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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、世界の手動/プログラマブルステップアッテネータ市場規模と予測を収録しています。・世界の手動/プログラマブルステップアッテネータ市場:売上、2018年-2023年、2024年-2029年 ・世界の手動/プログラマブルステップアッテネータ市場:販売量、2018年-2023年、2024年-2029年 ・世界のトップ5企業、2022年 世界の手動/プログラマブルステップアッテネータ市場は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。「減衰量0-121dB/1dBステップ」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。 手動/プログラマブルステップアッテネータのグローバル主要企業は、Keysight、 Pasternack、 JFW、 Mini-Circuits、 Planar Monolithics、 Teledyne Microwave Solutions、 Analog Devices、 Ceyear、 Gemsnav、 Suzhou Rebes、 TOJOIN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、手動/プログラマブルステップアッテネータのメーカー、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】 世界の手動/プログラマブルステップアッテネータ市場:タイプ別、2018年-2023年、2024年-2029年 世界の手動/プログラマブルステップアッテネータ市場:タイプ別市場シェア、2022年 ・減衰量0-121dB/1dBステップ、減衰量0-110dB/10dBステップ、減衰量0-11dB/1dBステップ 世界の手動/プログラマブルステップアッテネータ市場:用途別、2018年-2023年、2024年-2029年 世界の手動/プログラマブルステップアッテネータ市場:用途別市場シェア、2022年 ・通信装置、試験計測機器、レーダー装置、アンテナ試験校正装置、無線通信機器 世界の手動/プログラマブルステップアッテネータ市場:地域・国別、2018年-2023年、2024年-2029年 世界の手動/プログラマブルステップアッテネータ市場: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。 ・主要企業における手動/プログラマブルステップアッテネータのグローバル売上、2018年-2023年 ・主要企業における手動/プログラマブルステップアッテネータのグローバル売上シェア、2022年 ・主要企業における手動/プログラマブルステップアッテネータのグローバル販売量、2018年-2023年 ・主要企業における手動/プログラマブルステップアッテネータ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。 Keysight、 Pasternack、 JFW、 Mini-Circuits、 Planar Monolithics、 Teledyne Microwave Solutions、 Analog Devices、 Ceyear、 Gemsnav、 Suzhou Rebes、 TOJOIN ************************************************************* ・調査・分析レポートの概要 手動/プログラマブルステップアッテネータ市場の定義 市場セグメント 世界の手動/プログラマブルステップアッテネータ市場概要 当レポートの特徴・ベネフィット 調査手法と情報源 ・世界の手動/プログラマブルステップアッテネータ市場規模 世界の手動/プログラマブルステップアッテネータ市場規模:2022年 VS 2029年 世界の手動/プログラマブルステップアッテネータ市場規模と予測 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手動/プログラマブルステップアッテネータの売上 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 グローバル企業の手動/プログラマブルステップアッテネータ製品タイプ 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:減衰量0-121dB/1dBステップ、減衰量0-110dB/10dBステップ、減衰量0-11dB/1dBステップ 手動/プログラマブルステップアッテネータ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:通信装置、試験計測機器、レーダー装置、アンテナ試験校正装置、無線通信機器 手動/プログラマブルステップアッテネータの用途別グローバル売上・予測 ・地域別市場分析 地域別手動/プログラマブルステップアッテネータ市場規模 2022年と2029年 地域別手動/プログラマブルステップアッテネータ売上・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) Keysight、 Pasternack、 JFW、 Mini-Circuits、 Planar Monolithics、 Teledyne Microwave Solutions、 Analog Devices、 Ceyear、 Gemsnav、 Suzhou Rebes、 TOJOIN ... |
This research report provides a comprehensive analysis of the Manual/Programmable Step Attenuator market, focusing on the current trends, market dynamics, and future prospects. The report explores the global Manual/Programmable Step Attenuator market, including major regions such as North America, Europe, Asia-Pacific, and emerging markets. It also examines key factors driving the growth of Manual/Programmable Step Attenuator, challenges faced by the industry, and potential opportunities for market players.
The global Manual/Programmable Step Attenuator market has witnessed rapid growth in recent years, driven by increasing environmental concerns, government incentives, and advancements in technology. The Manual/Programmable Step Attenuator market presents opportunities for various stakeholders, including Communication Systems, Test and Measurement Instruments. Collaboration between the private sector and governments can accelerate the development of supportive policies, research and development efforts, and investment in Manual/Programmable Step Attenuator market. Additionally, the growing consumer demand present avenues for market expansion.
The global Manual/Programmable Step Attenuator 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 Manual/Programmable Step Attenuator 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 Manual/Programmable Step Attenuator market.
Market Overview: The report provides a comprehensive overview of the Manual/Programmable Step Attenuator market, including its definition, historical development, and current market size. It covers market segmentation by Type (e.g., Attenuation 0~121dB/1dB Step, Attenuation 0~110dB/10dB Step), 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 Manual/Programmable Step Attenuator 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 Manual/Programmable Step Attenuator market’s trajectory.
Competitive Landscape: The report provides an in-depth analysis of the competitive landscape within the Manual/Programmable Step Attenuator 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 Manual/Programmable Step Attenuator 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 Manual/Programmable Step Attenuator 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 Manual/Programmable Step Attenuator 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 Manual/Programmable Step Attenuator, 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 Manual/Programmable Step Attenuator 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
Manual/Programmable Step Attenuator 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
Attenuation 0~121dB/1dB Step
Attenuation 0~110dB/10dB Step
Attenuation 0~11dB/1dB Step
Market segment by Application
Communication Systems
Test and Measurement Instruments
Radar System
Antenna Test and Calibration System
Radio Communication Equipment
Global Manual/Programmable Step Attenuator 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
Keysight
Pasternack
JFW
Mini-Circuits
Planar Monolithics
Teledyne Microwave Solutions
Analog Devices
Ceyear
Gemsnav
Suzhou Rebes
TOJOIN
Outline of Major Chapters:
Chapter 1: Introduces the definition of Manual/Programmable Step Attenuator, market overview.
Chapter 2: Global Manual/Programmable Step Attenuator market size in revenue and volume.
Chapter 3: Detailed analysis of Manual/Programmable Step Attenuator 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 Manual/Programmable Step Attenuator 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 Manual/Programmable Step Attenuator 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.
1 Introduction to Research & Analysis Reports
1.1 Manual/Programmable Step Attenuator Market Definition
1.2 Market Segments
1.2.1 Market by Type
1.2.2 Market by Application
1.3 Global Manual/Programmable Step Attenuator 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 Manual/Programmable Step Attenuator Overall Market Size
2.1 Global Manual/Programmable Step Attenuator Market Size: 2022 VS 2029
2.2 Global Manual/Programmable Step Attenuator Revenue, Prospects & Forecasts: 2018-2029
2.3 Global Manual/Programmable Step Attenuator Sales: 2018-2029
3 Company Landscape
3.1 Top Manual/Programmable Step Attenuator Players in Global Market
3.2 Top Global Manual/Programmable Step Attenuator Companies Ranked by Revenue
3.3 Global Manual/Programmable Step Attenuator Revenue by Companies
3.4 Global Manual/Programmable Step Attenuator Sales by Companies
3.5 Global Manual/Programmable Step Attenuator Price by Manufacturer (2018-2023)
3.6 Top 3 and Top 5 Manual/Programmable Step Attenuator Companies in Global Market, by Revenue in 2022
3.7 Global Manufacturers Manual/Programmable Step Attenuator Product Type
3.8 Tier 1, Tier 2 and Tier 3 Manual/Programmable Step Attenuator Players in Global Market
3.8.1 List of Global Tier 1 Manual/Programmable Step Attenuator Companies
3.8.2 List of Global Tier 2 and Tier 3 Manual/Programmable Step Attenuator Companies
4 Sights by Product
4.1 Overview
4.1.1 By Type – Global Manual/Programmable Step Attenuator Market Size Markets, 2022 & 2029
4.1.2 Attenuation 0~121dB/1dB Step
4.1.3 Attenuation 0~110dB/10dB Step
4.1.4 Attenuation 0~11dB/1dB Step
4.2 By Type – Global Manual/Programmable Step Attenuator Revenue & Forecasts
4.2.1 By Type – Global Manual/Programmable Step Attenuator Revenue, 2018-2023
4.2.2 By Type – Global Manual/Programmable Step Attenuator Revenue, 2024-2029
4.2.3 By Type – Global Manual/Programmable Step Attenuator Revenue Market Share, 2018-2029
4.3 By Type – Global Manual/Programmable Step Attenuator Sales & Forecasts
4.3.1 By Type – Global Manual/Programmable Step Attenuator Sales, 2018-2023
4.3.2 By Type – Global Manual/Programmable Step Attenuator Sales, 2024-2029
4.3.3 By Type – Global Manual/Programmable Step Attenuator Sales Market Share, 2018-2029
4.4 By Type – Global Manual/Programmable Step Attenuator Price (Manufacturers Selling Prices), 2018-2029
5 Sights by Application
5.1 Overview
5.1.1 By Application – Global Manual/Programmable Step Attenuator Market Size, 2022 & 2029
5.1.2 Communication Systems
5.1.3 Test and Measurement Instruments
5.1.4 Radar System
5.1.5 Antenna Test and Calibration System
5.1.6 Radio Communication Equipment
5.2 By Application – Global Manual/Programmable Step Attenuator Revenue & Forecasts
5.2.1 By Application – Global Manual/Programmable Step Attenuator Revenue, 2018-2023
5.2.2 By Application – Global Manual/Programmable Step Attenuator Revenue, 2024-2029
5.2.3 By Application – Global Manual/Programmable Step Attenuator Revenue Market Share, 2018-2029
5.3 By Application – Global Manual/Programmable Step Attenuator Sales & Forecasts
5.3.1 By Application – Global Manual/Programmable Step Attenuator Sales, 2018-2023
5.3.2 By Application – Global Manual/Programmable Step Attenuator Sales, 2024-2029
5.3.3 By Application – Global Manual/Programmable Step Attenuator Sales Market Share, 2018-2029
5.4 By Application – Global Manual/Programmable Step Attenuator Price (Manufacturers Selling Prices), 2018-2029
6 Sights by Region
6.1 By Region – Global Manual/Programmable Step Attenuator Market Size, 2022 & 2029
6.2 By Region – Global Manual/Programmable Step Attenuator Revenue & Forecasts
6.2.1 By Region – Global Manual/Programmable Step Attenuator Revenue, 2018-2023
6.2.2 By Region – Global Manual/Programmable Step Attenuator Revenue, 2024-2029
6.2.3 By Region – Global Manual/Programmable Step Attenuator Revenue Market Share, 2018-2029
6.3 By Region – Global Manual/Programmable Step Attenuator Sales & Forecasts
6.3.1 By Region – Global Manual/Programmable Step Attenuator Sales, 2018-2023
6.3.2 By Region – Global Manual/Programmable Step Attenuator Sales, 2024-2029
6.3.3 By Region – Global Manual/Programmable Step Attenuator Sales Market Share, 2018-2029
6.4 North America
6.4.1 By Country – North America Manual/Programmable Step Attenuator Revenue, 2018-2029
6.4.2 By Country – North America Manual/Programmable Step Attenuator Sales, 2018-2029
6.4.3 US Manual/Programmable Step Attenuator Market Size, 2018-2029
6.4.4 Canada Manual/Programmable Step Attenuator Market Size, 2018-2029
6.4.5 Mexico Manual/Programmable Step Attenuator Market Size, 2018-2029
6.5 Europe
6.5.1 By Country – Europe Manual/Programmable Step Attenuator Revenue, 2018-2029
6.5.2 By Country – Europe Manual/Programmable Step Attenuator Sales, 2018-2029
6.5.3 Germany Manual/Programmable Step Attenuator Market Size, 2018-2029
6.5.4 France Manual/Programmable Step Attenuator Market Size, 2018-2029
6.5.5 U.K. Manual/Programmable Step Attenuator Market Size, 2018-2029
6.5.6 Italy Manual/Programmable Step Attenuator Market Size, 2018-2029
6.5.7 Russia Manual/Programmable Step Attenuator Market Size, 2018-2029
6.5.8 Nordic Countries Manual/Programmable Step Attenuator Market Size, 2018-2029
6.5.9 Benelux Manual/Programmable Step Attenuator Market Size, 2018-2029
6.6 Asia
6.6.1 By Region – Asia Manual/Programmable Step Attenuator Revenue, 2018-2029
6.6.2 By Region – Asia Manual/Programmable Step Attenuator Sales, 2018-2029
6.6.3 China Manual/Programmable Step Attenuator Market Size, 2018-2029
6.6.4 Japan Manual/Programmable Step Attenuator Market Size, 2018-2029
6.6.5 South Korea Manual/Programmable Step Attenuator Market Size, 2018-2029
6.6.6 Southeast Asia Manual/Programmable Step Attenuator Market Size, 2018-2029
6.6.7 India Manual/Programmable Step Attenuator Market Size, 2018-2029
6.7 South America
6.7.1 By Country – South America Manual/Programmable Step Attenuator Revenue, 2018-2029
6.7.2 By Country – South America Manual/Programmable Step Attenuator Sales, 2018-2029
6.7.3 Brazil Manual/Programmable Step Attenuator Market Size, 2018-2029
6.7.4 Argentina Manual/Programmable Step Attenuator Market Size, 2018-2029
6.8 Middle East & Africa
6.8.1 By Country – Middle East & Africa Manual/Programmable Step Attenuator Revenue, 2018-2029
6.8.2 By Country – Middle East & Africa Manual/Programmable Step Attenuator Sales, 2018-2029
6.8.3 Turkey Manual/Programmable Step Attenuator Market Size, 2018-2029
6.8.4 Israel Manual/Programmable Step Attenuator Market Size, 2018-2029
6.8.5 Saudi Arabia Manual/Programmable Step Attenuator Market Size, 2018-2029
6.8.6 UAE Manual/Programmable Step Attenuator Market Size, 2018-2029
7 Manufacturers & Brands Profiles
7.1 Keysight
7.1.1 Keysight Company Summary
7.1.2 Keysight Business Overview
7.1.3 Keysight Manual/Programmable Step Attenuator Major Product Offerings
7.1.4 Keysight Manual/Programmable Step Attenuator Sales and Revenue in Global (2018-2023)
7.1.5 Keysight Key News & Latest Developments
7.2 Pasternack
7.2.1 Pasternack Company Summary
7.2.2 Pasternack Business Overview
7.2.3 Pasternack Manual/Programmable Step Attenuator Major Product Offerings
7.2.4 Pasternack Manual/Programmable Step Attenuator Sales and Revenue in Global (2018-2023)
7.2.5 Pasternack Key News & Latest Developments
7.3 JFW
7.3.1 JFW Company Summary
7.3.2 JFW Business Overview
7.3.3 JFW Manual/Programmable Step Attenuator Major Product Offerings
7.3.4 JFW Manual/Programmable Step Attenuator Sales and Revenue in Global (2018-2023)
7.3.5 JFW Key News & Latest Developments
7.4 Mini-Circuits
7.4.1 Mini-Circuits Company Summary
7.4.2 Mini-Circuits Business Overview
7.4.3 Mini-Circuits Manual/Programmable Step Attenuator Major Product Offerings
7.4.4 Mini-Circuits Manual/Programmable Step Attenuator Sales and Revenue in Global (2018-2023)
7.4.5 Mini-Circuits Key News & Latest Developments
7.5 Planar Monolithics
7.5.1 Planar Monolithics Company Summary
7.5.2 Planar Monolithics Business Overview
7.5.3 Planar Monolithics Manual/Programmable Step Attenuator Major Product Offerings
7.5.4 Planar Monolithics Manual/Programmable Step Attenuator Sales and Revenue in Global (2018-2023)
7.5.5 Planar Monolithics Key News & Latest Developments
7.6 Teledyne Microwave Solutions
7.6.1 Teledyne Microwave Solutions Company Summary
7.6.2 Teledyne Microwave Solutions Business Overview
7.6.3 Teledyne Microwave Solutions Manual/Programmable Step Attenuator Major Product Offerings
7.6.4 Teledyne Microwave Solutions Manual/Programmable Step Attenuator Sales and Revenue in Global (2018-2023)
7.6.5 Teledyne Microwave Solutions Key News & Latest Developments
7.7 Analog Devices
7.7.1 Analog Devices Company Summary
7.7.2 Analog Devices Business Overview
7.7.3 Analog Devices Manual/Programmable Step Attenuator Major Product Offerings
7.7.4 Analog Devices Manual/Programmable Step Attenuator Sales and Revenue in Global (2018-2023)
7.7.5 Analog Devices Key News & Latest Developments
7.8 Ceyear
7.8.1 Ceyear Company Summary
7.8.2 Ceyear Business Overview
7.8.3 Ceyear Manual/Programmable Step Attenuator Major Product Offerings
7.8.4 Ceyear Manual/Programmable Step Attenuator Sales and Revenue in Global (2018-2023)
7.8.5 Ceyear Key News & Latest Developments
7.9 Gemsnav
7.9.1 Gemsnav Company Summary
7.9.2 Gemsnav Business Overview
7.9.3 Gemsnav Manual/Programmable Step Attenuator Major Product Offerings
7.9.4 Gemsnav Manual/Programmable Step Attenuator Sales and Revenue in Global (2018-2023)
7.9.5 Gemsnav Key News & Latest Developments
7.10 Suzhou Rebes
7.10.1 Suzhou Rebes Company Summary
7.10.2 Suzhou Rebes Business Overview
7.10.3 Suzhou Rebes Manual/Programmable Step Attenuator Major Product Offerings
7.10.4 Suzhou Rebes Manual/Programmable Step Attenuator Sales and Revenue in Global (2018-2023)
7.10.5 Suzhou Rebes Key News & Latest Developments
7.11 TOJOIN
7.11.1 TOJOIN Company Summary
7.11.2 TOJOIN Business Overview
7.11.3 TOJOIN Manual/Programmable Step Attenuator Major Product Offerings
7.11.4 TOJOIN Manual/Programmable Step Attenuator Sales and Revenue in Global (2018-2023)
7.11.5 TOJOIN Key News & Latest Developments
8 Global Manual/Programmable Step Attenuator Production Capacity, Analysis
8.1 Global Manual/Programmable Step Attenuator Production Capacity, 2018-2029
8.2 Manual/Programmable Step Attenuator Production Capacity of Key Manufacturers in Global Market
8.3 Global Manual/Programmable Step Attenuator 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 Manual/Programmable Step Attenuator Supply Chain Analysis
10.1 Manual/Programmable Step Attenuator Industry Value Chain
10.2 Manual/Programmable Step Attenuator Upstream Market
10.3 Manual/Programmable Step Attenuator Downstream and Clients
10.4 Marketing Channels Analysis
10.4.1 Marketing Channels
10.4.2 Manual/Programmable Step Attenuator Distributors and Sales Agents in Global
11 Conclusion
12 Appendix
12.1 Note
12.2 Examples of Clients
12.3 Disclaimer