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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、世界のタレット型CNC旋盤市場規模と予測を収録しています。・世界のタレット型CNC旋盤市場：売上、2018年-2023年、2024年-2029年 ・世界のタレット型CNC旋盤市場：販売量、2018年-2023年、2024年-2029年 ・世界のトップ5企業、2022年 世界のタレット型CNC旋盤市場は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。「単軸タレットCNC旋盤」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。 タレット型CNC旋盤のグローバル主要企業は、Haas Automation Inc、 DMG Mori、 Okuma、 Mazak、 Doosan Machine Tools、 Hurco、 Hardinge、 Tsugami、 Citizen Machinery、 Star Micronics、 Cubic Machinery、 Ray Feng Machine、 Leichman、 MFG Newsweb、 Kent CNC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、タレット型CNC旋盤のメーカー、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】 世界のタレット型CNC旋盤市場：タイプ別、2018年-2023年、2024年-2029年 世界のタレット型CNC旋盤市場：タイプ別市場シェア、2022年 ・単軸タレットCNC旋盤、二軸タレットCNC旋盤 世界のタレット型CNC旋盤市場：用途別、2018年-2023年、2024年-2029年 世界のタレット型CNC旋盤市場：用途別市場シェア、2022年 ・自動車、電子、医療、航空宇宙、その他 世界のタレット型CNC旋盤市場：地域・国別、2018年-2023年、2024年-2029年 世界のタレット型CNC旋盤市場：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。 ・主要企業におけるタレット型CNC旋盤のグローバル売上、2018年-2023年 ・主要企業におけるタレット型CNC旋盤のグローバル売上シェア、2022年 ・主要企業におけるタレット型CNC旋盤のグローバル販売量、2018年-2023年 ・主要企業におけるタレット型CNC旋盤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。 Haas Automation Inc、 DMG Mori、 Okuma、 Mazak、 Doosan Machine Tools、 Hurco、 Hardinge、 Tsugami、 Citizen Machinery、 Star Micronics、 Cubic Machinery、 Ray Feng Machine、 Leichman、 MFG Newsweb、 Kent CNC ************************************************************* ・調査・分析レポートの概要 タレット型CNC旋盤市場の定義 市場セグメント 世界のタレット型CNC旋盤市場概要 当レポートの特徴・ベネフィット 調査手法と情報源 ・世界のタレット型CNC旋盤市場規模 世界のタレット型CNC旋盤市場規模：2022年 VS 2029年 世界のタレット型CNC旋盤市場規模と予測 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タレット型CNC旋盤の売上 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 グローバル企業のタレット型CNC旋盤製品タイプ 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：単軸タレットCNC旋盤、二軸タレットCNC旋盤 タレット型CNC旋盤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：自動車、電子、医療、航空宇宙、その他 タレット型CNC旋盤の用途別グローバル売上・予測 ・地域別市場分析 地域別タレット型CNC旋盤市場規模 2022年と2029年 地域別タレット型CNC旋盤売上・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） Haas Automation Inc、 DMG Mori、 Okuma、 Mazak、 Doosan Machine Tools、 Hurco、 Hardinge、 Tsugami、 Citizen Machinery、 Star Micronics、 Cubic Machinery、 Ray Feng Machine、 Leichman、 MFG Newsweb、 Kent CNC ... |
This research report provides a comprehensive analysis of the Turret Type CNC Lathe market, focusing on the current trends, market dynamics, and future prospects. The report explores the global Turret Type CNC Lathe market, including major regions such as North America, Europe, Asia-Pacific, and emerging markets. It also examines key factors driving the growth of Turret Type CNC Lathe, challenges faced by the industry, and potential opportunities for market players.
The global Turret Type CNC Lathe market has witnessed rapid growth in recent years, driven by increasing environmental concerns, government incentives, and advancements in technology. The Turret Type CNC Lathe market presents opportunities for various stakeholders, including Automobile Industry, Electronic Industry. Collaboration between the private sector and governments can accelerate the development of supportive policies, research and development efforts, and investment in Turret Type CNC Lathe market. Additionally, the growing consumer demand present avenues for market expansion.
The global Turret Type CNC Lathe 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 Turret Type CNC Lathe 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 Turret Type CNC Lathe market.
Market Overview: The report provides a comprehensive overview of the Turret Type CNC Lathe market, including its definition, historical development, and current market size. It covers market segmentation by Type (e.g., Single-Axis Turret CNC Lathe, Dual-Axis Turret CNC Lathe), 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 Turret Type CNC Lathe 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 Turret Type CNC Lathe market’s trajectory.
Competitive Landscape: The report provides an in-depth analysis of the competitive landscape within the Turret Type CNC Lathe 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 Turret Type CNC Lathe 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 Turret Type CNC Lathe 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 Turret Type CNC Lathe 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 Turret Type CNC Lathe, 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 Turret Type CNC Lathe 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
Turret Type CNC Lathe 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
Single-Axis Turret CNC Lathe
Dual-Axis Turret CNC Lathe
Market segment by Application
Automobile Industry
Electronic Industry
Medical Industry
Aerospace Industry
Others
Global Turret Type CNC Lathe 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
Haas Automation Inc
DMG Mori
Okuma
Mazak
Doosan Machine Tools
Hurco
Hardinge
Tsugami
Citizen Machinery
Star Micronics
Cubic Machinery
Ray Feng Machine
Leichman
MFG Newsweb
Kent CNC
Outline of Major Chapters:
Chapter 1: Introduces the definition of Turret Type CNC Lathe, market overview.
Chapter 2: Global Turret Type CNC Lathe market size in revenue and volume.
Chapter 3: Detailed analysis of Turret Type CNC Lathe 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 Turret Type CNC Lathe 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 Turret Type CNC Lathe 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 Turret Type CNC Lathe Market Definition
1.2 Market Segments
1.2.1 Market by Type
1.2.2 Market by Application
1.3 Global Turret Type CNC Lathe 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 Turret Type CNC Lathe Overall Market Size
2.1 Global Turret Type CNC Lathe Market Size: 2022 VS 2029
2.2 Global Turret Type CNC Lathe Revenue, Prospects & Forecasts: 2018-2029
2.3 Global Turret Type CNC Lathe Sales: 2018-2029
3 Company Landscape
3.1 Top Turret Type CNC Lathe Players in Global Market
3.2 Top Global Turret Type CNC Lathe Companies Ranked by Revenue
3.3 Global Turret Type CNC Lathe Revenue by Companies
3.4 Global Turret Type CNC Lathe Sales by Companies
3.5 Global Turret Type CNC Lathe Price by Manufacturer (2018-2023)
3.6 Top 3 and Top 5 Turret Type CNC Lathe Companies in Global Market, by Revenue in 2022
3.7 Global Manufacturers Turret Type CNC Lathe Product Type
3.8 Tier 1, Tier 2 and Tier 3 Turret Type CNC Lathe Players in Global Market
3.8.1 List of Global Tier 1 Turret Type CNC Lathe Companies
3.8.2 List of Global Tier 2 and Tier 3 Turret Type CNC Lathe Companies
4 Sights by Product
4.1 Overview
4.1.1 By Type – Global Turret Type CNC Lathe Market Size Markets, 2022 & 2029
4.1.2 Single-Axis Turret CNC Lathe
4.1.3 Dual-Axis Turret CNC Lathe
4.2 By Type – Global Turret Type CNC Lathe Revenue & Forecasts
4.2.1 By Type – Global Turret Type CNC Lathe Revenue, 2018-2023
4.2.2 By Type – Global Turret Type CNC Lathe Revenue, 2024-2029
4.2.3 By Type – Global Turret Type CNC Lathe Revenue Market Share, 2018-2029
4.3 By Type – Global Turret Type CNC Lathe Sales & Forecasts
4.3.1 By Type – Global Turret Type CNC Lathe Sales, 2018-2023
4.3.2 By Type – Global Turret Type CNC Lathe Sales, 2024-2029
4.3.3 By Type – Global Turret Type CNC Lathe Sales Market Share, 2018-2029
4.4 By Type – Global Turret Type CNC Lathe Price (Manufacturers Selling Prices), 2018-2029
5 Sights by Application
5.1 Overview
5.1.1 By Application – Global Turret Type CNC Lathe Market Size, 2022 & 2029
5.1.2 Automobile Industry
5.1.3 Electronic Industry
5.1.4 Medical Industry
5.1.5 Aerospace Industry
5.1.6 Others
5.2 By Application – Global Turret Type CNC Lathe Revenue & Forecasts
5.2.1 By Application – Global Turret Type CNC Lathe Revenue, 2018-2023
5.2.2 By Application – Global Turret Type CNC Lathe Revenue, 2024-2029
5.2.3 By Application – Global Turret Type CNC Lathe Revenue Market Share, 2018-2029
5.3 By Application – Global Turret Type CNC Lathe Sales & Forecasts
5.3.1 By Application – Global Turret Type CNC Lathe Sales, 2018-2023
5.3.2 By Application – Global Turret Type CNC Lathe Sales, 2024-2029
5.3.3 By Application – Global Turret Type CNC Lathe Sales Market Share, 2018-2029
5.4 By Application – Global Turret Type CNC Lathe Price (Manufacturers Selling Prices), 2018-2029
6 Sights by Region
6.1 By Region – Global Turret Type CNC Lathe Market Size, 2022 & 2029
6.2 By Region – Global Turret Type CNC Lathe Revenue & Forecasts
6.2.1 By Region – Global Turret Type CNC Lathe Revenue, 2018-2023
6.2.2 By Region – Global Turret Type CNC Lathe Revenue, 2024-2029
6.2.3 By Region – Global Turret Type CNC Lathe Revenue Market Share, 2018-2029
6.3 By Region – Global Turret Type CNC Lathe Sales & Forecasts
6.3.1 By Region – Global Turret Type CNC Lathe Sales, 2018-2023
6.3.2 By Region – Global Turret Type CNC Lathe Sales, 2024-2029
6.3.3 By Region – Global Turret Type CNC Lathe Sales Market Share, 2018-2029
6.4 North America
6.4.1 By Country – North America Turret Type CNC Lathe Revenue, 2018-2029
6.4.2 By Country – North America Turret Type CNC Lathe Sales, 2018-2029
6.4.3 US Turret Type CNC Lathe Market Size, 2018-2029
6.4.4 Canada Turret Type CNC Lathe Market Size, 2018-2029
6.4.5 Mexico Turret Type CNC Lathe Market Size, 2018-2029
6.5 Europe
6.5.1 By Country – Europe Turret Type CNC Lathe Revenue, 2018-2029
6.5.2 By Country – Europe Turret Type CNC Lathe Sales, 2018-2029
6.5.3 Germany Turret Type CNC Lathe Market Size, 2018-2029
6.5.4 France Turret Type CNC Lathe Market Size, 2018-2029
6.5.5 U.K. Turret Type CNC Lathe Market Size, 2018-2029
6.5.6 Italy Turret Type CNC Lathe Market Size, 2018-2029
6.5.7 Russia Turret Type CNC Lathe Market Size, 2018-2029
6.5.8 Nordic Countries Turret Type CNC Lathe Market Size, 2018-2029
6.5.9 Benelux Turret Type CNC Lathe Market Size, 2018-2029
6.6 Asia
6.6.1 By Region – Asia Turret Type CNC Lathe Revenue, 2018-2029
6.6.2 By Region – Asia Turret Type CNC Lathe Sales, 2018-2029
6.6.3 China Turret Type CNC Lathe Market Size, 2018-2029
6.6.4 Japan Turret Type CNC Lathe Market Size, 2018-2029
6.6.5 South Korea Turret Type CNC Lathe Market Size, 2018-2029
6.6.6 Southeast Asia Turret Type CNC Lathe Market Size, 2018-2029
6.6.7 India Turret Type CNC Lathe Market Size, 2018-2029
6.7 South America
6.7.1 By Country – South America Turret Type CNC Lathe Revenue, 2018-2029
6.7.2 By Country – South America Turret Type CNC Lathe Sales, 2018-2029
6.7.3 Brazil Turret Type CNC Lathe Market Size, 2018-2029
6.7.4 Argentina Turret Type CNC Lathe Market Size, 2018-2029
6.8 Middle East & Africa
6.8.1 By Country – Middle East & Africa Turret Type CNC Lathe Revenue, 2018-2029
6.8.2 By Country – Middle East & Africa Turret Type CNC Lathe Sales, 2018-2029
6.8.3 Turkey Turret Type CNC Lathe Market Size, 2018-2029
6.8.4 Israel Turret Type CNC Lathe Market Size, 2018-2029
6.8.5 Saudi Arabia Turret Type CNC Lathe Market Size, 2018-2029
6.8.6 UAE Turret Type CNC Lathe Market Size, 2018-2029
7 Manufacturers & Brands Profiles
7.1 Haas Automation Inc
7.1.1 Haas Automation Inc Company Summary
7.1.2 Haas Automation Inc Business Overview
7.1.3 Haas Automation Inc Turret Type CNC Lathe Major Product Offerings
7.1.4 Haas Automation Inc Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.1.5 Haas Automation Inc Key News & Latest Developments
7.2 DMG Mori
7.2.1 DMG Mori Company Summary
7.2.2 DMG Mori Business Overview
7.2.3 DMG Mori Turret Type CNC Lathe Major Product Offerings
7.2.4 DMG Mori Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.2.5 DMG Mori Key News & Latest Developments
7.3 Okuma
7.3.1 Okuma Company Summary
7.3.2 Okuma Business Overview
7.3.3 Okuma Turret Type CNC Lathe Major Product Offerings
7.3.4 Okuma Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.3.5 Okuma Key News & Latest Developments
7.4 Mazak
7.4.1 Mazak Company Summary
7.4.2 Mazak Business Overview
7.4.3 Mazak Turret Type CNC Lathe Major Product Offerings
7.4.4 Mazak Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.4.5 Mazak Key News & Latest Developments
7.5 Doosan Machine Tools
7.5.1 Doosan Machine Tools Company Summary
7.5.2 Doosan Machine Tools Business Overview
7.5.3 Doosan Machine Tools Turret Type CNC Lathe Major Product Offerings
7.5.4 Doosan Machine Tools Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.5.5 Doosan Machine Tools Key News & Latest Developments
7.6 Hurco
7.6.1 Hurco Company Summary
7.6.2 Hurco Business Overview
7.6.3 Hurco Turret Type CNC Lathe Major Product Offerings
7.6.4 Hurco Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.6.5 Hurco Key News & Latest Developments
7.7 Hardinge
7.7.1 Hardinge Company Summary
7.7.2 Hardinge Business Overview
7.7.3 Hardinge Turret Type CNC Lathe Major Product Offerings
7.7.4 Hardinge Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.7.5 Hardinge Key News & Latest Developments
7.8 Tsugami
7.8.1 Tsugami Company Summary
7.8.2 Tsugami Business Overview
7.8.3 Tsugami Turret Type CNC Lathe Major Product Offerings
7.8.4 Tsugami Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.8.5 Tsugami Key News & Latest Developments
7.9 Citizen Machinery
7.9.1 Citizen Machinery Company Summary
7.9.2 Citizen Machinery Business Overview
7.9.3 Citizen Machinery Turret Type CNC Lathe Major Product Offerings
7.9.4 Citizen Machinery Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.9.5 Citizen Machinery Key News & Latest Developments
7.10 Star Micronics
7.10.1 Star Micronics Company Summary
7.10.2 Star Micronics Business Overview
7.10.3 Star Micronics Turret Type CNC Lathe Major Product Offerings
7.10.4 Star Micronics Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.10.5 Star Micronics Key News & Latest Developments
7.11 Cubic Machinery
7.11.1 Cubic Machinery Company Summary
7.11.2 Cubic Machinery Business Overview
7.11.3 Cubic Machinery Turret Type CNC Lathe Major Product Offerings
7.11.4 Cubic Machinery Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.11.5 Cubic Machinery Key News & Latest Developments
7.12 Ray Feng Machine
7.12.1 Ray Feng Machine Company Summary
7.12.2 Ray Feng Machine Business Overview
7.12.3 Ray Feng Machine Turret Type CNC Lathe Major Product Offerings
7.12.4 Ray Feng Machine Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.12.5 Ray Feng Machine Key News & Latest Developments
7.13 Leichman
7.13.1 Leichman Company Summary
7.13.2 Leichman Business Overview
7.13.3 Leichman Turret Type CNC Lathe Major Product Offerings
7.13.4 Leichman Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.13.5 Leichman Key News & Latest Developments
7.14 MFG Newsweb
7.14.1 MFG Newsweb Company Summary
7.14.2 MFG Newsweb Business Overview
7.14.3 MFG Newsweb Turret Type CNC Lathe Major Product Offerings
7.14.4 MFG Newsweb Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.14.5 MFG Newsweb Key News & Latest Developments
7.15 Kent CNC
7.15.1 Kent CNC Company Summary
7.15.2 Kent CNC Business Overview
7.15.3 Kent CNC Turret Type CNC Lathe Major Product Offerings
7.15.4 Kent CNC Turret Type CNC Lathe Sales and Revenue in Global (2018-2023)
7.15.5 Kent CNC Key News & Latest Developments
8 Global Turret Type CNC Lathe Production Capacity, Analysis
8.1 Global Turret Type CNC Lathe Production Capacity, 2018-2029
8.2 Turret Type CNC Lathe Production Capacity of Key Manufacturers in Global Market
8.3 Global Turret Type CNC Lathe 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 Turret Type CNC Lathe Supply Chain Analysis
10.1 Turret Type CNC Lathe Industry Value Chain
10.2 Turret Type CNC Lathe Upstream Market
10.3 Turret Type CNC Lathe Downstream and Clients
10.4 Marketing Channels Analysis
10.4.1 Marketing Channels
10.4.2 Turret Type CNC Lathe Distributors and Sales Agents in Global
11 Conclusion
12 Appendix
12.1 Note
12.2 Examples of Clients
12.3 Disclaimer