Product Code: ETC13407804 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
Publisher: 6Wresearch | Author: Shubham Padhi | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the Global Aircraft DC-DC Converter Market was valued at USD 0.7 Billion in 2024 and is expected to reach USD 1.1 Billion by 2031, growing at a compound annual growth rate of 4.80% during the forecast period (2025-2031).
The Global Aircraft DC-DC Converter Market is experiencing steady growth driven by the increasing demand for more efficient power management solutions in the aviation industry. DC-DC converters play a crucial role in converting and regulating electrical power in aircraft systems, ensuring optimal performance and reliability. Factors such as the rising adoption of electric and hybrid-electric aircraft, advancements in power electronics technology, and the need for lightweight and compact power solutions are driving the market growth. Additionally, stringent regulations on energy efficiency and emissions are further propelling the demand for efficient power conversion solutions in the aviation sector. Key market players are focusing on developing innovative and high-performance DC-DC converters to cater to the evolving needs of the aircraft industry, contributing to the overall expansion of the market.
The Global Aircraft DC-DC Converter Market is experiencing a growing demand due to the increasing adoption of electric and hybrid-electric aircraft. This trend is driven by the aviation industry`s focus on reducing carbon emissions and improving fuel efficiency. The market is also benefiting from advancements in power electronics technology, leading to the development of more efficient and compact DC-DC converters. Additionally, the rise in demand for in-flight entertainment systems and connectivity solutions in aircraft is creating opportunities for DC-DC converter manufacturers. Furthermore, the growing investments in the development of electric propulsion systems for urban air mobility and unmanned aerial vehicles are expected to drive further growth in the aircraft DC-DC converter market. Overall, companies operating in this market have a chance to capitalize on these trends by enhancing their product offerings to meet the evolving needs of the aviation industry.
The Global Aircraft DC-DC Converter Market faces several challenges, including stringent regulatory requirements for aviation safety, the need for continuous technological advancements to ensure compatibility with evolving aircraft systems, and the increasing demand for lightweight and compact converters to optimize fuel efficiency. Additionally, the market is susceptible to fluctuations in raw material prices, which can impact manufacturing costs. Competition among key players and the presence of counterfeit products further compound the challenges in this market. To succeed in this highly competitive industry, companies need to invest in research and development to stay ahead of technological advancements, maintain compliance with strict regulations, and focus on innovative solutions that offer reliability and efficiency to aircraft manufacturers and operators.
The Global Aircraft DC-DC Converter Market is primarily driven by the increasing demand for reliable power supply solutions in modern aircraft systems. The need for efficient power management and distribution in aircrafts, coupled with the rising trend towards electrification of aircraft components, is fueling the demand for DC-DC converters. Additionally, the growing focus on reducing weight and improving fuel efficiency in aircrafts is driving the adoption of lightweight and compact DC-DC converters. Furthermore, advancements in technology, such as the development of power electronics and semiconductor devices, are enabling the integration of advanced features in DC-DC converters, further boosting their demand in the aviation industry. Overall, the market is expected to witness steady growth due to these factors.
Government policies related to the Global Aircraft DC-DC Converter Market focus on ensuring safety, reliability, and efficiency in aircraft electrical systems. Regulatory bodies such as the Federal Aviation Administration (FAA) and the European Aviation Safety Agency (EASA) set standards for the design, manufacturing, and installation of DC-DC converters to meet stringent requirements for airworthiness. These policies aim to mitigate risks associated with electrical failures, ensure compatibility with other aircraft systems, and promote the use of environmentally friendly technologies. Additionally, government initiatives encourage research and development in the aviation industry to drive innovation and improve the overall performance of DC-DC converters in aircraft applications. Compliance with these policies is crucial for manufacturers and suppliers operating in the Global Aircraft DC-DC Converter Market to maintain market access and ensure the safety of air travel.
The Global Aircraft DC-DC Converter Market is expected to witness steady growth in the coming years, driven by increasing demand for more efficient power management systems in modern aircraft. The growing adoption of electrically powered systems, such as avionics equipment, in-flight entertainment systems, and lighting, is fueling the demand for DC-DC converters. Additionally, the rising focus on reducing overall aircraft weight to improve fuel efficiency and lower emissions is driving the development of lightweight and compact DC-DC converters. Technological advancements in power electronics and the increasing integration of advanced features like remote monitoring and diagnostics are also expected to contribute to market growth. However, challenges related to thermal management, electromagnetic interference, and stringent regulatory requirements may pose constraints to market expansion. Overall, the Global Aircraft DC-DC Converter Market is poised for growth opportunities in the foreseeable future.
In the global aircraft DC-DC converter market, Asia is expected to witness significant growth due to the increasing air passenger traffic in countries like China and India, leading to higher demand for commercial aircraft. North America is likely to dominate the market owing to the presence of major aircraft manufacturers and technological advancements in the region. Europe is projected to show steady growth with the rising focus on fuel efficiency and sustainability in the aviation sector. The Middle East and Africa region is anticipated to experience growth driven by the expanding aviation industry and increasing investments in modernizing aircraft fleets. Latin America is expected to witness moderate growth due to the improving economic conditions and increasing air travel in the region.
Global Aircraft DC-DC Converter Market |
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Aircraft DC-DC Converter Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Aircraft DC-DC Converter Market Revenues & Volume, 2021 & 2031F |
3.3 Global Aircraft DC-DC Converter Market - Industry Life Cycle |
3.4 Global Aircraft DC-DC Converter Market - Porter's Five Forces |
3.5 Global Aircraft DC-DC Converter Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Aircraft DC-DC Converter Market Revenues & Volume Share, By Aircraft Type, 2021 & 2031F |
3.7 Global Aircraft DC-DC Converter Market Revenues & Volume Share, By Form Factor, 2021 & 2031F |
3.8 Global Aircraft DC-DC Converter Market Revenues & Volume Share, By Input Voltage, 2021 & 2031F |
3.9 Global Aircraft DC-DC Converter Market Revenues & Volume Share, By Output Voltage, 2021 & 2031F |
3.10 Global Aircraft DC-DC Converter Market Revenues & Volume Share, By Output Power, 2021 & 2031F |
3.11 Global Aircraft DC-DC Converter Market Revenues & Volume Share, By Output Number, 2021 & 2031F |
3.12 Global Aircraft DC-DC Converter Market Revenues & Volume Share, By Type, 2021 & 2031F |
3.13 Global Aircraft DC-DC Converter Market Revenues & Volume Share, By Application, 2021 & 2031F |
4 Global Aircraft DC-DC Converter Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Aircraft DC-DC Converter Market Trends |
6 Global Aircraft DC-DC Converter Market, 2021 - 2031 |
6.1 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Aircraft Type, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Fixed Wing, 2021 - 2031 |
6.1.3 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Rotary Wing, 2021 - 2031 |
6.1.4 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Unmanned Aerial Vehicles, 2021 - 2031 |
6.1.5 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Air Taxis, 2021 - 2031 |
6.2 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Form Factor, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Chassis Mount, 2021 - 2031 |
6.2.3 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Encapsulated, 2021 - 2031 |
6.2.4 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Brick, 2021 - 2031 |
6.2.5 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Others, 2021 - 2031 |
6.3 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Input Voltage, 2021 - 2031 |
6.3.1 Overview & Analysis |
6.3.2 Global Aircraft DC-DC Converter Market, Revenues & Volume, By <28V, 2021 - 2031 |
6.3.3 Global Aircraft DC-DC Converter Market, Revenues & Volume, By 28-75V, 2021 - 2031 |
6.3.4 Global Aircraft DC-DC Converter Market, Revenues & Volume, By 75-270V, 2021 - 2031 |
6.3.5 Global Aircraft DC-DC Converter Market, Revenues & Volume, By 270-800V, 2021 - 2031 |
6.3.6 Global Aircraft DC-DC Converter Market, Revenues & Volume, By >800V, 2021 - 2031 |
6.4 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Output Voltage, 2021 - 2031 |
6.4.1 Overview & Analysis |
6.4.2 Global Aircraft DC-DC Converter Market, Revenues & Volume, By <5V, 2021 - 2031 |
6.4.3 Global Aircraft DC-DC Converter Market, Revenues & Volume, By 12V, 2021 - 2031 |
6.4.4 Global Aircraft DC-DC Converter Market, Revenues & Volume, By 15V, 2021 - 2031 |
6.4.5 Global Aircraft DC-DC Converter Market, Revenues & Volume, By 24V, 2021 - 2031 |
6.4.6 Global Aircraft DC-DC Converter Market, Revenues & Volume, By 48V, 2021 - 2031 |
6.4.7 Global Aircraft DC-DC Converter Market, Revenues & Volume, By >48V, 2021 - 2031 |
6.5 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Output Power, 2021 - 2031 |
6.5.1 Overview & Analysis |
6.5.2 Global Aircraft DC-DC Converter Market, Revenues & Volume, By <10W, 2021 - 2031 |
6.5.3 Global Aircraft DC-DC Converter Market, Revenues & Volume, By 10-29W, 2021 - 2031 |
6.5.4 Global Aircraft DC-DC Converter Market, Revenues & Volume, By 30-99W, 2021 - 2031 |
6.5.5 Global Aircraft DC-DC Converter Market, Revenues & Volume, By 100-250W, 2021 - 2031 |
6.5.6 Global Aircraft DC-DC Converter Market, Revenues & Volume, By 250-500W, 2021 - 2031 |
6.5.7 Global Aircraft DC-DC Converter Market, Revenues & Volume, By 500-1,000W, 2021 - 2031 |
6.5.8 Global Aircraft DC-DC Converter Market, Revenues & Volume, By >1,000W, 2021 - 2031 |
6.6 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Output Number, 2021 - 2031 |
6.6.1 Overview & Analysis |
6.6.2 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Single Output, 2021 - 2031 |
6.6.3 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Dual Output, 2021 - 2031 |
6.6.4 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Multiple Output, 2021 - 2031 |
6.7 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Type, 2021 - 2031 |
6.7.1 Overview & Analysis |
6.7.2 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Isolated, 2021 - 2031 |
6.7.3 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Non-Isolated, 2021 - 2031 |
6.8 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Application, 2021 - 2031 |
6.8.1 Overview & Analysis |
6.8.2 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Avionics, 2021 - 2031 |
6.8.3 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Flight Control System, 2021 - 2031 |
6.8.4 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Surveillance System, 2021 - 2031 |
6.8.5 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Environmental Control System, 2021 - 2031 |
6.8.6 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Energy Storage System, 2021 - 2031 |
6.8.7 Global Aircraft DC-DC Converter Market, Revenues & Volume, By Others, 2021 - 2031 |
7 North America Aircraft DC-DC Converter Market, Overview & Analysis |
7.1 North America Aircraft DC-DC Converter Market Revenues & Volume, 2021 - 2031 |
7.2 North America Aircraft DC-DC Converter Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Aircraft DC-DC Converter Market, Revenues & Volume, By Aircraft Type, 2021 - 2031 |
7.4 North America Aircraft DC-DC Converter Market, Revenues & Volume, By Form Factor, 2021 - 2031 |
7.5 North America Aircraft DC-DC Converter Market, Revenues & Volume, By Input Voltage, 2021 - 2031 |
7.6 North America Aircraft DC-DC Converter Market, Revenues & Volume, By Output Voltage, 2021 - 2031 |
7.7 North America Aircraft DC-DC Converter Market, Revenues & Volume, By Output Power, 2021 - 2031 |
7.8 North America Aircraft DC-DC Converter Market, Revenues & Volume, By Output Number, 2021 - 2031 |
7.9 North America Aircraft DC-DC Converter Market, Revenues & Volume, By Type, 2021 - 2031 |
7.10 North America Aircraft DC-DC Converter Market, Revenues & Volume, By Application, 2021 - 2031 |
8 Latin America (LATAM) Aircraft DC-DC Converter Market, Overview & Analysis |
8.1 Latin America (LATAM) Aircraft DC-DC Converter Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Aircraft DC-DC Converter Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Aircraft DC-DC Converter Market, Revenues & Volume, By Aircraft Type, 2021 - 2031 |
8.4 Latin America (LATAM) Aircraft DC-DC Converter Market, Revenues & Volume, By Form Factor, 2021 - 2031 |
8.5 Latin America (LATAM) Aircraft DC-DC Converter Market, Revenues & Volume, By Input Voltage, 2021 - 2031 |
8.6 Latin America (LATAM) Aircraft DC-DC Converter Market, Revenues & Volume, By Output Voltage, 2021 - 2031 |
8.7 Latin America (LATAM) Aircraft DC-DC Converter Market, Revenues & Volume, By Output Power, 2021 - 2031 |
8.8 Latin America (LATAM) Aircraft DC-DC Converter Market, Revenues & Volume, By Output Number, 2021 - 2031 |
8.9 Latin America (LATAM) Aircraft DC-DC Converter Market, Revenues & Volume, By Type, 2021 - 2031 |
8.10 Latin America (LATAM) Aircraft DC-DC Converter Market, Revenues & Volume, By Application, 2021 - 2031 |
9 Asia Aircraft DC-DC Converter Market, Overview & Analysis |
9.1 Asia Aircraft DC-DC Converter Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Aircraft DC-DC Converter Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Aircraft DC-DC Converter Market, Revenues & Volume, By Aircraft Type, 2021 - 2031 |
9.4 Asia Aircraft DC-DC Converter Market, Revenues & Volume, By Form Factor, 2021 - 2031 |
9.5 Asia Aircraft DC-DC Converter Market, Revenues & Volume, By Input Voltage, 2021 - 2031 |
9.6 Asia Aircraft DC-DC Converter Market, Revenues & Volume, By Output Voltage, 2021 - 2031 |
9.7 Asia Aircraft DC-DC Converter Market, Revenues & Volume, By Output Power, 2021 - 2031 |
9.8 Asia Aircraft DC-DC Converter Market, Revenues & Volume, By Output Number, 2021 - 2031 |
9.9 Asia Aircraft DC-DC Converter Market, Revenues & Volume, By Type, 2021 - 2031 |
9.10 Asia Aircraft DC-DC Converter Market, Revenues & Volume, By Application, 2021 - 2031 |
10 Africa Aircraft DC-DC Converter Market, Overview & Analysis |
10.1 Africa Aircraft DC-DC Converter Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Aircraft DC-DC Converter Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Aircraft DC-DC Converter Market, Revenues & Volume, By Aircraft Type, 2021 - 2031 |
10.4 Africa Aircraft DC-DC Converter Market, Revenues & Volume, By Form Factor, 2021 - 2031 |
10.5 Africa Aircraft DC-DC Converter Market, Revenues & Volume, By Input Voltage, 2021 - 2031 |
10.6 Africa Aircraft DC-DC Converter Market, Revenues & Volume, By Output Voltage, 2021 - 2031 |
10.7 Africa Aircraft DC-DC Converter Market, Revenues & Volume, By Output Power, 2021 - 2031 |
10.8 Africa Aircraft DC-DC Converter Market, Revenues & Volume, By Output Number, 2021 - 2031 |
10.9 Africa Aircraft DC-DC Converter Market, Revenues & Volume, By Type, 2021 - 2031 |
10.10 Africa Aircraft DC-DC Converter Market, Revenues & Volume, By Application, 2021 - 2031 |
11 Europe Aircraft DC-DC Converter Market, Overview & Analysis |
11.1 Europe Aircraft DC-DC Converter Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Aircraft DC-DC Converter Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Aircraft DC-DC Converter Market, Revenues & Volume, By Aircraft Type, 2021 - 2031 |
11.4 Europe Aircraft DC-DC Converter Market, Revenues & Volume, By Form Factor, 2021 - 2031 |
11.5 Europe Aircraft DC-DC Converter Market, Revenues & Volume, By Input Voltage, 2021 - 2031 |
11.6 Europe Aircraft DC-DC Converter Market, Revenues & Volume, By Output Voltage, 2021 - 2031 |
11.7 Europe Aircraft DC-DC Converter Market, Revenues & Volume, By Output Power, 2021 - 2031 |
11.8 Europe Aircraft DC-DC Converter Market, Revenues & Volume, By Output Number, 2021 - 2031 |
11.9 Europe Aircraft DC-DC Converter Market, Revenues & Volume, By Type, 2021 - 2031 |
11.10 Europe Aircraft DC-DC Converter Market, Revenues & Volume, By Application, 2021 - 2031 |
12 Middle East Aircraft DC-DC Converter Market, Overview & Analysis |
12.1 Middle East Aircraft DC-DC Converter Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Aircraft DC-DC Converter Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Aircraft DC-DC Converter Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Aircraft DC-DC Converter Market, Revenues & Volume, By Aircraft Type, 2021 - 2031 |
12.4 Middle East Aircraft DC-DC Converter Market, Revenues & Volume, By Form Factor, 2021 - 2031 |
12.5 Middle East Aircraft DC-DC Converter Market, Revenues & Volume, By Input Voltage, 2021 - 2031 |
12.6 Middle East Aircraft DC-DC Converter Market, Revenues & Volume, By Output Voltage, 2021 - 2031 |
12.7 Middle East Aircraft DC-DC Converter Market, Revenues & Volume, By Output Power, 2021 - 2031 |
12.8 Middle East Aircraft DC-DC Converter Market, Revenues & Volume, By Output Number, 2021 - 2031 |
12.9 Middle East Aircraft DC-DC Converter Market, Revenues & Volume, By Type, 2021 - 2031 |
12.10 Middle East Aircraft DC-DC Converter Market, Revenues & Volume, By Application, 2021 - 2031 |
13 Global Aircraft DC-DC Converter Market Key Performance Indicators |
14 Global Aircraft DC-DC Converter Market - Export/Import By Countries Assessment |
15 Global Aircraft DC-DC Converter Market - Opportunity Assessment |
15.1 Global Aircraft DC-DC Converter Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Aircraft DC-DC Converter Market Opportunity Assessment, By Aircraft Type, 2021 & 2031F |
15.3 Global Aircraft DC-DC Converter Market Opportunity Assessment, By Form Factor, 2021 & 2031F |
15.4 Global Aircraft DC-DC Converter Market Opportunity Assessment, By Input Voltage, 2021 & 2031F |
15.5 Global Aircraft DC-DC Converter Market Opportunity Assessment, By Output Voltage, 2021 & 2031F |
15.6 Global Aircraft DC-DC Converter Market Opportunity Assessment, By Output Power, 2021 & 2031F |
15.7 Global Aircraft DC-DC Converter Market Opportunity Assessment, By Output Number, 2021 & 2031F |
15.8 Global Aircraft DC-DC Converter Market Opportunity Assessment, By Type, 2021 & 2031F |
15.9 Global Aircraft DC-DC Converter Market Opportunity Assessment, By Application, 2021 & 2031F |
16 Global Aircraft DC-DC Converter Market - Competitive Landscape |
16.1 Global Aircraft DC-DC Converter Market Revenue Share, By Companies, 2024 |
16.2 Global Aircraft DC-DC Converter Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |