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Power Grid System Market Global Report 2026

Published Jan 27, 2026
Length 250 Pages
SKU # BRC20810157

Description

Power Grid System Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses power grid system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on end user analysis.
  • Benchmark performance against key competitors based on market share, innovation, and brand strength.
  • Evaluate the total addressable market (TAM) and market attractiveness scoring to measure market potential.
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  • Report will be updated with the latest data and delivered to you within 2-3 working days of order along with an Excel data sheet for easy data extraction and analysis.
  • All data from the report will also be delivered in an excel dashboard format.
Description:

Where is the largest and fastest growing market for power grid system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The power grid system market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
  • The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
  • The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
  • The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
  • The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
  • The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
  • The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
  • The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
  • The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
  • Market segmentations break down the market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
  • Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
  • The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.
Scope

Markets Covered:1) By Component: Power Transformers; Switchgear And Circuit Breakers; Cables And Overhead Conductors; Substations (AIS & GIS); Protection, Control And Automation Systems; Reactive Power Equipment; Grid Communication And Monitoring Systems

2) By Grid Level: Transmission Grid; Distribution Grid; Sub-Transmission Grid

3) By Voltage Level: Low Voltage (LV); Medium Voltage (MV); High Voltage (HV); Extra-High Voltage (EHV); Ultra-High Voltage (UHV)

4) By Application: Onshore Or Land-Based Power Grid; Offshore Or Subsea Power Grid

5) By End-User: Utilities; Industrial And Commercial Facilities; Renewable Energy Grid Integration Projects

Subsegments:

1) By Power Transformers: Distribution Transformers; Power Transformers; Instrument Transformers (CTs & PTs); Auto Transformers; Phase-Shifting Transformers; Converter Transformers (HVDC)

2) By Switchgear & Circuit Breakers: Low Voltage (LV) Switchgear; Medium Voltage (MV) Switchgear; High Voltage (HV) Switchgear; Gas-Insulated Switchgear (GIS); Air-Insulated Switchgear (AIS); Vacuum Circuit Breakers; SF₆ Circuit Breakers; Hybrid Switchgear

3) By Cables & Overhead Conductors: Low Voltage Power Cables; Medium Voltage Power Cables; High Voltage & Extra-High Voltage Cables; Underground Power Cables; Submarine / Subsea Power Cables; Bare Overhead Conductors; ACSR / AAAC / HTLS Conductors

4) By Substations (AIS & GIS): Transmission Substations; Distribution Substations; Indoor Substations; Outdoor Substations; Compact & Mobile Substations; Digital Substations; HVDC Converter Substations

5) By Protection, Control & Automation Systems: Protection Relays (Numerical, Digital); Substation Automation Systems (SAS); Supervisory Control and Data Acquisition (SCADA); Energy Management Systems (EMS); Distribution Management Systems (DMS); Fault Detection, Isolation & Restoration (FDIR); Phasor Measurement Units (PMU)

6) By Reactive Power Equipment: Shunt Capacitor Banks; Series Capacitors; Shunt Reactors; Series Reactors; Static VAR Compensators (SVC); Static Synchronous Compensators (STATCOM); Synchronous Condensers

7) By Grid Communication & Monitoring Systems: Power Line Communication (PLC) Systems; Fiber Optic Communication (OPGW / ADSS); Wireless Communication Systems; Smart Grid Communication Platforms; Wide Area Monitoring Systems (WAMS); Advanced Metering Infrastructure (AMI); Grid Cybersecurity & Network Management Systems

Companies Mentioned: Siemens Aktiengesellschaft; General Electric Company (including GE Grid Solutions); Mitsubishi Electric Corporation; Schneider Electric Societas Europaea; ABB Ltd.; Toshiba Corporation; Eaton Corporation plc; Prysmian Group Società per Azioni; Nexans Société Anonyme; Sumitomo Electric Industries, Ltd.; LS Cable & System Ltd.; TBEA Co., Ltd.; NARI Group Corporation; XJ Group Corporation Limited; Pinggao Group Co., Ltd.; Meidensha Corporation; Larsen & Toubro Limited; Larsen & Toubro Electrical & Automation Limited; Bharat Heavy Electricals Limited; Hyundai Electric & Energy Systems Company, Limited; CG Power and Industrial Solutions Limited; Powell Industries, Inc.; Elsewedy Electric Company S.A.E.; KEC International Limited; C&S Electric Limited

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain.

Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time Series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Please Note: Report will be updated with the latest data and delivered to you within 2-3 working days of order.

Table of Contents

250 Pages
1. Executive Summary
1.1. Key Market Insights (2020-2035)
1.2. Visual Dashboard: Market Size, Growth Rate, Hotspots
1.3. Major Factors Driving the Market
1.4. Top Three Trends Shaping the Market
2. Powder Coating Gun Market Characteristics
2.1. Market Definition & Scope
2.2. Market Segmentations
2.3. Overview of Key Products and Services
2.4. Global Powder Coating Gun Market Attractiveness Scoring And Analysis
2.4.1. Overview of Market Attractiveness Framework
2.4.2. Quantitative Scoring Methodology
2.4.3. Factor-Wise Evaluation
Growth Potential Analysis, Competitive Dynamics Assessment, Strategic Fit Assessment And Risk Profile Evaluation
2.4.4. Market Attractiveness Scoring and Interpretation
2.4.5. Strategic Implications and Recommendations
3. Powder Coating Gun Market Supply Chain Analysis
3.1. Overview of the Supply Chain and Ecosystem
3.2. List Of Key Raw Materials, Resources & Suppliers
3.3. List Of Major Distributors and Channel Partners
3.4. List Of Major End Users
4. Global Powder Coating Gun Market Trends And Strategies
4.1. Key Technologies & Future Trends
4.1.1 Sustainability, Climate Tech & Circular Economy
4.1.2 Industry 4.0 & Intelligent Manufacturing
4.1.3 Autonomous Systems, Robotics & Smart Mobility
4.1.4 Digitalization, Cloud, Big Data & Cybersecurity
4.1.5 Internet Of Things (Iot), Smart Infrastructure & Connected Ecosystems
4.2. Major Trends
4.2.1 Growing Adoption Of Automated And Robotic Powder Coating Guns
4.2.2 Rising Demand For High-Transfer Efficiency Coating Systems
4.2.3 Increased Use Of Environment Friendly Powder Coating Solutions
4.2.4 Expansion Of Precision Coating For Complex Geometries
4.2.5 Focus On Reduced Overspray And Material Waste
5. Powder Coating Gun Market Analysis Of End Use Industries
5.1 Automotive Manufacturers
5.2 Construction Equipment Manufacturers
5.3 Aerospace Manufacturers
5.4 Industrial Equipment Manufacturers
5.5 Commercial Coating Service Providers
6. Powder Coating Gun Market - Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics, Trade Wars and Tariffs, Supply Chain Impact from Tariff War & Trade Protectionism, And Covid And Recovery On The Market
7. Global Powder Coating Gun Strategic Analysis Framework, Current Market Size, Market Comparisons And Growth Rate Analysis
7.1. Global Powder Coating Gun PESTEL Analysis (Political, Social, Technological, Environmental and Legal Factors, Drivers and Restraints)
7.2. Global Powder Coating Gun Market Size, Comparisons And Growth Rate Analysis
7.3. Global Powder Coating Gun Historic Market Size and Growth, 2020 - 2025, Value ($ Billion)
7.4. Global Powder Coating Gun Forecast Market Size and Growth, 2025 - 2030, 2035F, Value ($ Billion)
8. Global Powder Coating Gun Total Addressable Market (TAM) Analysis for the Market
8.1. Definition and Scope of Total Addressable Market (TAM)
8.2. Methodology and Assumptions
8.3. Global Total Addressable Market (TAM) Estimation
8.4. TAM vs. Current Market Size Analysis
8.5. Strategic Insights and Growth Opportunities from TAM Analysis
9. Powder Coating Gun Market Segmentation
9.1. Global Powder Coating Gun Market, Segmentation By Type, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
Manual Powder Coating Guns, Semi-Automatic Powder Coating Guns, Automatic Powder Coating Guns
9.2. Global Powder Coating Gun Market, Segmentation By Charging Technology, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
Corona Charging Powder Coating Guns, Tribostatic Powder Coating Guns, Hybrid Powder Coating Guns
9.3. Global Powder Coating Gun Market, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
Industrial Manufacturing, Automotive Components, Architectural & Construction Components, Consumer Goods & Appliances, General Metal Finishing
9.4. Global Powder Coating Gun Market, Segmentation By End-User, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
Industrial Users, Commercial Coating Shops
9.5. Global Powder Coating Gun Market, Sub-Segmentation Of Manual Powder Coating Guns, By Type, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
Handheld Powder Coating Guns, Electrostatic Spray Guns
9.6. Global Powder Coating Gun Market, Sub-Segmentation Of Semi-Automatic Powder Coating Guns, By Type, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
Fixed-Mounted Powder Coating Guns, Conveyor-Integrated Systems
9.7. Global Powder Coating Gun Market, Sub-Segmentation Of Robotic, By Automatic Powder Coating Guns, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
Robotic Arm Powder Coating Systems, AI-Controlled Coating Guns
10. Powder Coating Gun Market Regional And Country Analysis
10.1. Global Powder Coating Gun Market, Split By Region, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
10.2. Global Powder Coating Gun Market, Split By Country, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
11. Asia-Pacific Powder Coating Gun Market
11.1. Asia-Pacific Powder Coating Gun Market Overview
Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
11.2. Asia-Pacific Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
12. China Powder Coating Gun Market
12.1. China Powder Coating Gun Market Overview
Country Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
12.2. China Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
13. India Powder Coating Gun Market
13.1. India Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
14. Japan Powder Coating Gun Market
14.1. Japan Powder Coating Gun Market Overview
Country Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
14.2. Japan Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
15. Australia Powder Coating Gun Market
15.1. Australia Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
16. Indonesia Powder Coating Gun Market
16.1. Indonesia Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
17. South Korea Powder Coating Gun Market
17.1. South Korea Powder Coating Gun Market Overview
Country Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
17.2. South Korea Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
18. Taiwan Powder Coating Gun Market
18.1. Taiwan Powder Coating Gun Market Overview
Country Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
18.2. Taiwan Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
19. South East Asia Powder Coating Gun Market
19.1. South East Asia Powder Coating Gun Market Overview
Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
19.2. South East Asia Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
20. Western Europe Powder Coating Gun Market
20.1. Western Europe Powder Coating Gun Market Overview
Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
20.2. Western Europe Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
21. UK Powder Coating Gun Market
21.1. UK Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
22. Germany Powder Coating Gun Market
22.1. Germany Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
23. France Powder Coating Gun Market
23.1. France Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
24. Italy Powder Coating Gun Market
24.1. Italy Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
25. Spain Powder Coating Gun Market
25.1. Spain Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
26. Eastern Europe Powder Coating Gun Market
26.1. Eastern Europe Powder Coating Gun Market Overview
Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
26.2. Eastern Europe Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
27. Russia Powder Coating Gun Market
27.1. Russia Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
28. North America Powder Coating Gun Market
28.1. North America Powder Coating Gun Market Overview
Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
28.2. North America Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
29. USA Powder Coating Gun Market
29.1. USA Powder Coating Gun Market Overview
Country Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
29.2. USA Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
30. Canada Powder Coating Gun Market
30.1. Canada Powder Coating Gun Market Overview
Country Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
30.2. Canada Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
31. South America Powder Coating Gun Market
31.1. South America Powder Coating Gun Market Overview
Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
31.2. South America Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
32. Brazil Powder Coating Gun Market
32.1. Brazil Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
33. Middle East Powder Coating Gun Market
33.1. Middle East Powder Coating Gun Market Overview
Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
33.2. Middle East Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
34. Africa Powder Coating Gun Market
34.1. Africa Powder Coating Gun Market Overview
Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
34.2. Africa Powder Coating Gun Market, Segmentation By Type, Segmentation By Charging Technology, Segmentation By Application Area, Historic and Forecast, 2020-2025, 2025-2030F, 2035F, $ Billion
35. Powder Coating Gun Market Regulatory and Investment Landscape
36. Powder Coating Gun Market Competitive Landscape And Company Profiles
36.1. Powder Coating Gun Market Competitive Landscape And Market Share 2024
36.1.1. Top 10 Companies (Ranked by revenue/share)
36.2. Powder Coating Gun Market - Company Scoring Matrix
36.2.1. Market Revenues
36.2.2. Product Innovation Score
36.2.3. Brand Recognition
36.3. Powder Coating Gun Market Company Profiles
36.3.1. Nordson Corporation Overview, Products and Services, Strategy and Financial Analysis
36.3.2. Gema Switzerland GmbH Overview, Products and Services, Strategy and Financial Analysis
36.3.3. Wagner Group Overview, Products and Services, Strategy and Financial Analysis
36.3.4. Carlisle Fluid Technologies (ITW) Overview, Products and Services, Strategy and Financial Analysis
36.3.5. Mitsuba Systems Inc. Overview, Products and Services, Strategy and Financial Analysis
37. Powder Coating Gun Market Other Major And Innovative Companies
HangOn AB, Electron S.r.l., Tecnospray S.r.l., SAMES Kremlin, Col-Met Spray Booths, Anest Iwata Corporation, Graco Inc., KCI Powder Coating Equipment, Eastwood Company, Hanna Coating Equipment, Red Line Industries, Inovatec Machinery, Reliant Finishing Systems, Powder Systems Limited (PSL), Complete Powder Gun Systems GmbH
38. Global Powder Coating Gun Market Competitive Benchmarking And Dashboard
39. Key Mergers And Acquisitions In The Powder Coating Gun Market
40. Powder Coating Gun Market High Potential Countries, Segments and Strategies
40.1 Powder Coating Gun Market In 2030 - Countries Offering Most New Opportunities
40.2 Powder Coating Gun Market In 2030 - Segments Offering Most New Opportunities
40.3 Powder Coating Gun Market In 2030 - Growth Strategies
40.3.1 Market Trend Based Strategies
40.3.2 Competitor Strategies
41. Appendix
41.1. Abbreviations
41.2. Currencies
41.3. Historic And Forecast Inflation Rates
41.4. Research Inquiries
41.5. The Business Research Company
41.6. Copyright And Disclaimer
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