水耕市場－全球產業規模、佔有率、趨勢、機會及預測，依類型、設備、投入、耕作方式、作物類型、地區及競爭細分，2020-2030 年預測

2024年全球水耕市場規模為123.4億美元，預計到2030年將達到190.5億美元，複合年成長率為7.46%。水耕是一種先進的農業技術，正在徹底改變我們種植植物的方式。它涉及無土栽培作物，利用富含營養的水溶液將重要礦物質直接輸送到植物根部。這種創新方法具有許多優勢。與傳統的土壤耕作相比，它顯著減少了用水量，從而最大限度地提高了資源效率。此外，水耕能夠精確控制溫度、濕度和光照等環境因素，最佳化植物生長，並最大限度地減少對殺蟲劑或除草劑的需求。這種方法用途廣泛，可以在各種環境下種植，從城市屋頂到乾燥沙漠，實現全年生產，打破季節性耕作的限制。此外，它還能減輕土傳病害，提高作物產量，為因應全球糧食安全挑戰提供潛在的解決方案。隨著世界努力應對日益增加的人口壓力和環境問題，水耕技術成為一種領先的永續農業實踐，為更有效率、更有彈性、更環保的糧食生產系統提供了一條有希望的道路。

都市化趨勢的加劇和耕地資源的不斷減少，進一步加速了全球水耕技術的普及。在人口密集的地區，尤其是在空間有限的城市，水耕系統為本地種植新鮮農產品提供了可行的解決方案。垂直農業、貨櫃農業和屋頂水耕裝置在城市中心越來越受歡迎，使社區無需依賴長途供應鏈即可獲得無農藥、營養豐富的蔬菜。這不僅減少了運輸排放，也確保了食品品質的穩定性。此外，政府的措施、技術進步以及對受控環境農業的持續投資，正在為水耕技術的蓬勃發展創造有利的生態系統。

技術創新在水耕市場的快速擴張中發揮關鍵作用。自動化、物聯網、人工智慧和資料分析技術融入水耕種植系統，使種植者能夠即時監測植物的健康狀況、營養水平和環境條件。這些技術提高了生產力，降低了勞動成本，並確保了作物品質的一致性。此外，教育計畫以及研究機構和私人企業之間的合作正在促進知識轉移和創新，使水耕技​​術更容易普及和推廣。隨著永續性和糧食韌性成為全球優先事項，水耕技術作為面向未來農業的變革性解決方案，將繼續獲得發展動力。

關鍵市場促進因素

垂直農業和室內種植的興起趨勢

主要市場挑戰

初始投資高

主要市場趨勢

與傳統農業相比減少用水量

目錄

第 1 章：產品概述

第2章：研究方法

第3章：執行摘要

第4章：顧客之聲

第5章：全球水耕市場展望

• 市場規模和預測
  • 按價值
• 市場佔有率和預測
  • 按類型（骨材系統和液體系統）
  • 依設備（暖通空調、LED 生長燈、控制系統、灌溉系統、物料搬運等）
  • 按輸入（營養和生長培養基）
  • 依耕作方式（室內和室外）
  • 依作物類型（蔬菜、水果、花卉等）
  • 按地區
  • 按公司分類（2024）
• 市場地圖

第6章：北美水耕市場展望

• 市場規模和預測
• 市場佔有率和預測
• 北美：國家分析
  • 美國
  • 加拿大
  • 墨西哥

第7章：歐洲水耕市場展望

• 市場規模和預測
• 市場佔有率和預測
• 歐洲：國家分析
  • 德國
  • 英國
  • 義大利
  • 法國
  • 西班牙

第8章：亞太水耕市場展望

• 市場規模和預測
• 市場佔有率和預測
• 亞太地區：國家分析
  • 中國
  • 印度
  • 日本
  • 韓國
  • 澳洲

第9章：南美水耕市場展望

• 市場規模和預測
• 市場佔有率和預測
• 南美洲：國家分析
  • 巴西
  • 阿根廷
  • 哥倫比亞

第10章：中東和非洲水耕市場展望

• 市場規模和預測
• 市場佔有率和預測
• MEA：國家分析
  • 南非
  • 沙烏地阿拉伯
  • 阿拉伯聯合大公國
• 驅動程式
• 挑戰

第 11 章：市場趨勢與發展

• 近期發展
• 併購
• 產品發布

第 12 章：全球水耕市場：SWOT 分析

第 13 章：波特五力分析

• 產業競爭
• 新進入者的潛力
• 供應商的力量
• 顧客的力量
• 替代產品的威脅

第 14 章：競爭格局

• AeroFarms
• Argus Control Systems Limited
• BrightFarms
• General Hydroponics Inc.
• GreenTech Agro LLC
• GrowLife Inc.
• Hydrodynamics International
• Hydrofarm LLC
• LumiGrow Inc.
• Thanet Earth Limited

第 15 章：策略建議

第16章調查會社について,免責事項

Global Hydroponics Market was valued at USD 12.34 billion in 2024 and is expected to reach USD 19.05 billion in the forecast period with a CAGR of 7.46% through 2030. Hydroponics is an advanced agricultural technique that is revolutionizing the way we cultivate plants. It involves the cultivation of crops without soil, utilizing a nutrient-rich water solution to directly deliver vital minerals to plant roots. This innovative approach offers numerous advantages. It maximizes resource efficiency by significantly reducing water consumption compared to traditional soil-based farming. Moreover, hydroponics enables precise control over environmental factors such as temperature, humidity, and light, optimizing plant growth and minimizing the need for pesticides or herbicides. The versatility of this method allows for cultivation in various settings, ranging from urban rooftops to arid deserts, enabling year-round production and eliminating the limitations of seasonal farming. Furthermore, it mitigates soil-borne diseases, enhances crop yields, and presents a potential solution to global food security challenges. As our world grapples with increasing population pressures and environmental concerns, hydroponics emerges as a leading sustainable agricultural practice, offering a promising path towards more efficient, resilient, and environmentally friendly food production systems.

The growing trend of urbanization and the shrinking availability of arable land are further accelerating the adoption of hydroponics worldwide. In densely populated regions, especially in cities where space is limited, hydroponic systems provide a viable solution for cultivating fresh produce locally. Vertical farming, container-based farming, and rooftop hydroponic setups are gaining traction in urban centers, enabling communities to access pesticide-free, nutrient-rich vegetables without depending on long-distance supply chains. This not only reduces transportation emissions but also ensures consistent food quality. Additionally, government initiatives, technology advancements, and increased investment in controlled-environment agriculture are creating a favorable ecosystem for hydroponics to flourish.

Technological innovation plays a pivotal role in the rapid expansion of the hydroponics market. The integration of automation, IoT, artificial intelligence, and data analytics into hydroponic farming systems allows growers to monitor plant health, nutrient levels, and environmental conditions in real-time. These technologies enhance productivity, reduce labor costs, and ensure consistency in crop quality. Furthermore, educational programs and collaborations between research institutions and private companies are fostering knowledge transfer and innovation, making hydroponics more accessible and scalable. As sustainability and food resilience become global priorities, hydroponics continues to gain momentum as a transformative solution for future-ready agriculture.

Key Market Drivers

Rising Trend of Vertical Farming & Indoor Cultivation

The rising popularity of vertical farming and indoor cultivation is significantly boosting global demand for hydroponics. In 2024, over 37,000 vertical farming units were operational globally, with hydroponics accounting for approximately 85% of these systems. The method is ideal for maximizing limited urban space by enabling the growth of crops in stacked layers. Controlled indoor environments ensure optimal conditions for plant growth while reducing dependency on natural climate cycles. This makes hydroponics a central pillar in vertical farms, especially for producing leafy greens, herbs, and microgreens in densely populated urban areas.

Water efficiency is a key benefit driving the adoption of hydroponics in vertical farming. Compared to traditional soil-based agriculture, hydroponic systems use up to 95% less water. This conservation is made possible through closed-loop irrigation and precise nutrient delivery, making hydroponics a sustainable solution for regions facing water scarcity. Urban vertical farms that adopt hydroponics drastically reduce water wastage while improving productivity, helping cities meet their fresh food needs without placing undue stress on natural resources. Such water-saving capabilities also align with global sustainability goals and agricultural modernization strategies.

Hydroponic vertical farms are known to deliver up to 10 times higher yield per square foot than conventional farming methods. This increase in productivity is vital for feeding growing urban populations where arable land is limited or expensive. By stacking multiple layers of crops and maintaining consistent environmental conditions, farmers can achieve reliable, year-round harvests. This high-output farming model ensures a steady supply of fresh produce with fewer inputs, contributing to food security while lowering dependence on rural farmlands and long-distance supply chains.

Key Market Challenges

High Initial Investment

High initial investment is considered one of the significant barriers to the global adoption of hydroponics farming. This innovative agricultural technique, while offering substantial benefits in terms of water usage efficiency and space optimization, requires a sizable upfront capital investment. Prospective hydroponic farmers must account for the costs associated with acquiring the necessary equipment, including growth chambers, lighting systems, and nutrient solution reservoirs. Additionally, the costs of setting up a controlled environment for crop growth, which often entails building greenhouses or indoor spaces with regulated temperature, light, and humidity, are also substantial. These high costs can be prohibitive for small-scale farmers or those in developing countries where access to capital is limited. Consequently, the demand for hydroponics could decrease globally, as farmers may opt for traditional farming methods with lower entry costs. However, it's important to note that the long-term benefits and potential profitability of hydroponics could offset initial investments, but this requires a change in perspective that prioritizes long-term sustainability over short-term expenditures.

Key Market Trends

Reduction in Water Usage Compared to Traditional Farming

Hydroponics, an innovative method of soil-less farming, is anticipated to witness a surge in demand globally, primarily due to its remarkable efficiency in water usage as compared to traditional farming. Traditional agriculture is notorious for its excessive water consumption, largely due to inefficient irrigation systems and water loss through soil evaporation. On the other hand, hydroponics operates on a recirculation model, which considerably reduces water usage (by up to 90% in some cases) as the nutrient solution is recycled and reused. This not only makes hydroponic systems more environmentally friendly but also presents a viable solution for farming in regions with water scarcity. As global concern grows regarding dwindling fresh water supplies, the efficiency of hydroponics becomes increasingly appealing. Furthermore, the escalating effects of climate change and the urgency for more sustainable farming practices are expected to further drive the demand for hydroponic systems worldwide. The food production sector is continuously seeking ways to diminish its environmental footprint, and hydroponics offers a compelling solution, coupling efficient water usage with high crop yields. Thus, the reduction in water usage compared to conventional farming is a significant factor expected to propel the adoption of hydroponics globally.

Key Market Players

• AeroFarms
• Argus Control Systems Limited
• BrightFarms
• General Hydroponics Inc.
• GreenTech Agro LLC
• GrowLife Inc.
• Hydrodynamics International
• Hydrofarm LLC
• LumiGrow Inc.
• Thanet Earth Limited

Report Scope:

In this report, the Global Hydroponics Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Hydroponics Market, By Type:

• Aggregate Systems
• Liquid Systems

Hydroponics Market, By Equipment:

• HVAC
• LED grow light
• Control systems
• Irrigation systems
• Material handling
• Others

Hydroponics Market, By Input:

• Nutrient
• Growth Media

Hydroponics Market, By Farming Method:

• Indoor
• Outdoor

Hydroponics Market, By Crop Type:

• Vegetables
• Fruits
• Flowers
• Others

Hydroponics Market, By Region:

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Hydroponics Market.

Available Customizations:

Global Hydroponics market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

• 1.1. Market Definition
• 1.2. Scope of the Market
  • 1.2.1. Markets Covered
  • 1.2.2. Years Considered for Study
  • 1.2.3. Key Market Segmentations

2. Research Methodology

• 2.1. Objective of the Study
• 2.2. Baseline Methodology
• 2.3. Key Industry Partners
• 2.4. Major Association and Secondary Sources
• 2.5. Forecasting Methodology
• 2.6. Data Triangulation & Validations
• 2.7. Assumptions and Limitations

3. Executive Summary

• 3.1. Overview of the Market
• 3.2. Overview of Key Market Segmentations
• 3.3. Overview of Key Market Players
• 3.4. Overview of Key Regions/Countries
• 3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Hydroponics Market Outlook

• 5.1. Market Size & Forecast
  • 5.1.1. By Value
• 5.2. Market Share & Forecast
  • 5.2.1. By Type (Aggregate Systems and Liquid Systems)
  • 5.2.2. By Equipment (HVAC, LED grow light, Control systems, Irrigation systems, Material handling, and Others)
  • 5.2.3. By Input (Nutrient and Growth Media)
  • 5.2.4. By Farming Method (Indoor and Outdoor)
  • 5.2.5. By Crop Type (Vegetables, Fruits, Flowers, and Others)
  • 5.2.6. By Region
  • 5.2.7. By Company (2024)
• 5.3. Market Map

6. North America Hydroponics Market Outlook

• 6.1. Market Size & Forecast
  • 6.1.1. By Value
• 6.2. Market Share & Forecast
  • 6.2.1. By Type
  • 6.2.2. By Equipment
  • 6.2.3. By Input
  • 6.2.4. By Farming Method
  • 6.2.5. By Crop Type
  • 6.2.6. By Country
• 6.3. North America: Country Analysis
  • 6.3.1. United States Hydroponics Market Outlook
    • 6.3.1.1. Market Size & Forecast
      • 6.3.1.1.1. By Value
    • 6.3.1.2. Market Share & Forecast
      • 6.3.1.2.1. By Type
      • 6.3.1.2.2. By Equipment
      • 6.3.1.2.3. By Input
      • 6.3.1.2.4. By Farming Method
      • 6.3.1.2.5. By Crop Type
  • 6.3.2. Canada Hydroponics Market Outlook
    • 6.3.2.1. Market Size & Forecast
      • 6.3.2.1.1. By Value
    • 6.3.2.2. Market Share & Forecast
      • 6.3.2.2.1. By Type
      • 6.3.2.2.2. By Equipment
      • 6.3.2.2.3. By Input
      • 6.3.2.2.4. By Farming Method
      • 6.3.2.2.5. By Crop Type
  • 6.3.3. Mexico Hydroponics Market Outlook
    • 6.3.3.1. Market Size & Forecast
      • 6.3.3.1.1. By Value
    • 6.3.3.2. Market Share & Forecast
      • 6.3.3.2.1. By Type
      • 6.3.3.2.2. By Equipment
      • 6.3.3.2.3. By Input
      • 6.3.3.2.4. By Farming Method
      • 6.3.3.2.5. By Crop Type

7. Europe Hydroponics Market Outlook

• 7.1. Market Size & Forecast
  • 7.1.1. By Value
• 7.2. Market Share & Forecast
  • 7.2.1. By Type
  • 7.2.2. By Equipment
  • 7.2.3. By Input
  • 7.2.4. By Farming Method
  • 7.2.5. By Crop Type
  • 7.2.6. By Country
• 7.3. Europe: Country Analysis
  • 7.3.1. Germany Hydroponics Market Outlook
    • 7.3.1.1. Market Size & Forecast
      • 7.3.1.1.1. By Value
    • 7.3.1.2. Market Share & Forecast
      • 7.3.1.2.1. By Type
      • 7.3.1.2.2. By Equipment
      • 7.3.1.2.3. By Input
      • 7.3.1.2.4. By Farming Method
      • 7.3.1.2.5. By Crop Type
  • 7.3.2. United Kingdom Hydroponics Market Outlook
    • 7.3.2.1. Market Size & Forecast
      • 7.3.2.1.1. By Value
    • 7.3.2.2. Market Share & Forecast
      • 7.3.2.2.1. By Type
      • 7.3.2.2.2. By Equipment
      • 7.3.2.2.3. By Input
      • 7.3.2.2.4. By Farming Method
      • 7.3.2.2.5. By Crop Type
  • 7.3.3. Italy Hydroponics Market Outlook
    • 7.3.3.1. Market Size & Forecast
      • 7.3.3.1.1. By Value
    • 7.3.3.2. Market Share & Forecast
      • 7.3.3.2.1. By Type
      • 7.3.3.2.2. By Equipment
      • 7.3.3.2.3. By Input
      • 7.3.3.2.4. By Farming Method
      • 7.3.3.2.5. By Crop Type
  • 7.3.4. France Hydroponics Market Outlook
    • 7.3.4.1. Market Size & Forecast
      • 7.3.4.1.1. By Value
    • 7.3.4.2. Market Share & Forecast
      • 7.3.4.2.1. By Type
      • 7.3.4.2.2. By Equipment
      • 7.3.4.2.3. By Input
      • 7.3.4.2.4. By Farming Method
      • 7.3.4.2.5. By Crop Type
  • 7.3.5. Spain Hydroponics Market Outlook
    • 7.3.5.1. Market Size & Forecast
      • 7.3.5.1.1. By Value
    • 7.3.5.2. Market Share & Forecast
      • 7.3.5.2.1. By Type
      • 7.3.5.2.2. By Equipment
      • 7.3.5.2.3. By Input
      • 7.3.5.2.4. By Farming Method
      • 7.3.5.2.5. By Crop Type

8. Asia-Pacific Hydroponics Market Outlook

• 8.1. Market Size & Forecast
  • 8.1.1. By Value
• 8.2. Market Share & Forecast
  • 8.2.1. By Type
  • 8.2.2. By Equipment
  • 8.2.3. By Input
  • 8.2.4. By Farming Method
  • 8.2.5. By Crop Type
  • 8.2.6. By Country
• 8.3. Asia-Pacific: Country Analysis
  • 8.3.1. China Hydroponics Market Outlook
    • 8.3.1.1. Market Size & Forecast
      • 8.3.1.1.1. By Value
    • 8.3.1.2. Market Share & Forecast
      • 8.3.1.2.1. By Type
      • 8.3.1.2.2. By Equipment
      • 8.3.1.2.3. By Input
      • 8.3.1.2.4. By Farming Method
      • 8.3.1.2.5. By Crop Type
  • 8.3.2. India Hydroponics Market Outlook
    • 8.3.2.1. Market Size & Forecast
      • 8.3.2.1.1. By Value
    • 8.3.2.2. Market Share & Forecast
      • 8.3.2.2.1. By Type
      • 8.3.2.2.2. By Equipment
      • 8.3.2.2.3. By Input
      • 8.3.2.2.4. By Farming Method
      • 8.3.2.2.5. By Crop Type
  • 8.3.3. Japan Hydroponics Market Outlook
    • 8.3.3.1. Market Size & Forecast
      • 8.3.3.1.1. By Value
    • 8.3.3.2. Market Share & Forecast
      • 8.3.3.2.1. By Type
      • 8.3.3.2.2. By Equipment
      • 8.3.3.2.3. By Input
      • 8.3.3.2.4. By Farming Method
      • 8.3.3.2.5. By Crop Type
  • 8.3.4. South Korea Hydroponics Market Outlook
    • 8.3.4.1. Market Size & Forecast
      • 8.3.4.1.1. By Value
    • 8.3.4.2. Market Share & Forecast
      • 8.3.4.2.1. By Type
      • 8.3.4.2.2. By Equipment
      • 8.3.4.2.3. By Input
      • 8.3.4.2.4. By Farming Method
      • 8.3.4.2.5. By Crop Type
  • 8.3.5. Australia Hydroponics Market Outlook
    • 8.3.5.1. Market Size & Forecast
      • 8.3.5.1.1. By Value
    • 8.3.5.2. Market Share & Forecast
      • 8.3.5.2.1. By Type
      • 8.3.5.2.2. By Equipment
      • 8.3.5.2.3. By Input
      • 8.3.5.2.4. By Farming Method
      • 8.3.5.2.5. By Crop Type

9. South America Hydroponics Market Outlook

• 9.1. Market Size & Forecast
  • 9.1.1. By Value
• 9.2. Market Share & Forecast
  • 9.2.1. By Type
  • 9.2.2. By Equipment
  • 9.2.3. By Input
  • 9.2.4. By Farming Method
  • 9.2.5. By Crop Type
  • 9.2.6. By Country
• 9.3. South America: Country Analysis
  • 9.3.1. Brazil Hydroponics Market Outlook
    • 9.3.1.1. Market Size & Forecast
      • 9.3.1.1.1. By Value
    • 9.3.1.2. Market Share & Forecast
      • 9.3.1.2.1. By Type
      • 9.3.1.2.2. By Equipment
      • 9.3.1.2.3. By Input
      • 9.3.1.2.4. By Farming Method
      • 9.3.1.2.5. By Crop Type
  • 9.3.2. Argentina Hydroponics Market Outlook
    • 9.3.2.1. Market Size & Forecast
      • 9.3.2.1.1. By Value
    • 9.3.2.2. Market Share & Forecast
      • 9.3.2.2.1. By Type
      • 9.3.2.2.2. By Equipment
      • 9.3.2.2.3. By Input
      • 9.3.2.2.4. By Farming Method
      • 9.3.2.2.5. By Crop Type
  • 9.3.3. Colombia Hydroponics Market Outlook
    • 9.3.3.1. Market Size & Forecast
      • 9.3.3.1.1. By Value
    • 9.3.3.2. Market Share & Forecast
      • 9.3.3.2.1. By Type
      • 9.3.3.2.2. By Equipment
      • 9.3.3.2.3. By Input
      • 9.3.3.2.4. By Farming Method
      • 9.3.3.2.5. By Crop Type

10. Middle East and Africa Hydroponics Market Outlook

• 10.1. Market Size & Forecast
  • 10.1.1. By Value
• 10.2. Market Share & Forecast
  • 10.2.1. By Type
  • 10.2.2. By Equipment
  • 10.2.3. By Input
  • 10.2.4. By Farming Method
  • 10.2.5. By Crop Type
  • 10.2.6. By Country
• 10.3. MEA: Country Analysis
  • 10.3.1. South Africa Hydroponics Market Outlook
    • 10.3.1.1. Market Size & Forecast
      • 10.3.1.1.1. By Value
    • 10.3.1.2. Market Share & Forecast
      • 10.3.1.2.1. By Type
      • 10.3.1.2.2. By Equipment
      • 10.3.1.2.3. By Input
      • 10.3.1.2.4. By Farming Method
      • 10.3.1.2.5. By Crop Type
  • 10.3.2. Saudi Arabia Hydroponics Market Outlook
    • 10.3.2.1. Market Size & Forecast
      • 10.3.2.1.1. By Value
    • 10.3.2.2. Market Share & Forecast
      • 10.3.2.2.1. By Type
      • 10.3.2.2.2. By Equipment
      • 10.3.2.2.3. By Input
      • 10.3.2.2.4. By Farming Method
      • 10.3.2.2.5. By Crop Type
  • 10.3.3. UAE Hydroponics Market Outlook
    • 10.3.3.1. Market Size & Forecast
      • 10.3.3.1.1. By Value
    • 10.3.3.2. Market Share & Forecast
      • 10.3.3.2.1. By Type
      • 10.3.3.2.2. By Equipment
      • 10.3.3.2.3. By Input
      • 10.3.3.2.4. By Farming Method
      • 10.3.3.2.5. By Crop Type
• 10.4. Drivers
• 10.5. Challenges

11. Market Trends & Developments

• 11.1. Recent Development
• 11.2. Mergers & Acquisitions
• 11.3. Product Launches

12. Global Hydroponics Market: SWOT Analysis

13. Porter's Five Forces Analysis

• 13.1. Competition in the Industry
• 13.2. Potential of New Entrants
• 13.3. Power of Suppliers
• 13.4. Power of Customers
• 13.5. Threat of Substitute Products

14. Competitive Landscape

• 14.1. AeroFarms
  • 14.1.1. Business Overview
  • 14.1.2. Service Offerings
  • 14.1.3. Recent Developments
  • 14.1.4. Key Personnel
  • 14.1.5. SWOT Analysis
• 14.2. Argus Control Systems Limited
• 14.3. BrightFarms
• 14.4. General Hydroponics Inc.
• 14.5. GreenTech Agro LLC
• 14.6. GrowLife Inc.
• 14.7. Hydrodynamics International
• 14.8. Hydrofarm LLC
• 14.9. LumiGrow Inc.
• 14.10. Thanet Earth Limited

15. Strategic Recommendations

16. About Us & Disclaimer