▶ 調査レポート

高精度自動接着剤スプレー装置の世界市場見通し2023年-2029年

• 英文タイトル:High Precision Automatic Glue Spraying Machine Market, Global Outlook and Forecast 2023-2029

Market Monitor Globalが調査・発行した産業分析レポートです。高精度自動接着剤スプレー装置の世界市場見通し2023年-2029年 / High Precision Automatic Glue Spraying Machine Market, Global Outlook and Forecast 2023-2029 / MRC2312MG10755資料のイメージです。• レポートコード:MRC2312MG10755
• 出版社/出版日:Market Monitor Global / 2023年12月
• レポート形態:英文、PDF、72ページ
• 納品方法:Eメール(納期:3営業日)
• 産業分類:機械&装置
• 販売価格(消費税別)
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レポート概要
当調査レポートは次の情報を含め、世界の高精度自動接着剤スプレー装置市場規模と予測を収録しています。・世界の高精度自動接着剤スプレー装置市場:売上、2018年-2023年、2024年-2029年
・世界の高精度自動接着剤スプレー装置市場:販売量、2018年-2023年、2024年-2029年
・世界のトップ5企業、2022年

世界の高精度自動接着剤スプレー装置市場は2022年に000Mドルと評価され、予測期間中に000%のCAGRで2029年までに000Mドルに達すると予測されています。米国市場は2022年に000Mドルと推定されており、中国は2029年までに000Mドルに達すると予測されています。「チェーングルーコーティングマシン」セグメントは今後6年間、000%のCAGRで2029年までに000Mドルに成長すると予測されています。

高精度自動接着剤スプレー装置のグローバル主要企業は、Graco、 Suzhou Angem Precision Machinery、 Aper Srl、 Sinhosun、 AMS (Automated Machine Systems)、 Shenzhen Second Intelligent Equipment、 Dongguan Jaten Instrumentなどです。2022年にトップ5企業がグローバル売上シェアの約000%を占めています。

MARKET MONITOR GLOBAL(MMG)は、高精度自動接着剤スプレー装置のメーカー、サプライヤー、流通業者、および業界の専門家を調査しました。これには、販売量、売上、需要、価格変動、製品タイプ、最近の動向と計画、産業トレンド、成長要因、課題、阻害要因、潜在的なリスクなどが含まれます。

【セグメント別市場分析】

世界の高精度自動接着剤スプレー装置市場:タイプ別、2018年-2023年、2024年-2029年
世界の高精度自動接着剤スプレー装置市場:タイプ別市場シェア、2022年
・チェーングルーコーティングマシン、オービタルグルーコーティングマシン、ローリンググルーコーティングマシン

世界の高精度自動接着剤スプレー装置市場:用途別、2018年-2023年、2024年-2029年
世界の高精度自動接着剤スプレー装置市場:用途別市場シェア、2022年
・電子、自動車メーカー、その他

世界の高精度自動接着剤スプレー装置市場:地域・国別、2018年-2023年、2024年-2029年
世界の高精度自動接着剤スプレー装置市場:地域別市場シェア、2022年
・北米:アメリカ、カナダ、メキシコ
・ヨーロッパ:ドイツ、フランス、イギリス、イタリア、ロシア
・アジア:中国、日本、韓国、東南アジア、インド
・南米:ブラジル、アルゼンチン
・中東・アフリカ:トルコ、イスラエル、サウジアラビア、UAE

【競合分析】

また、当レポートは主要な市場参加者の分析を提供します。
・主要企業における高精度自動接着剤スプレー装置のグローバル売上、2018年-2023年
・主要企業における高精度自動接着剤スプレー装置のグローバル売上シェア、2022年
・主要企業における高精度自動接着剤スプレー装置のグローバル販売量、2018年-2023年
・主要企業における高精度自動接着剤スプレー装置のグローバル販売量シェア、2022年

さらに、当レポートは主要企業のプロファイルを提示します。
Graco、 Suzhou Angem Precision Machinery、 Aper Srl、 Sinhosun、 AMS (Automated Machine Systems)、 Shenzhen Second Intelligent Equipment、 Dongguan Jaten Instrument

*************************************************************

・調査・分析レポートの概要
高精度自動接着剤スプレー装置市場の定義
市場セグメント
世界の高精度自動接着剤スプレー装置市場概要
当レポートの特徴・ベネフィット
調査手法と情報源

・世界の高精度自動接着剤スプレー装置市場規模
世界の高精度自動接着剤スプレー装置市場規模:2022年 VS 2029年
世界の高精度自動接着剤スプレー装置市場規模と予測 2018年-2029年

・競争状況
グローバルトップ企業
売上ベースでのグローバルトップ企業
企業別グローバルでの高精度自動接着剤スプレー装置の売上
グローバルトップ3およびトップ5企業、2022年売上ベース
グローバル企業の高精度自動接着剤スプレー装置製品タイプ
グローバルにおけるティア1、ティア2、ティア3企業

・タイプ別市場分析
タイプ区分:チェーングルーコーティングマシン、オービタルグルーコーティングマシン、ローリンググルーコーティングマシン
高精度自動接着剤スプレー装置のタイプ別グローバル売上・予測

・用途別市場分析
用途区分:電子、自動車メーカー、その他
高精度自動接着剤スプレー装置の用途別グローバル売上・予測

・地域別市場分析
地域別高精度自動接着剤スプレー装置市場規模 2022年と2029年
地域別高精度自動接着剤スプレー装置売上・予測
北米市場:アメリカ、カナダ、メキシコ
ヨーロッパ市場:ドイツ、フランス、イギリス、イタリア、ロシア
アジア市場:中国、日本、韓国、東南アジア、インド
南米市場:ブラジル、アルゼンチン
中東・アフリカ市場:トルコ、イスラエル、サウジアラビア、UAE

・主要企業のプロファイル(企業概要、事業概要、主要製品、売上、ニュースなど)
Graco、 Suzhou Angem Precision Machinery、 Aper Srl、 Sinhosun、 AMS (Automated Machine Systems)、 Shenzhen Second Intelligent Equipment、 Dongguan Jaten Instrument
...

This research report provides a comprehensive analysis of the High Precision Automatic Glue Spraying Machine market, focusing on the current trends, market dynamics, and future prospects. The report explores the global High Precision Automatic Glue Spraying Machine market, including major regions such as North America, Europe, Asia-Pacific, and emerging markets. It also examines key factors driving the growth of High Precision Automatic Glue Spraying Machine, challenges faced by the industry, and potential opportunities for market players.
The global High Precision Automatic Glue Spraying Machine market has witnessed rapid growth in recent years, driven by increasing environmental concerns, government incentives, and advancements in technology. The High Precision Automatic Glue Spraying Machine market presents opportunities for various stakeholders, including Electronics Manufacturing, Automobile Manufacturer. Collaboration between the private sector and governments can accelerate the development of supportive policies, research and development efforts, and investment in High Precision Automatic Glue Spraying Machine market. Additionally, the growing consumer demand present avenues for market expansion.
The global High Precision Automatic Glue Spraying Machine market was valued at US$ million in 2022 and is projected to reach US$ million by 2029, at a CAGR of % during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Key Features:
The research report on the High Precision Automatic Glue Spraying Machine market includes several key features to provide comprehensive insights and facilitate decision-making for stakeholders.
Executive Summary: The report provides overview of the key findings, market trends, and major insights of the High Precision Automatic Glue Spraying Machine market.
Market Overview: The report provides a comprehensive overview of the High Precision Automatic Glue Spraying Machine market, including its definition, historical development, and current market size. It covers market segmentation by Type (e.g., Chain Glue Coating Machine, Orbital Glue Coating Machine), region, and application, highlighting the key drivers, challenges, and opportunities within each segment.
Market Dynamics: The report analyses the market dynamics driving the growth and development of the High Precision Automatic Glue Spraying Machine market. The report includes an assessment of government policies and regulations, technological advancements, consumer trends and preferences, infrastructure development, and industry collaborations. This analysis helps stakeholders understand the factors influencing the High Precision Automatic Glue Spraying Machine market’s trajectory.
Competitive Landscape: The report provides an in-depth analysis of the competitive landscape within the High Precision Automatic Glue Spraying Machine market. It includes profiles of major market players, their market share, strategies, product portfolios, and recent developments.
Market Segmentation and Forecast: The report segment the High Precision Automatic Glue Spraying Machine market based on various parameters, such as by Type, region, and by Application. It provides market size and growth forecasts for each segment, supported by quantitative data and analysis. This helps stakeholders identify growth opportunities and make informed investment decisions.
Technological Trends: The report should highlight the key technological trends shaping the High Precision Automatic Glue Spraying Machine market, such as advancements in Type One technology and emerging substitutes. It analyses the impact of these trends on market growth, adoption rates, and consumer preferences.
Market Challenges and Opportunities: The report identify and analyses the major challenges faced by the High Precision Automatic Glue Spraying Machine market, such as technical bottleneck, cost limitations, and high entry barrier. It also highlights the opportunities for market growth, such as government incentives, emerging markets, and collaborations between stakeholders.
Regulatory and Policy Analysis: The report should assess the regulatory and policy landscape for High Precision Automatic Glue Spraying Machine, including government incentives, emission standards, and infrastructure development plans. It should analyse the impact of these policies on market growth and provide insights into future regulatory developments.
Recommendations and Conclusion: The report conclude with actionable recommendations for stakeholders, such as Application One Consumer, policymakers, investors, and infrastructure providers. These recommendations should be based on the research findings and address key challenges and opportunities within the High Precision Automatic Glue Spraying Machine market.
Supporting Data and Appendices: The report include supporting data, charts, and graphs to substantiate the analysis and findings. It also includes appendices with additional detailed information, such as data sources, survey questionnaires, and detailed market forecasts.
Market Segmentation
High Precision Automatic Glue Spraying Machine market is split by Type and by Application. For the period 2018-2029, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.
Market segment by Type
Chain Glue Coating Machine
Orbital Glue Coating Machine
Rolling Glue Coating Machine
Market segment by Application
Electronics Manufacturing
Automobile Manufacturer
Others
Global High Precision Automatic Glue Spraying Machine Market Segment Percentages, By Region and Country, 2022 (%)
North America
US
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Benelux
Rest of Europe
Asia
China
Japan
South Korea
Southeast Asia
India
Rest of Asia
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Turkey
Israel
Saudi Arabia
UAE
Rest of Middle East & Africa
Major players covered
Graco
Suzhou Angem Precision Machinery
Aper Srl
Sinhosun
AMS (Automated Machine Systems)
Shenzhen Second Intelligent Equipment
Dongguan Jaten Instrument
Outline of Major Chapters:
Chapter 1: Introduces the definition of High Precision Automatic Glue Spraying Machine, market overview.
Chapter 2: Global High Precision Automatic Glue Spraying Machine market size in revenue and volume.
Chapter 3: Detailed analysis of High Precision Automatic Glue Spraying Machine manufacturers competitive landscape, price, sales and revenue market share, latest development plan, 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: Sales of High Precision Automatic Glue Spraying Machine 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 of each country in the world.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: Global High Precision Automatic Glue Spraying Machine capacity by region & country.
Chapter 9: 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 10: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 11: The main points and conclusions of the report.

レポート目次

1 Introduction to Research & Analysis Reports
1.1 High Precision Automatic Glue Spraying Machine Market Definition
1.2 Market Segments
1.2.1 Market by Type
1.2.2 Market by Application
1.3 Global High Precision Automatic Glue Spraying Machine Market Overview
1.4 Features & Benefits of This Report
1.5 Methodology & Sources of Information
1.5.1 Research Methodology
1.5.2 Research Process
1.5.3 Base Year
1.5.4 Report Assumptions & Caveats
2 Global High Precision Automatic Glue Spraying Machine Overall Market Size
2.1 Global High Precision Automatic Glue Spraying Machine Market Size: 2022 VS 2029
2.2 Global High Precision Automatic Glue Spraying Machine Revenue, Prospects & Forecasts: 2018-2029
2.3 Global High Precision Automatic Glue Spraying Machine Sales: 2018-2029
3 Company Landscape
3.1 Top High Precision Automatic Glue Spraying Machine Players in Global Market
3.2 Top Global High Precision Automatic Glue Spraying Machine Companies Ranked by Revenue
3.3 Global High Precision Automatic Glue Spraying Machine Revenue by Companies
3.4 Global High Precision Automatic Glue Spraying Machine Sales by Companies
3.5 Global High Precision Automatic Glue Spraying Machine Price by Manufacturer (2018-2023)
3.6 Top 3 and Top 5 High Precision Automatic Glue Spraying Machine Companies in Global Market, by Revenue in 2022
3.7 Global Manufacturers High Precision Automatic Glue Spraying Machine Product Type
3.8 Tier 1, Tier 2 and Tier 3 High Precision Automatic Glue Spraying Machine Players in Global Market
3.8.1 List of Global Tier 1 High Precision Automatic Glue Spraying Machine Companies
3.8.2 List of Global Tier 2 and Tier 3 High Precision Automatic Glue Spraying Machine Companies
4 Sights by Product
4.1 Overview
4.1.1 By Type – Global High Precision Automatic Glue Spraying Machine Market Size Markets, 2022 & 2029
4.1.2 Chain Glue Coating Machine
4.1.3 Orbital Glue Coating Machine
4.1.4 Rolling Glue Coating Machine
4.2 By Type – Global High Precision Automatic Glue Spraying Machine Revenue & Forecasts
4.2.1 By Type – Global High Precision Automatic Glue Spraying Machine Revenue, 2018-2023
4.2.2 By Type – Global High Precision Automatic Glue Spraying Machine Revenue, 2024-2029
4.2.3 By Type – Global High Precision Automatic Glue Spraying Machine Revenue Market Share, 2018-2029
4.3 By Type – Global High Precision Automatic Glue Spraying Machine Sales & Forecasts
4.3.1 By Type – Global High Precision Automatic Glue Spraying Machine Sales, 2018-2023
4.3.2 By Type – Global High Precision Automatic Glue Spraying Machine Sales, 2024-2029
4.3.3 By Type – Global High Precision Automatic Glue Spraying Machine Sales Market Share, 2018-2029
4.4 By Type – Global High Precision Automatic Glue Spraying Machine Price (Manufacturers Selling Prices), 2018-2029
5 Sights by Application
5.1 Overview
5.1.1 By Application – Global High Precision Automatic Glue Spraying Machine Market Size, 2022 & 2029
5.1.2 Electronics Manufacturing
5.1.3 Automobile Manufacturer
5.1.4 Others
5.2 By Application – Global High Precision Automatic Glue Spraying Machine Revenue & Forecasts
5.2.1 By Application – Global High Precision Automatic Glue Spraying Machine Revenue, 2018-2023
5.2.2 By Application – Global High Precision Automatic Glue Spraying Machine Revenue, 2024-2029
5.2.3 By Application – Global High Precision Automatic Glue Spraying Machine Revenue Market Share, 2018-2029
5.3 By Application – Global High Precision Automatic Glue Spraying Machine Sales & Forecasts
5.3.1 By Application – Global High Precision Automatic Glue Spraying Machine Sales, 2018-2023
5.3.2 By Application – Global High Precision Automatic Glue Spraying Machine Sales, 2024-2029
5.3.3 By Application – Global High Precision Automatic Glue Spraying Machine Sales Market Share, 2018-2029
5.4 By Application – Global High Precision Automatic Glue Spraying Machine Price (Manufacturers Selling Prices), 2018-2029
6 Sights by Region
6.1 By Region – Global High Precision Automatic Glue Spraying Machine Market Size, 2022 & 2029
6.2 By Region – Global High Precision Automatic Glue Spraying Machine Revenue & Forecasts
6.2.1 By Region – Global High Precision Automatic Glue Spraying Machine Revenue, 2018-2023
6.2.2 By Region – Global High Precision Automatic Glue Spraying Machine Revenue, 2024-2029
6.2.3 By Region – Global High Precision Automatic Glue Spraying Machine Revenue Market Share, 2018-2029
6.3 By Region – Global High Precision Automatic Glue Spraying Machine Sales & Forecasts
6.3.1 By Region – Global High Precision Automatic Glue Spraying Machine Sales, 2018-2023
6.3.2 By Region – Global High Precision Automatic Glue Spraying Machine Sales, 2024-2029
6.3.3 By Region – Global High Precision Automatic Glue Spraying Machine Sales Market Share, 2018-2029
6.4 North America
6.4.1 By Country – North America High Precision Automatic Glue Spraying Machine Revenue, 2018-2029
6.4.2 By Country – North America High Precision Automatic Glue Spraying Machine Sales, 2018-2029
6.4.3 US High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.4.4 Canada High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.4.5 Mexico High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.5 Europe
6.5.1 By Country – Europe High Precision Automatic Glue Spraying Machine Revenue, 2018-2029
6.5.2 By Country – Europe High Precision Automatic Glue Spraying Machine Sales, 2018-2029
6.5.3 Germany High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.5.4 France High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.5.5 U.K. High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.5.6 Italy High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.5.7 Russia High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.5.8 Nordic Countries High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.5.9 Benelux High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.6 Asia
6.6.1 By Region – Asia High Precision Automatic Glue Spraying Machine Revenue, 2018-2029
6.6.2 By Region – Asia High Precision Automatic Glue Spraying Machine Sales, 2018-2029
6.6.3 China High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.6.4 Japan High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.6.5 South Korea High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.6.6 Southeast Asia High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.6.7 India High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.7 South America
6.7.1 By Country – South America High Precision Automatic Glue Spraying Machine Revenue, 2018-2029
6.7.2 By Country – South America High Precision Automatic Glue Spraying Machine Sales, 2018-2029
6.7.3 Brazil High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.7.4 Argentina High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.8 Middle East & Africa
6.8.1 By Country – Middle East & Africa High Precision Automatic Glue Spraying Machine Revenue, 2018-2029
6.8.2 By Country – Middle East & Africa High Precision Automatic Glue Spraying Machine Sales, 2018-2029
6.8.3 Turkey High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.8.4 Israel High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.8.5 Saudi Arabia High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
6.8.6 UAE High Precision Automatic Glue Spraying Machine Market Size, 2018-2029
7 Manufacturers & Brands Profiles
7.1 Graco
7.1.1 Graco Company Summary
7.1.2 Graco Business Overview
7.1.3 Graco High Precision Automatic Glue Spraying Machine Major Product Offerings
7.1.4 Graco High Precision Automatic Glue Spraying Machine Sales and Revenue in Global (2018-2023)
7.1.5 Graco Key News & Latest Developments
7.2 Suzhou Angem Precision Machinery
7.2.1 Suzhou Angem Precision Machinery Company Summary
7.2.2 Suzhou Angem Precision Machinery Business Overview
7.2.3 Suzhou Angem Precision Machinery High Precision Automatic Glue Spraying Machine Major Product Offerings
7.2.4 Suzhou Angem Precision Machinery High Precision Automatic Glue Spraying Machine Sales and Revenue in Global (2018-2023)
7.2.5 Suzhou Angem Precision Machinery Key News & Latest Developments
7.3 Aper Srl
7.3.1 Aper Srl Company Summary
7.3.2 Aper Srl Business Overview
7.3.3 Aper Srl High Precision Automatic Glue Spraying Machine Major Product Offerings
7.3.4 Aper Srl High Precision Automatic Glue Spraying Machine Sales and Revenue in Global (2018-2023)
7.3.5 Aper Srl Key News & Latest Developments
7.4 Sinhosun
7.4.1 Sinhosun Company Summary
7.4.2 Sinhosun Business Overview
7.4.3 Sinhosun High Precision Automatic Glue Spraying Machine Major Product Offerings
7.4.4 Sinhosun High Precision Automatic Glue Spraying Machine Sales and Revenue in Global (2018-2023)
7.4.5 Sinhosun Key News & Latest Developments
7.5 AMS (Automated Machine Systems)
7.5.1 AMS (Automated Machine Systems) Company Summary
7.5.2 AMS (Automated Machine Systems) Business Overview
7.5.3 AMS (Automated Machine Systems) High Precision Automatic Glue Spraying Machine Major Product Offerings
7.5.4 AMS (Automated Machine Systems) High Precision Automatic Glue Spraying Machine Sales and Revenue in Global (2018-2023)
7.5.5 AMS (Automated Machine Systems) Key News & Latest Developments
7.6 Shenzhen Second Intelligent Equipment
7.6.1 Shenzhen Second Intelligent Equipment Company Summary
7.6.2 Shenzhen Second Intelligent Equipment Business Overview
7.6.3 Shenzhen Second Intelligent Equipment High Precision Automatic Glue Spraying Machine Major Product Offerings
7.6.4 Shenzhen Second Intelligent Equipment High Precision Automatic Glue Spraying Machine Sales and Revenue in Global (2018-2023)
7.6.5 Shenzhen Second Intelligent Equipment Key News & Latest Developments
7.7 Dongguan Jaten Instrument
7.7.1 Dongguan Jaten Instrument Company Summary
7.7.2 Dongguan Jaten Instrument Business Overview
7.7.3 Dongguan Jaten Instrument High Precision Automatic Glue Spraying Machine Major Product Offerings
7.7.4 Dongguan Jaten Instrument High Precision Automatic Glue Spraying Machine Sales and Revenue in Global (2018-2023)
7.7.5 Dongguan Jaten Instrument Key News & Latest Developments
8 Global High Precision Automatic Glue Spraying Machine Production Capacity, Analysis
8.1 Global High Precision Automatic Glue Spraying Machine Production Capacity, 2018-2029
8.2 High Precision Automatic Glue Spraying Machine Production Capacity of Key Manufacturers in Global Market
8.3 Global High Precision Automatic Glue Spraying Machine Production by Region
9 Key Market Trends, Opportunity, Drivers and Restraints
9.1 Market Opportunities & Trends
9.2 Market Drivers
9.3 Market Restraints
10 High Precision Automatic Glue Spraying Machine Supply Chain Analysis
10.1 High Precision Automatic Glue Spraying Machine Industry Value Chain
10.2 High Precision Automatic Glue Spraying Machine Upstream Market
10.3 High Precision Automatic Glue Spraying Machine Downstream and Clients
10.4 Marketing Channels Analysis
10.4.1 Marketing Channels
10.4.2 High Precision Automatic Glue Spraying Machine Distributors and Sales Agents in Global
11 Conclusion
12 Appendix
12.1 Note
12.2 Examples of Clients
12.3 Disclaimer