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Global Space Propulsion Systems Market Analysis and Forecast 2026-2032

Publisher APO Research, Inc.
Published Apr 02, 2026
Length 219 Pages
SKU # APRC21112816

Description

The global Space Propulsion Systems 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.
Space Propulsion Systems's global sales reached XX (units) with a value of US$ XX Million, marking an change of XX% compared to the previous year. This performance has positioned Safran as the global sales leader, a title it has maintained for several consecutive years. Notably, Safran's performance in primary markets is also remarkable. In the Chinese market, sales were XX (units), a change of XX% from the previous year. In Europe, sales were XX (units), showing a year-on-year of XX%. In the US, sales were XX (units), a year-on-year change of XX%.

The major global manufacturers in the Space Propulsion Systems market include Safran, Northrop Grumman, Aerojet Rocketdyne, ArianeGroup, Moog, IHI Corporation, CASC, OHB System and SpaceX, etc. In 2025, the top three vendors accounted for approximately % of the revenue.

In terms of production side, this report researches the Space Propulsion Systems 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 Space Propulsion Systems 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 Space Propulsion Systems, 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 Space Propulsion Systems, also provides the consumption of main regions and countries. Of the upcoming market potential for Space Propulsion Systems, 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 Space Propulsion Systems sales, revenue, market share and industry ranking of main manufacturers, data from 2021 to 2026. Identification of the major stakeholders in the global Space Propulsion Systems 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 Space Propulsion Systems sales, projected growth trends, production technology, application and end-user industry.

Space Propulsion Systems Segment by Company

Safran
Northrop Grumman
Aerojet Rocketdyne
ArianeGroup
Moog
IHI Corporation
CASC
OHB System
SpaceX
Thales
Roscosmos
Lockheed Martin
Rafael
Accion Systems
Busek
Avio
CU Aerospace
Nammo
Space Propulsion Systems Segment by Type

Solid Propulsion
Liquid Propulsion
Electric Propulsion
Hybrid Propulsion
Others
Space Propulsion Systems Segment by Application

Satellite Operators and Owners
Space Launch Service Providers
National Space Agencies
Departments of Defense
Others
Space Propulsion Systems 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 Space Propulsion Systems 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 Space Propulsion Systems 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 Space Propulsion Systems.
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: Space Propulsion Systems 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 Space Propulsion Systems 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 Space Propulsion Systems 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, Space Propulsion Systems 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.

Table of Contents

219 Pages
1 Market Overview
1.1 Product Definition
1.2 Space Propulsion Systems Market by Type
1.2.1 Global Space Propulsion Systems Market Size by Type, 2021 VS 2025 VS 2032
1.2.2 Solid Propulsion
1.2.3 Liquid Propulsion
1.2.4 Electric Propulsion
1.2.5 Hybrid Propulsion
1.2.6 Others
1.3 Space Propulsion Systems Market by Application
1.3.1 Global Space Propulsion Systems Market Size by Application, 2021 VS 2025 VS 2032
1.3.2 Satellite Operators and Owners
1.3.3 Space Launch Service Providers
1.3.4 National Space Agencies
1.3.5 Departments of Defense
1.3.6 Others
1.4 Assumptions and Limitations
1.5 Study Goals and Objectives
2 Space Propulsion Systems Market Dynamics
2.1 Space Propulsion Systems Industry Trends
2.2 Space Propulsion Systems Industry Drivers
2.3 Space Propulsion Systems Industry Opportunities and Challenges
2.4 Space Propulsion Systems Industry Restraints
3 Global Space Propulsion Systems Production Overview
3.1 Global Space Propulsion Systems Production Capacity (2021-2032)
3.2 Global Space Propulsion Systems Production by Region: 2021 VS 2025 VS 2032
3.3 Global Space Propulsion Systems Production by Region
3.3.1 Global Space Propulsion Systems Production by Region (2021-2026)
3.3.2 Global Space Propulsion Systems Production by Region (2027-2032)
3.3.3 Global Space Propulsion Systems Production Market Share by Region (2021-2032)
3.4 North America
3.5 Europe
3.6 China
3.7 Japan
3.8 South Korea
3.9 India
4 Global Market Growth Prospects
4.1 Global Space Propulsion Systems Revenue Estimates and Forecasts (2021-2032)
4.2 Global Space Propulsion Systems Revenue by Region
4.2.1 Global Space Propulsion Systems Revenue by Region: 2021 VS 2025 VS 2032
4.2.2 Global Space Propulsion Systems Revenue by Region (2021-2026)
4.2.3 Global Space Propulsion Systems Revenue by Region (2027-2032)
4.2.4 Global Space Propulsion Systems Revenue Market Share by Region (2021-2032)
4.3 Global Space Propulsion Systems Sales Estimates and Forecasts 2021-2032
4.4 Global Space Propulsion Systems Sales by Region
4.4.1 Global Space Propulsion Systems Sales by Region: 2021 VS 2025 VS 2032
4.4.2 Global Space Propulsion Systems Sales by Region (2021-2026)
4.4.3 Global Space Propulsion Systems Sales by Region (2027-2032)
4.4.4 Global Space Propulsion Systems 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 Space Propulsion Systems Revenue by Manufacturers
5.1.1 Global Space Propulsion Systems Revenue by Manufacturers (2021-2026)
5.1.2 Global Space Propulsion Systems Revenue Market Share by Manufacturers (2021-2026)
5.1.3 Global Space Propulsion Systems Manufacturers Revenue Share Top 10 and Top 5 in 2025
5.2 Global Space Propulsion Systems Sales by Manufacturers
5.2.1 Global Space Propulsion Systems Sales by Manufacturers (2021-2026)
5.2.2 Global Space Propulsion Systems Sales Market Share by Manufacturers (2021-2026)
5.2.3 Global Space Propulsion Systems Manufacturers Sales Share Top 10 and Top 5 in 2025
5.3 Global Space Propulsion Systems Sales Price by Manufacturers (2021-2026)
5.4 Global Space Propulsion Systems Key Manufacturers Ranking, 2024 VS 2025 VS 2026
5.5 Global Space Propulsion Systems Key Manufacturers Manufacturing Sites & Headquarters
5.6 Global Space Propulsion Systems Manufacturers, Product Type & Application
5.7 Global Space Propulsion Systems Manufacturers Commercialization Time
5.8 Market Competitive Analysis
5.8.1 Global Space Propulsion Systems Market CR5 and HHI
5.8.2 2025 Space Propulsion Systems Tier 1, Tier 2, and Tier 3
6 Space Propulsion Systems Market by Type
6.1 Global Space Propulsion Systems Revenue by Type
6.1.1 Global Space Propulsion Systems Revenue by Type (2021-2032) & (US$ Million)
6.1.2 Global Space Propulsion Systems Revenue Market Share by Type (2021-2032)
6.2 Global Space Propulsion Systems Sales by Type
6.2.1 Global Space Propulsion Systems Sales by Type (2021-2032) & (units)
6.2.2 Global Space Propulsion Systems Sales Market Share by Type (2021-2032)
6.3 Global Space Propulsion Systems Price by Type
7 Space Propulsion Systems Market by Application
7.1 Global Space Propulsion Systems Revenue by Application
7.1.1 Global Space Propulsion Systems Revenue by Application (2021-2032) & (US$ Million)
7.1.2 Global Space Propulsion Systems Revenue Market Share by Application (2021-2032)
7.2 Global Space Propulsion Systems Sales by Application
7.2.1 Global Space Propulsion Systems Sales by Application (2021-2032) & (units)
7.2.2 Global Space Propulsion Systems Sales Market Share by Application (2021-2032)
7.3 Global Space Propulsion Systems Price by Application
8 Company Profiles
8.1 Safran
8.1.1 Safran Company Information
8.1.2 Safran Business Overview
8.1.3 Safran Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.1.4 Safran Space Propulsion Systems Product Portfolio
8.1.5 Safran Recent Developments
8.2 Northrop Grumman
8.2.1 Northrop Grumman Company Information
8.2.2 Northrop Grumman Business Overview
8.2.3 Northrop Grumman Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.2.4 Northrop Grumman Space Propulsion Systems Product Portfolio
8.2.5 Northrop Grumman Recent Developments
8.3 Aerojet Rocketdyne
8.3.1 Aerojet Rocketdyne Company Information
8.3.2 Aerojet Rocketdyne Business Overview
8.3.3 Aerojet Rocketdyne Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.3.4 Aerojet Rocketdyne Space Propulsion Systems Product Portfolio
8.3.5 Aerojet Rocketdyne Recent Developments
8.4 ArianeGroup
8.4.1 ArianeGroup Company Information
8.4.2 ArianeGroup Business Overview
8.4.3 ArianeGroup Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.4.4 ArianeGroup Space Propulsion Systems Product Portfolio
8.4.5 ArianeGroup Recent Developments
8.5 Moog
8.5.1 Moog Company Information
8.5.2 Moog Business Overview
8.5.3 Moog Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.5.4 Moog Space Propulsion Systems Product Portfolio
8.5.5 Moog Recent Developments
8.6 IHI Corporation
8.6.1 IHI Corporation Company Information
8.6.2 IHI Corporation Business Overview
8.6.3 IHI Corporation Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.6.4 IHI Corporation Space Propulsion Systems Product Portfolio
8.6.5 IHI Corporation Recent Developments
8.7 CASC
8.7.1 CASC Company Information
8.7.2 CASC Business Overview
8.7.3 CASC Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.7.4 CASC Space Propulsion Systems Product Portfolio
8.7.5 CASC Recent Developments
8.8 OHB System
8.8.1 OHB System Company Information
8.8.2 OHB System Business Overview
8.8.3 OHB System Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.8.4 OHB System Space Propulsion Systems Product Portfolio
8.8.5 OHB System Recent Developments
8.9 SpaceX
8.9.1 SpaceX Company Information
8.9.2 SpaceX Business Overview
8.9.3 SpaceX Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.9.4 SpaceX Space Propulsion Systems Product Portfolio
8.9.5 SpaceX Recent Developments
8.10 Thales
8.10.1 Thales Company Information
8.10.2 Thales Business Overview
8.10.3 Thales Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.10.4 Thales Space Propulsion Systems Product Portfolio
8.10.5 Thales Recent Developments
8.11 Roscosmos
8.11.1 Roscosmos Company Information
8.11.2 Roscosmos Business Overview
8.11.3 Roscosmos Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.11.4 Roscosmos Space Propulsion Systems Product Portfolio
8.11.5 Roscosmos Recent Developments
8.12 Lockheed Martin
8.12.1 Lockheed Martin Company Information
8.12.2 Lockheed Martin Business Overview
8.12.3 Lockheed Martin Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.12.4 Lockheed Martin Space Propulsion Systems Product Portfolio
8.12.5 Lockheed Martin Recent Developments
8.13 Rafael
8.13.1 Rafael Company Information
8.13.2 Rafael Business Overview
8.13.3 Rafael Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.13.4 Rafael Space Propulsion Systems Product Portfolio
8.13.5 Rafael Recent Developments
8.14 Accion Systems
8.14.1 Accion Systems Company Information
8.14.2 Accion Systems Business Overview
8.14.3 Accion Systems Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.14.4 Accion Systems Space Propulsion Systems Product Portfolio
8.14.5 Accion Systems Recent Developments
8.15 Busek
8.15.1 Busek Company Information
8.15.2 Busek Business Overview
8.15.3 Busek Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.15.4 Busek Space Propulsion Systems Product Portfolio
8.15.5 Busek Recent Developments
8.16 Avio
8.16.1 Avio Company Information
8.16.2 Avio Business Overview
8.16.3 Avio Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.16.4 Avio Space Propulsion Systems Product Portfolio
8.16.5 Avio Recent Developments
8.17 CU Aerospace
8.17.1 CU Aerospace Company Information
8.17.2 CU Aerospace Business Overview
8.17.3 CU Aerospace Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.17.4 CU Aerospace Space Propulsion Systems Product Portfolio
8.17.5 CU Aerospace Recent Developments
8.18 Nammo
8.18.1 Nammo Company Information
8.18.2 Nammo Business Overview
8.18.3 Nammo Space Propulsion Systems Sales, Revenue, Price and Gross Margin (2021-2026)
8.18.4 Nammo Space Propulsion Systems Product Portfolio
8.18.5 Nammo Recent Developments
9 North America
9.1 North America Space Propulsion Systems Market Size by Type
9.1.1 North America Space Propulsion Systems Revenue by Type (2021-2032)
9.1.2 North America Space Propulsion Systems Sales by Type (2021-2032)
9.1.3 North America Space Propulsion Systems Price by Type (2021-2032)
9.2 North America Space Propulsion Systems Market Size by Application
9.2.1 North America Space Propulsion Systems Revenue by Application (2021-2032)
9.2.2 North America Space Propulsion Systems Sales by Application (2021-2032)
9.2.3 North America Space Propulsion Systems Price by Application (2021-2032)
9.3 North America Space Propulsion Systems Market Size by Country
9.3.1 North America Space Propulsion Systems Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
9.3.2 North America Space Propulsion Systems Sales by Country (2021 VS 2025 VS 2032)
9.3.3 North America Space Propulsion Systems Price by Country (2021-2032)
9.3.4 United States
9.3.5 Canada
9.3.6 Mexico
10 Europe
10.1 Europe Space Propulsion Systems Market Size by Type
10.1.1 Europe Space Propulsion Systems Revenue by Type (2021-2032)
10.1.2 Europe Space Propulsion Systems Sales by Type (2021-2032)
10.1.3 Europe Space Propulsion Systems Price by Type (2021-2032)
10.2 Europe Space Propulsion Systems Market Size by Application
10.2.1 Europe Space Propulsion Systems Revenue by Application (2021-2032)
10.2.2 Europe Space Propulsion Systems Sales by Application (2021-2032)
10.2.3 Europe Space Propulsion Systems Price by Application (2021-2032)
10.3 Europe Space Propulsion Systems Market Size by Country
10.3.1 Europe Space Propulsion Systems Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
10.3.2 Europe Space Propulsion Systems Sales by Country (2021 VS 2025 VS 2032)
10.3.3 Europe Space Propulsion Systems 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 Space Propulsion Systems Market Size by Type
11.1.1 China Space Propulsion Systems Revenue by Type (2021-2032)
11.1.2 China Space Propulsion Systems Sales by Type (2021-2032)
11.1.3 China Space Propulsion Systems Price by Type (2021-2032)
11.2 China Space Propulsion Systems Market Size by Application
11.2.1 China Space Propulsion Systems Revenue by Application (2021-2032)
11.2.2 China Space Propulsion Systems Sales by Application (2021-2032)
11.2.3 China Space Propulsion Systems Price by Application (2021-2032)
12 Asia (Excluding China)
12.1 Asia Space Propulsion Systems Market Size by Type
12.1.1 Asia Space Propulsion Systems Revenue by Type (2021-2032)
12.1.2 Asia Space Propulsion Systems Sales by Type (2021-2032)
12.1.3 Asia Space Propulsion Systems Price by Type (2021-2032)
12.2 Asia Space Propulsion Systems Market Size by Application
12.2.1 Asia Space Propulsion Systems Revenue by Application (2021-2032)
12.2.2 Asia Space Propulsion Systems Sales by Application (2021-2032)
12.2.3 Asia Space Propulsion Systems Price by Application (2021-2032)
12.3 Asia Space Propulsion Systems Market Size by Country
12.3.1 Asia Space Propulsion Systems Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
12.3.2 Asia Space Propulsion Systems Sales by Country (2021 VS 2025 VS 2032)
12.3.3 Asia Space Propulsion Systems 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 Space Propulsion Systems Market Size by Type
13.1.1 SAMEA Space Propulsion Systems Revenue by Type (2021-2032)
13.1.2 SAMEA Space Propulsion Systems Sales by Type (2021-2032)
13.1.3 SAMEA Space Propulsion Systems Price by Type (2021-2032)
13.2 SAMEA Space Propulsion Systems Market Size by Application
13.2.1 SAMEA Space Propulsion Systems Revenue by Application (2021-2032)
13.2.2 SAMEA Space Propulsion Systems Sales by Application (2021-2032)
13.2.3 SAMEA Space Propulsion Systems Price by Application (2021-2032)
13.3 SAMEA Space Propulsion Systems Market Size by Country
13.3.1 SAMEA Space Propulsion Systems Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
13.3.2 SAMEA Space Propulsion Systems Sales by Country (2021 VS 2025 VS 2032)
13.3.3 SAMEA Space Propulsion Systems 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 Space Propulsion Systems Value Chain Analysis
14.1.1 Space Propulsion Systems Key Raw Materials
14.1.2 Raw Materials Key Suppliers
14.1.3 Manufacturing Cost Structure
14.1.4 Space Propulsion Systems Production Mode & Process
14.2 Space Propulsion Systems Sales Channels Analysis
14.2.1 Direct Comparison with Distribution Share
14.2.2 Space Propulsion Systems Distributors
14.2.3 Space Propulsion Systems 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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