flowmeters Business Overview
- 4.3.3 Yokogawa Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.3.4 Yokogawa Product Portfolio
- 4.3.5 Yokogawa Recent Developments
- 4.4 ABB
- 4.4.1 ABB Intelligent Electromagnetic Flowmeters Company Information
- 4.4.2 ABB Intelligent Electromagnetic Flowmeters Business Overview
- 4.4.3 ABB Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.4.4 ABB Product Portfolio
- 4.4.5 ABB Recent Developments
- 4.5 Siemens
- 4.5.1 Siemens Intelligent Electromagnetic Flowmeters Company Information
- 4.5.2 Siemens Intelligent Electromagnetic Flowmeters Business Overview
- 4.5.3 Siemens Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.5.4 Siemens Product Portfolio
- 4.5.5 Siemens Recent Developments
- 4.6 Emerson
- 4.6.1 Emerson Intelligent Electromagnetic Flowmeters Company Information
- 4.6.2 Emerson Intelligent Electromagnetic Flowmeters Business Overview
- 4.6.3 Emerson Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.6.4 Emerson Product Portfolio
- 4.6.5 Emerson Recent Developments
- 4.7 Spirax-Sarco
- 4.7.1 Spirax-Sarco Intelligent Electromagnetic Flowmeters Company Information
- 4.7.2 Spirax-Sarco Intelligent Electromagnetic Flowmeters Business Overview
- 4.7.3 Spirax-Sarco Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.7.4 Spirax-Sarco Product Portfolio
- 4.7.5 Spirax-Sarco Recent Developments
- 4.8 Toshiba
- 4.8.1 Toshiba Intelligent Electromagnetic Flowmeters Company Information
- 4.8.2 Toshiba Intelligent Electromagnetic Flowmeters Business Overview
- 4.8.3 Toshiba Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.8.4 Toshiba Product Portfolio
- 4.8.5 Toshiba Recent Developments
- 4.9 Omega
- 4.9.1 Omega Intelligent Electromagnetic Flowmeters Company Information
- 4.9.2 Omega Intelligent Electromagnetic Flowmeters Business Overview
- 4.9.3 Omega Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.9.4 Omega Product Portfolio
- 4.9.5 Omega Recent Developments
- 4.10 Magnetrol
- 4.10.1 Magnetrol Intelligent Electromagnetic Flowmeters Company Information
- 4.10.2 Magnetrol Intelligent Electromagnetic Flowmeters Business Overview
- 4.10.3 Magnetrol Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.10.4 Magnetrol Product Portfolio
- 4.10.5 Magnetrol Recent Developments
- 4.11 Fuji Electric
- 4.11.1 Fuji Electric Intelligent Electromagnetic Flowmeters Company Information
- 4.11.2 Fuji Electric Intelligent Electromagnetic Flowmeters Business Overview
- 4.11.3 Fuji Electric Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.11.4 Fuji Electric Product Portfolio
- 4.11.5 Fuji Electric Recent Developments
- 4.12 Seametrics
- 4.12.1 Seametrics Intelligent Electromagnetic Flowmeters Company Information
- 4.12.2 Seametrics Intelligent Electromagnetic Flowmeters Business Overview
- 4.12.3 Seametrics Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.12.4 Seametrics Product Portfolio
- 4.12.5 Seametrics Recent Developments
- 4.13 Arkon Flow Systems
- 4.13.1 Arkon Flow Systems Intelligent Electromagnetic Flowmeters Company Information
- 4.13.2 Arkon Flow Systems Intelligent Electromagnetic Flowmeters Business Overview
- 4.13.3 Arkon Flow Systems Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.13.4 Arkon Flow Systems Product Portfolio
- 4.13.5 Arkon Flow Systems Recent Developments
- 4.14 Badger Meter
- 4.14.1 Badger Meter Intelligent Electromagnetic Flowmeters Company Information
- 4.14.2 Badger Meter Intelligent Electromagnetic Flowmeters Business Overview
- 4.14.3 Badger Meter Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.14.4 Badger Meter Product Portfolio
- 4.14.5 Badger Meter Recent Developments
- 4.15 Onicon
- 4.15.1 Onicon Intelligent Electromagnetic Flowmeters Company Information
- 4.15.2 Onicon Intelligent Electromagnetic Flowmeters Business Overview
- 4.15.3 Onicon Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.15.4 Onicon Product Portfolio
- 4.15.5 Onicon Recent Developments
- 4.16 IDEX
- 4.16.1 IDEX Intelligent Electromagnetic Flowmeters Company Information
- 4.16.2 IDEX Intelligent Electromagnetic Flowmeters Business Overview
- 4.16.3 IDEX Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.16.4 IDEX Product Portfolio
- 4.16.5 IDEX Recent Developments
- 4.17 Shanghai Guanghua
- 4.17.1 Shanghai Guanghua Intelligent Electromagnetic Flowmeters Company Information
- 4.17.2 Shanghai Guanghua Intelligent Electromagnetic Flowmeters Business Overview
- 4.17.3 Shanghai Guanghua Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.17.4 Shanghai Guanghua Product Portfolio
- 4.17.5 Shanghai Guanghua Recent Developments
- 4.18 ChuanYi Automation
- 4.18.1 ChuanYi Automation Intelligent Electromagnetic Flowmeters Company Information
- 4.18.2 ChuanYi Automation Intelligent Electromagnetic Flowmeters Business Overview
- 4.18.3 ChuanYi Automation Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.18.4 ChuanYi Automation Product Portfolio
- 4.18.5 ChuanYi Automation Recent Developments
- 4.19 Welltech Automation
- 4.19.1 Welltech Automation Intelligent Electromagnetic Flowmeters Company Information
- 4.19.2 Welltech Automation Intelligent Electromagnetic Flowmeters Business Overview
- 4.19.3 Welltech Automation Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.19.4 Welltech Automation Product Portfolio
- 4.19.5 Welltech Automation Recent Developments
- 4.20 Kaifeng Instrument
- 4.20.1 Kaifeng Instrument Intelligent Electromagnetic Flowmeters Company Information
- 4.20.2 Kaifeng Instrument Intelligent Electromagnetic Flowmeters Business Overview
- 4.20.3 Kaifeng Instrument Intelligent Electromagnetic Flowmeters Production, Value and Gross Margin (2021-2026)
- 4.20.4 Kaifeng Instrument Product Portfolio
- 4.20.5 Kaifeng Instrument Recent Developments
5 Global Intelligent Electromagnetic Flowmeters Production by Region
- 5.1 Global Intelligent Electromagnetic Flowmeters Production Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.2 Global Intelligent Electromagnetic Flowmeters Production by Region: 2021-2032
- 5.2.1 Global Intelligent Electromagnetic Flowmeters Production by Region: 2021-2026
- 5.2.2 Global Intelligent Electromagnetic Flowmeters Production Forecast by Region (2027-2032)
- 5.3 Global Intelligent Electromagnetic Flowmeters Production Value Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.4 Global Intelligent Electromagnetic Flowmeters Production Value by Region: 2021-2032
- 5.4.1 Global Intelligent Electromagnetic Flowmeters Production Value by Region: 2021-2026
- 5.4.2 Global Intelligent Electromagnetic Flowmeters Production Value Forecast by Region (2027-2032)
- 5.5 Global Intelligent Electromagnetic Flowmeters Market Price Analysis by Region (2021-2026)
- 5.6 Global Intelligent Electromagnetic Flowmeters Production and Value, YOY Growth
- 5.6.1 North America Intelligent Electromagnetic Flowmeters Production Value Estimates and Forecasts (2021-2032)
- 5.6.2 Europe Intelligent Electromagnetic Flowmeters Production Value Estimates and Forecasts (2021-2032)
- 5.6.3 China Intelligent Electromagnetic Flowmeters Production Value Estimates and Forecasts (2021-2032)
- 5.6.4 Japan Intelligent Electromagnetic Flowmeters Production Value Estimates and Forecasts (2021-2032)
6 Global Intelligent Electromagnetic Flowmeters Consumption by Region
- 6.1 Global Intelligent Electromagnetic Flowmeters Consumption Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 6.2 Global Intelligent Electromagnetic Flowmeters Consumption by Region (2021-2032)
- 6.2.1 Global Intelligent Electromagnetic Flowmeters Consumption by Region: 2021-2026
- 6.2.2 Global Intelligent Electromagnetic Flowmeters Forecasted Consumption by Region (2027-2032)
- 6.3 North America
- 6.3.1 North America Intelligent Electromagnetic Flowmeters Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.3.2 North America Intelligent Electromagnetic Flowmeters 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 Intelligent Electromagnetic Flowmeters Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.4.2 Europe Intelligent Electromagnetic Flowmeters 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 Intelligent Electromagnetic Flowmeters Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.5.2 Asia Pacific Intelligent Electromagnetic Flowmeters 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 Intelligent Electromagnetic Flowmeters Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.6.2 South America, Middle East & Africa Intelligent Electromagnetic Flowmeters 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 Intelligent Electromagnetic Flowmeters Production by Type (2021-2032)
- 7.1.1 Global Intelligent Electromagnetic Flowmeters Production by Type (2021-2032) & (k units)
- 7.1.2 Global Intelligent Electromagnetic Flowmeters Production Market Share by Type (2021-2032)
- 7.2 Global Intelligent Electromagnetic Flowmeters Production Value by Type (2021-2032)
- 7.2.1 Global Intelligent Electromagnetic Flowmeters Production Value by Type (2021-2032) & (US$ Million)
- 7.2.2 Global Intelligent Electromagnetic Flowmeters Production Value Market Share by Type (2021-2032)
- 7.3 Global Intelligent Electromagnetic Flowmeters Price by Type (2021-2032)
8 Segment by Application
- 8.1 Global Intelligent Electromagnetic Flowmeters Production by Application (2021-2032)
- 8.1.1 Global Intelligent Electromagnetic Flowmeters Production by Application (2021-2032) & (k units)
- 8.1.2 Global Intelligent Electromagnetic Flowmeters Production Market Share by Application (2021-2032)
- 8.2 Global Intelligent Electromagnetic Flowmeters Production Value by Application (2021-2032)
- 8.2.1 Global Intelligent Electromagnetic Flowmeters Production Value by Application (2021-2032) & (US$ Million)
- 8.2.2 Global Intelligent Electromagnetic Flowmeters Production Value Market Share by Application (2021-2032)
- 8.3 Global Intelligent Electromagnetic Flowmeters Price by Application (2021-2032)
9 Value Chain and Sales Channels Analysis of the Market
- 9.1 Intelligent Electromagnetic Flowmeters Value Chain Analysis
- 9.1.1 Intelligent Electromagnetic Flowmeters Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 Intelligent Electromagnetic Flowmeters Production Mode & Process
- 9.2 Intelligent Electromagnetic Flowmeters Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 Intelligent Electromagnetic Flowmeters Distributors
- 9.2.3 Intelligent Electromagnetic Flowmeters Customers
10 Global Intelligent Electromagnetic Flowmeters Analyzing Market Dynamics
- 10.1 Intelligent Electromagnetic Flowmeters Industry Trends
- 10.2 Intelligent Electromagnetic Flowmeters Industry Drivers
- 10.3 Intelligent Electromagnetic Flowmeters Industry Opportunities and Challenges
- 10.4 Intelligent Electromagnetic Flowmeters Industry Restraints
11 Report Conclusion
12 Disclaimer
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