Global Buoyancy Compensators Market by Size, by Type, by Application, by Region, History and Forecast 2020-2031
Description
Summary
According to APO Research, The global Buoyancy Compensators market is projected to grow from US$ million in 2025 to US$ million by 2031, at a Compound Annual Growth Rate (CAGR) of % during the forecast period.
The US & Canada market for Buoyancy Compensators is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2025 through 2031.
Asia-Pacific market for Buoyancy Compensators is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2025 through 2031.
The China market for Buoyancy Compensators is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2025 through 2031.
Europe market for Buoyancy Compensators is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2025 through 2031.
The major global manufacturers of Buoyancy Compensators include A.P. Valves, Apeks, Aqua Lung, Beuchat, Cressi, HALCYON, Mares, Microdive Ltd and Oceanic WorldWide, etc. In 2024, the world's top three vendors accounted for approximately % of the revenue.
In terms of production side, this report researches the Buoyancy Compensators production, growth rate, market share by manufacturers and by region (region level and country level), from 2020 to 2025, and forecast to 2031.
In terms of consumption side, this report focuses on the sales of Buoyancy Compensators by region (region level and country level), by company, by type and by application. from 2020 to 2025 and forecast to 2031.
This report presents an overview of global market for Buoyancy Compensators, capacity, output, revenue and price. Analyses of the global market trends, with historic market revenue or sales data for 2020 - 2024, estimates for 2025, and projections of CAGR through 2031.
This report researches the key producers of Buoyancy Compensators, also provides the consumption of main regions and countries. Of the upcoming market potential for Buoyancy Compensators, 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 Buoyancy Compensators sales, revenue, market share and industry ranking of main manufacturers, data from 2020 to 2025. Identification of the major stakeholders in the global Buoyancy Compensators 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 2020 to 2031. Evaluation and forecast the market size for Buoyancy Compensators sales, projected growth trends, production technology, application and end-user industry.
Buoyancy Compensators Segment by Company
A.P. Valves
Apeks
Aqua Lung
Beuchat
Cressi
HALCYON
Mares
Microdive Ltd
Oceanic WorldWide
Buoyancy Compensators Segment by Type
Jacket-style Buoyancy Adjustment Device
Back Balloon(Wings / Barness)
Other
Buoyancy Compensators Segment by Application
Water Rescue
Marine
Other
Buoyancy Compensators 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 Buoyancy Compensators 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 Buoyancy Compensators 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 Buoyancy Compensators.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Provides an overview of the Buoyancy Compensators market, including product definition, global market growth prospects, production value, capacity, and average price forecasts (2020-2031).
Chapter 2: Analysis key trends, drivers, challenges, and opportunities within the global Buoyancy Compensators industry.
Chapter 3: Detailed analysis of Buoyancy Compensators market competition landscape. Including Buoyancy Compensators manufacturers' output value, output and average price from 2020 to 2025, as well as competition analysis indicators such as origin, product type, application, merger and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 7: Production/Production Value of Buoyancy Compensators by region. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 8: Consumption of Buoyancy Compensators in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: Concluding Insights of the report.
Please Note: Single-User license will be delivered via PDF from the publisher without the rights to print or to edit.
According to APO Research, The global Buoyancy Compensators market is projected to grow from US$ million in 2025 to US$ million by 2031, at a Compound Annual Growth Rate (CAGR) of % during the forecast period.
The US & Canada market for Buoyancy Compensators is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2025 through 2031.
Asia-Pacific market for Buoyancy Compensators is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2025 through 2031.
The China market for Buoyancy Compensators is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2025 through 2031.
Europe market for Buoyancy Compensators is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2025 through 2031.
The major global manufacturers of Buoyancy Compensators include A.P. Valves, Apeks, Aqua Lung, Beuchat, Cressi, HALCYON, Mares, Microdive Ltd and Oceanic WorldWide, etc. In 2024, the world's top three vendors accounted for approximately % of the revenue.
In terms of production side, this report researches the Buoyancy Compensators production, growth rate, market share by manufacturers and by region (region level and country level), from 2020 to 2025, and forecast to 2031.
In terms of consumption side, this report focuses on the sales of Buoyancy Compensators by region (region level and country level), by company, by type and by application. from 2020 to 2025 and forecast to 2031.
This report presents an overview of global market for Buoyancy Compensators, capacity, output, revenue and price. Analyses of the global market trends, with historic market revenue or sales data for 2020 - 2024, estimates for 2025, and projections of CAGR through 2031.
This report researches the key producers of Buoyancy Compensators, also provides the consumption of main regions and countries. Of the upcoming market potential for Buoyancy Compensators, 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 Buoyancy Compensators sales, revenue, market share and industry ranking of main manufacturers, data from 2020 to 2025. Identification of the major stakeholders in the global Buoyancy Compensators 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 2020 to 2031. Evaluation and forecast the market size for Buoyancy Compensators sales, projected growth trends, production technology, application and end-user industry.
Buoyancy Compensators Segment by Company
A.P. Valves
Apeks
Aqua Lung
Beuchat
Cressi
HALCYON
Mares
Microdive Ltd
Oceanic WorldWide
Buoyancy Compensators Segment by Type
Jacket-style Buoyancy Adjustment Device
Back Balloon(Wings / Barness)
Other
Buoyancy Compensators Segment by Application
Water Rescue
Marine
Other
Buoyancy Compensators 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 Buoyancy Compensators 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 Buoyancy Compensators 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 Buoyancy Compensators.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Provides an overview of the Buoyancy Compensators market, including product definition, global market growth prospects, production value, capacity, and average price forecasts (2020-2031).
Chapter 2: Analysis key trends, drivers, challenges, and opportunities within the global Buoyancy Compensators industry.
Chapter 3: Detailed analysis of Buoyancy Compensators market competition landscape. Including Buoyancy Compensators manufacturers' output value, output and average price from 2020 to 2025, as well as competition analysis indicators such as origin, product type, application, merger and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 7: Production/Production Value of Buoyancy Compensators by region. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 8: Consumption of Buoyancy Compensators in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: Concluding Insights of the report.
Please Note: Single-User license will be delivered via PDF from the publisher without the rights to print or to edit.
Table of Contents
185 Pages
- 1 Market Overview
- 1.1 Product Definition
- 1.2 Global Market Growth Prospects
- 1.2.1 Global Buoyancy Compensators Production Value Estimates and Forecasts (2020-2031)
- 1.2.2 Global Buoyancy Compensators Production Capacity Estimates and Forecasts (2020-2031)
- 1.2.3 Global Buoyancy Compensators Production Estimates and Forecasts (2020-2031)
- 1.2.4 Global Buoyancy Compensators Market Average Price (2020-2031)
- 1.3 Assumptions and Limitations
- 1.4 Study Goals and Objectives
- 2 Global Buoyancy Compensators Market Dynamics
- 2.1 Buoyancy Compensators Industry Trends
- 2.2 Buoyancy Compensators Industry Drivers
- 2.3 Buoyancy Compensators Industry Opportunities and Challenges
- 2.4 Buoyancy Compensators Industry Restraints
- 3 Buoyancy Compensators Market by Manufacturers
- 3.1 Global Buoyancy Compensators Production Value by Manufacturers (2020-2025)
- 3.2 Global Buoyancy Compensators Production by Manufacturers (2020-2025)
- 3.3 Global Buoyancy Compensators Average Price by Manufacturers (2020-2025)
- 3.4 Global Buoyancy Compensators Industry Manufacturers Ranking, 2023 VS 2024 VS 2025
- 3.5 Global Buoyancy Compensators Key Manufacturers Manufacturing Sites & Headquarters
- 3.6 Global Buoyancy Compensators Manufacturers, Product Type & Application
- 3.7 Global Buoyancy Compensators Manufacturers Established Date
- 3.8 Market Competitive Analysis
- 3.8.1 Global Buoyancy Compensators Market CR5 and HHI
- 3.8.2 Global Top 5 and 10 Buoyancy Compensators Players Market Share by Production Value in 2024
- 3.8.3 2024 Buoyancy Compensators Tier 1, Tier 2, and Tier 3
- 4 Buoyancy Compensators Market by Type
- 4.1 Buoyancy Compensators Type Introduction
- 4.1.1 Jacket-style Buoyancy Adjustment Device
- 4.1.2 Back Balloon(Wings / Barness)
- 4.1.3 Other
- 4.2 Global Buoyancy Compensators Production by Type
- 4.2.1 Global Buoyancy Compensators Production by Type (2020 VS 2024 VS 2031)
- 4.2.2 Global Buoyancy Compensators Production by Type (2020-2031)
- 4.2.3 Global Buoyancy Compensators Production Market Share by Type (2020-2031)
- 4.3 Global Buoyancy Compensators Production Value by Type
- 4.3.1 Global Buoyancy Compensators Production Value by Type (2020 VS 2024 VS 2031)
- 4.3.2 Global Buoyancy Compensators Production Value by Type (2020-2031)
- 4.3.3 Global Buoyancy Compensators Production Value Market Share by Type (2020-2031)
- 5 Buoyancy Compensators Market by Application
- 5.1 Buoyancy Compensators Application Introduction
- 5.1.1 Water Rescue
- 5.1.2 Marine
- 5.1.3 Other
- 5.2 Global Buoyancy Compensators Production by Application
- 5.2.1 Global Buoyancy Compensators Production by Application (2020 VS 2024 VS 2031)
- 5.2.2 Global Buoyancy Compensators Production by Application (2020-2031)
- 5.2.3 Global Buoyancy Compensators Production Market Share by Application (2020-2031)
- 5.3 Global Buoyancy Compensators Production Value by Application
- 5.3.1 Global Buoyancy Compensators Production Value by Application (2020 VS 2024 VS 2031)
- 5.3.2 Global Buoyancy Compensators Production Value by Application (2020-2031)
- 5.3.3 Global Buoyancy Compensators Production Value Market Share by Application (2020-2031)
- 6 Company Profiles
- 6.1 A.P. Valves
- 6.1.1 A.P. Valves Comapny Information
- 6.1.2 A.P. Valves Business Overview
- 6.1.3 A.P. Valves Buoyancy Compensators Production, Value and Gross Margin (2020-2025)
- 6.1.4 A.P. Valves Buoyancy Compensators Product Portfolio
- 6.1.5 A.P. Valves Recent Developments
- 6.2 Apeks
- 6.2.1 Apeks Comapny Information
- 6.2.2 Apeks Business Overview
- 6.2.3 Apeks Buoyancy Compensators Production, Value and Gross Margin (2020-2025)
- 6.2.4 Apeks Buoyancy Compensators Product Portfolio
- 6.2.5 Apeks Recent Developments
- 6.3 Aqua Lung
- 6.3.1 Aqua Lung Comapny Information
- 6.3.2 Aqua Lung Business Overview
- 6.3.3 Aqua Lung Buoyancy Compensators Production, Value and Gross Margin (2020-2025)
- 6.3.4 Aqua Lung Buoyancy Compensators Product Portfolio
- 6.3.5 Aqua Lung Recent Developments
- 6.4 Beuchat
- 6.4.1 Beuchat Comapny Information
- 6.4.2 Beuchat Business Overview
- 6.4.3 Beuchat Buoyancy Compensators Production, Value and Gross Margin (2020-2025)
- 6.4.4 Beuchat Buoyancy Compensators Product Portfolio
- 6.4.5 Beuchat Recent Developments
- 6.5 Cressi
- 6.5.1 Cressi Comapny Information
- 6.5.2 Cressi Business Overview
- 6.5.3 Cressi Buoyancy Compensators Production, Value and Gross Margin (2020-2025)
- 6.5.4 Cressi Buoyancy Compensators Product Portfolio
- 6.5.5 Cressi Recent Developments
- 6.6 HALCYON
- 6.6.1 HALCYON Comapny Information
- 6.6.2 HALCYON Business Overview
- 6.6.3 HALCYON Buoyancy Compensators Production, Value and Gross Margin (2020-2025)
- 6.6.4 HALCYON Buoyancy Compensators Product Portfolio
- 6.6.5 HALCYON Recent Developments
- 6.7 Mares
- 6.7.1 Mares Comapny Information
- 6.7.2 Mares Business Overview
- 6.7.3 Mares Buoyancy Compensators Production, Value and Gross Margin (2020-2025)
- 6.7.4 Mares Buoyancy Compensators Product Portfolio
- 6.7.5 Mares Recent Developments
- 6.8 Microdive Ltd
- 6.8.1 Microdive Ltd Comapny Information
- 6.8.2 Microdive Ltd Business Overview
- 6.8.3 Microdive Ltd Buoyancy Compensators Production, Value and Gross Margin (2020-2025)
- 6.8.4 Microdive Ltd Buoyancy Compensators Product Portfolio
- 6.8.5 Microdive Ltd Recent Developments
- 6.9 Oceanic WorldWide
- 6.9.1 Oceanic WorldWide Comapny Information
- 6.9.2 Oceanic WorldWide Business Overview
- 6.9.3 Oceanic WorldWide Buoyancy Compensators Production, Value and Gross Margin (2020-2025)
- 6.9.4 Oceanic WorldWide Buoyancy Compensators Product Portfolio
- 6.9.5 Oceanic WorldWide Recent Developments
- 7 Global Buoyancy Compensators Production by Region
- 7.1 Global Buoyancy Compensators Production by Region: 2020 VS 2024 VS 2031
- 7.2 Global Buoyancy Compensators Production by Region (2020-2031)
- 7.2.1 Global Buoyancy Compensators Production by Region: 2020-2025
- 7.2.2 Global Buoyancy Compensators Production Forecast by Region: 2026-2031
- 7.3 Global Buoyancy Compensators Production by Region: 2020 VS 2024 VS 2031
- 7.4 Global Buoyancy Compensators Production Value by Region (2020-2031)
- 7.4.1 Global Buoyancy Compensators Production Value by Region: 2020-2025
- 7.4.2 Global Buoyancy Compensators Production Value by Region (2026-2031)
- 7.5 Global Buoyancy Compensators Market Price Analysis by Region (2020-2031)
- 7.6 Regional Production Value Trends (2020-2031)
- 7.6.1 North America Buoyancy Compensators Production Value (2020-2031)
- 7.6.2 Europe Buoyancy Compensators Production Value (2020-2031)
- 7.6.3 Asia-Pacific Buoyancy Compensators Production Value (2020-2031)
- 7.6.4 South America Buoyancy Compensators Production Value (2020-2031)
- 7.6.5 Middle East & Africa Buoyancy Compensators Production Value (2020-2031)
- 8 Global Buoyancy Compensators Consumption by Region
- 8.1 Global Buoyancy Compensators Consumption by Region: 2020 VS 2024 VS 2031
- 8.2 Global Buoyancy Compensators Consumption by Region (2020-2031)
- 8.2.1 Global Buoyancy Compensators Consumption by Region (2020-2025)
- 8.2.2 Global Buoyancy Compensators Consumption by Region (2026-2031)
- 8.3 North America
- 8.3.1 North America Buoyancy Compensators Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
- 8.3.2 North America Buoyancy Compensators Consumption by Country (2020-2031)
- 8.3.3 U.S.
- 8.3.4 Canada
- 8.3.5 Mexico
- 8.4 Europe
- 8.4.1 Europe Buoyancy Compensators Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
- 8.4.2 Europe Buoyancy Compensators Consumption by Country (2020-2031)
- 8.4.3 Germany
- 8.4.4 France
- 8.4.5 U.K.
- 8.4.6 Italy
- 8.4.7 Netherlands
- 8.5 Asia Pacific
- 8.5.1 Asia Pacific Buoyancy Compensators Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
- 8.5.2 Asia Pacific Buoyancy Compensators Consumption by Country (2020-2031)
- 8.5.3 China
- 8.5.4 Japan
- 8.5.5 South Korea
- 8.5.6 Southeast Asia
- 8.5.7 India
- 8.5.8 Australia
- 8.6 South America
- 8.6.1 South America Buoyancy Compensators Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
- 8.6.2 South America Buoyancy Compensators Consumption by Country (2020-2031)
- 8.6.3 Brazil
- 8.6.4 Argentina
- 8.6.5 Chile
- 8.6.6 Colombia
- 8.7 Middle East & Africa
- 8.7.1 Middle East & Africa Buoyancy Compensators Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
- 8.7.2 Middle East & Africa Buoyancy Compensators Consumption by Country (2020-2031)
- 8.7.3 Egypt
- 8.7.4 South Africa
- 8.7.5 Israel
- 8.7.6 Türkiye
- 8.7.7 GCC Countries
- 9 Value Chain and Sales Channels Analysis
- 9.1 Buoyancy Compensators Value Chain Analysis
- 9.1.1 Buoyancy Compensators Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 Manufacturing Cost Structure
- 9.1.4 Buoyancy Compensators Production Mode & Process
- 9.2 Buoyancy Compensators Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 Buoyancy Compensators Distributors
- 9.2.3 Buoyancy Compensators Customers
- 10 Concluding Insights
- 11 Appendix
- 11.1 Reasons for Doing This Study
- 11.2 Research Methodology
- 11.3 Research Process
- 11.4 Authors List of This Report
- 11.5 Data Source
- 11.5.1 Secondary Sources
- 11.5.2 Primary Sources
- 11.6 Disclaimer
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