The research team projects that the High Brightness Light-Emitting Diode (HB LED) market size will grow from XXX in 2020 to XXX by 2027, at an estimated CAGR of XX. The base year considered for the study is 2020, and the market size is projected from 2020 to 2027.
The prime objective of this report is to help the user understand the market in terms of its definition, segmentation, market potential, influential trends, and the challenges that the market is facing with 10 major regions and 50 major countries. Deep researches and analysis were done during the preparation of the report. The readers will find this report very helpful in understanding the market in depth. The data and the information regarding the market are taken from reliable sources such as websites, annual reports of the companies, journals, and others and were checked and validated by the industry experts. The facts and data are represented in the report using diagrams, graphs, pie charts, and other pictorial representations. This enhances the visual representation and also helps in understanding the facts much better.
By Market Players:
Epistar Corp
Cree, Inc.
Philips Lumileds
Moritex Corporation
Samsung Electronics Co Ltd
Seoul semiconductor
Osram Opto Semiconductor
American Bright Optoelectronics Corps
Nichia Corporation
Toyoda Gosei
Eaton Corporation
Everlight Electronics Co., Ltd.
Intematix Corporation
GE Lighting Solutions
LG Innotek Co Ltd
Broadcom Ltd.
Kingbright Electronic Co, Ltd
International Light Technologies
By Type
Portable Type
Fixed Type
By Application
Automotive Application
General Lighting
Backlighting
Mobile
Signals & Signage
Others
By Regions/Countries:
North America
United States
Canada
Mexico
East Asia
China
Japan
South Korea
Europe
Germany
United Kingdom
France
Italy
Russia
Spain
Netherlands
Switzerland
Poland
South Asia
India
Pakistan
Bangladesh
Southeast Asia
Indonesia
Thailand
Singapore
Malaysia
Philippines
Vietnam
Myanmar
Middle East
Turkey
Saudi Arabia
Iran
United Arab Emirates
Israel
Iraq
Qatar
Kuwait
Oman
Africa
Nigeria
South Africa
Egypt
Algeria
Morocoo
Oceania
Australia
New Zealand
South America
Brazil
Argentina
Colombia
Chile
Venezuela
Peru
Puerto Rico
Ecuador
Rest of the World
Kazakhstan
Points Covered in The Report
The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analyzed 12 years data history and forecast.
The growth factors of the market is discussed in detail wherein the different end users of the market are explained in detail.
Data and information by market player, by region, by type, by application and etc, and custom research can be added according to specific requirements.
The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Key Reasons to Purchase
To gain insightful analyses of the market and have comprehensive understanding of the global market and its commercial landscape.
Assess the production processes, major issues, and solutions to mitigate the development risk.
To understand the most affecting driving and restraining forces in the market and its impact in the global market.
Learn about the market strategies that are being adopted by leading respective organizations.
To understand the future outlook and prospects for the market.
Besides the standard structure reports, we also provide custom research according to specific requirements.
The report focuses on Global, Top 10 Regions and Top 50 Countries Market Size of High Brightness Light-Emitting Diode (HB LED) 2016-2021, and development forecast 2022-2027 including industries, major players/suppliers worldwide and market share by regions, with company and product introduction, position in the market including their market status and development trend by types and applications which will provide its price and profit status, and marketing status & market growth drivers and challenges, with base year as 2020.
Key Indicators Analysed
Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2016-2021 & Sales by Product Types.
Global and Regional Market Analysis: The report includes Global & Regional market status and outlook 2022-2027. Further the report provides break down details about each region & countries covered in the report. Identifying its production, consumption, import & export, sales volume & revenue forecast.
Market Analysis by Product Type: The report covers majority Product Types in the High Brightness Light-Emitting Diode (HB LED) Industry, including its product specifcations by each key player, volume, sales by Volume and Value (M USD).
Markat Analysis by Application Type: Based on the High Brightness Light-Emitting Diode (HB LED) Industry and its applications, the market is further sub-segmented into several major Application of its industry. It provides you with the market size, CAGR & forecast by each industry applications.
Market Trends: Market key trends which include Increased Competition and Continuous Innovations.
Opportunities and Drivers: Identifying the Growing Demands and New Technology
Porters Five Force Analysis: The report will provide with the state of competition in industry depending on five basic forces: threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products or services, and existing industry rivalry.
COVID-19 Impact
Report covers Impact of Coronavirus COVID-19: Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost every country around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the High Brightness Light-Emitting Diode (HB LED) market in 2021. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor/outdoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about future.
1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered: Ranking by High Brightness Light-Emitting Diode (HB LED) Revenue
1.4 Market Analysis by Type
1.4.1 Global High Brightness Light-Emitting Diode (HB LED) Market Size Growth Rate by Type: 2021 VS 2027
1.4.2 Portable Type
1.4.3 Fixed Type
1.5 Market by Application
1.5.1 Global High Brightness Light-Emitting Diode (HB LED) Market Share by Application: 2022-2027
1.5.2 Automotive Application
1.5.3 General Lighting
1.5.4 Backlighting
1.5.5 Mobile
1.5.6 Signals & Signage
1.5.7 Others
1.6 Study Objectives
1.7 Years Considered
1.8 Overview of Global High Brightness Light-Emitting Diode (HB LED) Market
1.8.1 Global High Brightness Light-Emitting Diode (HB LED) Market Status and Outlook (2016-2027)
1.8.2 North America
1.8.3 East Asia
1.8.4 Europe
1.8.5 South Asia
1.8.6 Southeast Asia
1.8.7 Middle East
1.8.8 Africa
1.8.9 Oceania
1.8.10 South America
1.8.11 Rest of the World
2 Market Competition by Manufacturers
2.1 Global High Brightness Light-Emitting Diode (HB LED) Production Capacity Market Share by Manufacturers (2016-2021)
2.2 Global High Brightness Light-Emitting Diode (HB LED) Revenue Market Share by Manufacturers (2016-2021)
2.3 Global High Brightness Light-Emitting Diode (HB LED) Average Price by Manufacturers (2016-2021)
2.4 Manufacturers High Brightness Light-Emitting Diode (HB LED) Production Sites, Area Served, Product Type
3 Sales by Region
3.1 Global High Brightness Light-Emitting Diode (HB LED) Sales Volume Market Share by Region (2016-2021)
3.2 Global High Brightness Light-Emitting Diode (HB LED) Sales Revenue Market Share by Region (2016-2021)
3.3 North America High Brightness Light-Emitting Diode (HB LED) Sales Volume
3.3.1 North America High Brightness Light-Emitting Diode (HB LED) Sales Volume Growth Rate (2016-2021)
3.3.2 North America High Brightness Light-Emitting Diode (HB LED) Sales Volume Capacity, Revenue, Price and Gross Margin (2016-2021)
3.4 East Asia High Brightness Light-Emitting Diode (HB LED) Sales Volume
3.4.1 East Asia High Brightness Light-Emitting Diode (HB LED) Sales Volume Growth Rate (2016-2021)
3.4.2 East Asia High Brightness Light-Emitting Diode (HB LED) Sales Volume Capacity, Revenue, Price and Gross Margin (2016-2021)
3.5 Europe High Brightness Light-Emitting Diode (HB LED) Sales Volume (2016-2021)
3.5.1 Europe High Brightness Light-Emitting Diode (HB LED) Sales Volume Growth Rate (2016-2021)
3.5.2 Europe High Brightness Light-Emitting Diode (HB LED) Sales Volume Capacity, Revenue, Price and Gross Margin (2016-2021)
3.6 South Asia High Brightness Light-Emitting Diode (HB LED) Sales Volume (2016-2021)
3.6.1 South Asia High Brightness Light-Emitting Diode (HB LED) Sales Volume Growth Rate (2016-2021)
3.6.2 South Asia High Brightness Light-Emitting Diode (HB LED) Sales Volume Capacity, Revenue, Price and Gross Margin (2016-2021)
3.7 Southeast Asia High Brightness Light-Emitting Diode (HB LED) Sales Volume (2016-2021)
3.7.1 Southeast Asia High Brightness Light-Emitting Diode (HB LED) Sales Volume Growth Rate (2016-2021)
3.7.2 Southeast Asia High Brightness Light-Emitting Diode (HB LED) Sales Volume Capacity, Revenue, Price and Gross Margin (2016-2021)
3.8 Middle East High Brightness Light-Emitting Diode (HB LED) Sales Volume (2016-2021)
3.8.1 Middle East High Brightness Light-Emitting Diode (HB LED) Sales Volume Growth Rate (2016-2021)
3.8.2 Middle East High Brightness Light-Emitting Diode (HB LED) Sales Volume Capacity, Revenue, Price and Gross Margin (2016-2021)
3.9 Africa High Brightness Light-Emitting Diode (HB LED) Sales Volume (2016-2021)
3.9.1 Africa High Brightness Light-Emitting Diode (HB LED) Sales Volume Growth Rate (2016-2021)
3.9.2 Africa High Brightness Light-Emitting Diode (HB LED) Sales Volume Capacity, Revenue, Price and Gross Margin (2016-2021)
3.10 Oceania High Brightness Light-Emitting Diode (HB LED) Sales Volume (2016-2021)
3.10.1 Oceania High Brightness Light-Emitting Diode (HB LED) Sales Volume Growth Rate (2016-2021)
3.10.2 Oceania High Brightness Light-Emitting Diode (HB LED) Sales Volume Capacity, Revenue, Price and Gross Margin (2016-2021)
3.11 South America High Brightness Light-Emitting Diode (HB LED) Sales Volume (2016-2021)
3.11.1 South America High Brightness Light-Emitting Diode (HB LED) Sales Volume Growth Rate (2016-2021)
3.11.2 South America High Brightness Light-Emitting Diode (HB LED) Sales Volume Capacity, Revenue, Price and Gross Margin (2016-2021)
3.12 Rest of the World High Brightness Light-Emitting Diode (HB LED) Sales Volume (2016-2021)
3.12.1 Rest of the World High Brightness Light-Emitting Diode (HB LED) Sales Volume Growth Rate (2016-2021)
3.12.2 Rest of the World High Brightness Light-Emitting Diode (HB LED) Sales Volume Capacity, Revenue, Price and Gross Margin (2016-2021)
4 North America
4.1 North America High Brightness Light-Emitting Diode (HB LED) Consumption by Countries
4.2 United States
4.3 Canada
4.4 Mexico
5 East Asia
5.1 East Asia High Brightness Light-Emitting Diode (HB LED) Consumption by Countries
5.2 China
5.3 Japan
5.4 South Korea
6 Europe
6.1 Europe High Brightness Light-Emitting Diode (HB LED) Consumption by Countries
6.2 Germany
6.3 United Kingdom
6.4 France
6.5 Italy
6.6 Russia
6.7 Spain
6.8 Netherlands
6.9 Switzerland
6.10 Poland
7 South Asia
7.1 South Asia High Brightness Light-Emitting Diode (HB LED) Consumption by Countries
7.2 India
7.3 Pakistan
7.4 Bangladesh
8 Southeast Asia
8.1 Southeast Asia High Brightness Light-Emitting Diode (HB LED) Consumption by Countries
8.2 Indonesia
8.3 Thailand
8.4 Singapore
8.5 Malaysia
8.6 Philippines
8.7 Vietnam
8.8 Myanmar
9 Middle East
9.1 Middle East High Brightness Light-Emitting Diode (HB LED) Consumption by Countries
9.2 Turkey
9.3 Saudi Arabia
9.4 Iran
9.5 United Arab Emirates
9.6 Israel
9.7 Iraq
9.8 Qatar
9.9 Kuwait
9.10 Oman
10 Africa
10.1 Africa High Brightness Light-Emitting Diode (HB LED) Consumption by Countries
10.2 Nigeria
10.3 South Africa
10.4 Egypt
10.5 Algeria
10.6 Morocco
11 Oceania
11.1 Oceania High Brightness Light-Emitting Diode (HB LED) Consumption by Countries
11.2 Australia
11.3 New Zealand
12 South America
12.1 South America High Brightness Light-Emitting Diode (HB LED) Consumption by Countries
12.2 Brazil
12.3 Argentina
12.4 Columbia
12.5 Chile
12.6 Venezuela
12.7 Peru
12.8 Puerto Rico
12.9 Ecuador
13 Rest of the World
13.1 Rest of the World High Brightness Light-Emitting Diode (HB LED) Consumption by Countries
13.2 Kazakhstan
14 Sales Volume, Sales Revenue, Sales Price Trend by Type
14.1 Global High Brightness Light-Emitting Diode (HB LED) Sales Volume Market Share by Type (2016-2021)
14.2 Global High Brightness Light-Emitting Diode (HB LED) Sales Revenue Market Share by Type (2016-2021)
14.3 Global High Brightness Light-Emitting Diode (HB LED) Sales Price by Type (2016-2021)
15 Consumption Analysis by Application
15.1 Global High Brightness Light-Emitting Diode (HB LED) Consumption Volume by Application (2016-2021)
15.2 Global High Brightness Light-Emitting Diode (HB LED) Consumption Value by Application (2016-2021)
16 Company Profiles and Key Figures in High Brightness Light-Emitting Diode (HB LED) Business
16.1 Epistar Corp
16.1.1 Epistar Corp Company Profile
16.1.2 Epistar Corp High Brightness Light-Emitting Diode (HB LED) Product Specification
16.1.3 Epistar Corp High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.2 Cree, Inc.
16.2.1 Cree, Inc. Company Profile
16.2.2 Cree, Inc. High Brightness Light-Emitting Diode (HB LED) Product Specification
16.2.3 Cree, Inc. High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.3 Philips Lumileds
16.3.1 Philips Lumileds Company Profile
16.3.2 Philips Lumileds High Brightness Light-Emitting Diode (HB LED) Product Specification
16.3.3 Philips Lumileds High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.4 Moritex Corporation
16.4.1 Moritex Corporation Company Profile
16.4.2 Moritex Corporation High Brightness Light-Emitting Diode (HB LED) Product Specification
16.4.3 Moritex Corporation High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.5 Samsung Electronics Co Ltd
16.5.1 Samsung Electronics Co Ltd Company Profile
16.5.2 Samsung Electronics Co Ltd High Brightness Light-Emitting Diode (HB LED) Product Specification
16.5.3 Samsung Electronics Co Ltd High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.6 Seoul semiconductor
16.6.1 Seoul semiconductor Company Profile
16.6.2 Seoul semiconductor High Brightness Light-Emitting Diode (HB LED) Product Specification
16.6.3 Seoul semiconductor High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.7 Osram Opto Semiconductor
16.7.1 Osram Opto Semiconductor Company Profile
16.7.2 Osram Opto Semiconductor High Brightness Light-Emitting Diode (HB LED) Product Specification
16.7.3 Osram Opto Semiconductor High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.8 American Bright Optoelectronics Corps
16.8.1 American Bright Optoelectronics Corps Company Profile
16.8.2 American Bright Optoelectronics Corps High Brightness Light-Emitting Diode (HB LED) Product Specification
16.8.3 American Bright Optoelectronics Corps High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.9 Nichia Corporation
16.9.1 Nichia Corporation Company Profile
16.9.2 Nichia Corporation High Brightness Light-Emitting Diode (HB LED) Product Specification
16.9.3 Nichia Corporation High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.10 Toyoda Gosei
16.10.1 Toyoda Gosei Company Profile
16.10.2 Toyoda Gosei High Brightness Light-Emitting Diode (HB LED) Product Specification
16.10.3 Toyoda Gosei High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.11 Eaton Corporation
16.11.1 Eaton Corporation Company Profile
16.11.2 Eaton Corporation High Brightness Light-Emitting Diode (HB LED) Product Specification
16.11.3 Eaton Corporation High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.12 Everlight Electronics Co., Ltd.
16.12.1 Everlight Electronics Co., Ltd. Company Profile
16.12.2 Everlight Electronics Co., Ltd. High Brightness Light-Emitting Diode (HB LED) Product Specification
16.12.3 Everlight Electronics Co., Ltd. High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.13 Intematix Corporation
16.13.1 Intematix Corporation Company Profile
16.13.2 Intematix Corporation High Brightness Light-Emitting Diode (HB LED) Product Specification
16.13.3 Intematix Corporation High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.14 GE Lighting Solutions
16.14.1 GE Lighting Solutions Company Profile
16.14.2 GE Lighting Solutions High Brightness Light-Emitting Diode (HB LED) Product Specification
16.14.3 GE Lighting Solutions High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.15 LG Innotek Co Ltd
16.15.1 LG Innotek Co Ltd Company Profile
16.15.2 LG Innotek Co Ltd High Brightness Light-Emitting Diode (HB LED) Product Specification
16.15.3 LG Innotek Co Ltd High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.16 Broadcom Ltd.
16.16.1 Broadcom Ltd. Company Profile
16.16.2 Broadcom Ltd. High Brightness Light-Emitting Diode (HB LED) Product Specification
16.16.3 Broadcom Ltd. High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.17 Kingbright Electronic Co, Ltd
16.17.1 Kingbright Electronic Co, Ltd Company Profile
16.17.2 Kingbright Electronic Co, Ltd High Brightness Light-Emitting Diode (HB LED) Product Specification
16.17.3 Kingbright Electronic Co, Ltd High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
16.18 International Light Technologies
16.18.1 International Light Technologies Company Profile
16.18.2 International Light Technologies High Brightness Light-Emitting Diode (HB LED) Product Specification
16.18.3 International Light Technologies High Brightness Light-Emitting Diode (HB LED) Production Capacity, Revenue, Price and Gross Margin (2016-2021)
17 High Brightness Light-Emitting Diode (HB LED) Manufacturing Cost Analysis
17.1 High Brightness Light-Emitting Diode (HB LED) Key Raw Materials Analysis
17.1.1 Key Raw Materials
17.2 Proportion of Manufacturing Cost Structure
17.3 Manufacturing Process Analysis of High Brightness Light-Emitting Diode (HB LED)
17.4 High Brightness Light-Emitting Diode (HB LED) Industrial Chain Analysis
18 Marketing Channel, Distributors and Customers
18.1 Marketing Channel
18.2 High Brightness Light-Emitting Diode (HB LED) Distributors List
18.3 High Brightness Light-Emitting Diode (HB LED) Customers
19 Market Dynamics
19.1 Market Trends
19.2 Opportunities and Drivers
19.3 Challenges
19.4 Porter's Five Forces Analysis
20 Production and Supply Forecast
20.1 Global Forecasted Production of High Brightness Light-Emitting Diode (HB LED) (2022-2027)
20.2 Global Forecasted Revenue of High Brightness Light-Emitting Diode (HB LED) (2022-2027)
20.3 Global Forecasted Price of High Brightness Light-Emitting Diode (HB LED) (2016-2027)
20.4 Global Forecasted Production of High Brightness Light-Emitting Diode (HB LED) by Region (2022-2027)
20.4.1 North America High Brightness Light-Emitting Diode (HB LED) Production, Revenue Forecast (2022-2027)
20.4.2 East Asia High Brightness Light-Emitting Diode (HB LED) Production, Revenue Forecast (2022-2027)
20.4.3 Europe High Brightness Light-Emitting Diode (HB LED) Production, Revenue Forecast (2022-2027)
20.4.4 South Asia High Brightness Light-Emitting Diode (HB LED) Production, Revenue Forecast (2022-2027)
20.4.5 Southeast Asia High Brightness Light-Emitting Diode (HB LED) Production, Revenue Forecast (2022-2027)
20.4.6 Middle East High Brightness Light-Emitting Diode (HB LED) Production, Revenue Forecast (2022-2027)
20.4.7 Africa High Brightness Light-Emitting Diode (HB LED) Production, Revenue Forecast (2022-2027)
20.4.8 Oceania High Brightness Light-Emitting Diode (HB LED) Production, Revenue Forecast (2022-2027)
20.4.9 South America High Brightness Light-Emitting Diode (HB LED) Production, Revenue Forecast (2022-2027)
20.4.10 Rest of the World High Brightness Light-Emitting Diode (HB LED) Production, Revenue Forecast (2022-2027)
20.5 Forecast by Type and by Application (2022-2027)
20.5.1 Global Sales Volume, Sales Revenue and Sales Price Forecast by Type (2022-2027)
20.5.2 Global Forecasted Consumption of High Brightness Light-Emitting Diode (HB LED) by Application (2022-2027)
21 Consumption and Demand Forecast
21.1 North America Forecasted Consumption of High Brightness Light-Emitting Diode (HB LED) by Country
21.2 East Asia Market Forecasted Consumption of High Brightness Light-Emitting Diode (HB LED) by Country
21.3 Europe Market Forecasted Consumption of High Brightness Light-Emitting Diode (HB LED) by Countriy
21.4 South Asia Forecasted Consumption of High Brightness Light-Emitting Diode (HB LED) by Country
21.5 Southeast Asia Forecasted Consumption of High Brightness Light-Emitting Diode (HB LED) by Country
21.6 Middle East Forecasted Consumption of High Brightness Light-Emitting Diode (HB LED) by Country
21.7 Africa Forecasted Consumption of High Brightness Light-Emitting Diode (HB LED) by Country
21.8 Oceania Forecasted Consumption of High Brightness Light-Emitting Diode (HB LED) by Country
21.9 South America Forecasted Consumption of High Brightness Light-Emitting Diode (HB LED) by Country
21.10 Rest of the world Forecasted Consumption of High Brightness Light-Emitting Diode (HB LED) by Country
22 Research Findings and Conclusion
23 Methodology and Data Source
23.1 Methodology/Research Approach
23.1.1 Research Programs/Design
23.1.2 Market Size Estimation
23.1.3 Market Breakdown and Data Triangulation
23.2 Data Source
23.2.1 Secondary Sources
23.2.2 Primary Sources
23.3 Disclaimer