Automated Storage and Retrieval Systems (AS/RS) - Table of Contents
Chapter 1: Market Preface
- 1.1 Global Automated Storage and Retrieval Systems (AS/RS) Market Landscape
- 1.2 Scope of the Study
- 1.3 Relevant Findings & Stakeholder Advantages
Chapter 2: Strategic Overview
- 2.1 Global Automated Storage and Retrieval Systems (AS/RS) Market Outlook
- 2.2 Total Addressable Market versus Serviceable Market
- 2.3 Market Rivalry Projection
Chapter 3 : Global Automated Storage and Retrieval Systems (AS/RS) Market Business Environment & Changing Dynamics
-
3.1 Growth Drivers
- 3.1.1 Need for warehouse efficiency
- 3.1.2 Labor shortages
- 3.1.3 Growing e-commerce fulfillment
- 3.1.4 Demand for accuracy
-
3.2 Available Opportunities
- 3.2.1 Increased throughput
- 3.2.2 Reduced labor costs
- 3.2.3 Enhanced accuracy
- 3.2.4 Scalability
- 3.2.5 Real-
-
3.3 Influencing Trends
- 3.3.1 Use of robotics and automation
- 3.3.2 AI-driven inventory management
- 3.3.3 Integration wi
-
3.4 Challenges
- 3.4.1 High upfront investment
- 3.4.2 Complexity in system design
- 3.4.3 Maintenance costs
- 3.4.4 Integr
- 3.5 Regional Dynamics
Need only Qualitative Analysis? Get Prices
Sectional Purchase
Chapter 4 : Global Automated Storage and Retrieval Systems (AS/RS) Industry Factors Assessment
- 4.1 Current Scenario
- 4.2 PEST Analysis
- 4.3 Business Environment - PORTER 5-Forces Analysis
- 4.3.1 Supplier Leverage
- 4.3.2 Bargaining Power of Buyers
- 4.3.3 Threat of Substitutes
- 4.3.4 Threat from New Entrant
- 4.3.5 Market Competition Level
- 4.4 Roadmap of Automated Storage and Retrieval Systems (AS/RS) Market
- 4.5 Impact of Macro-Economic Factors
- 4.6 Market Entry Strategies
- 4.7 Political and Regulatory Landscape
- 4.8 Supply Chain Analysis
- 4.9 Impact of Tariff War
Chapter 5: Automated Storage and Retrieval Systems (AS/RS) : Competition Benchmarking & Performance Evaluation
- 5.1 Global Automated Storage and Retrieval Systems (AS/RS) Market Concentration Ratio
- 5.1.1 CR4, CR8 and HH Index
- 5.1.2 % Market Share - Top 3
- 5.1.3 Market Holding by Top 5
- 5.2 Market Position of Manufacturers by Automated Storage and Retrieval Systems (AS/RS) Revenue 2025
- 5.3 Global Automated Storage and Retrieval Systems (AS/RS) Sales Volume by Manufacturers (2025)
- 5.4 BCG Matrix
- 5.4 Market Entropy
- 5.5 5C’s Analysis
- 5.6 Ansoff Matrix
Chapter 6: Global Automated Storage and Retrieval Systems (AS/RS) Market: Company Profiles
- 6.1 Dematic (USA)
- 6.1.1 Dematic (USA) Company Overview
- 6.1.2 Dematic (USA) Product/Service Portfolio & Specifications
- 6.1.3 Dematic (USA) Key Financial Metrics
- 6.1.4 Dematic (USA) SWOT Analysis
- 6.1.5 Dematic (USA) Development Activities
- 6.2 Daifuku (Japan)
- 6.3 Swisslog (Switzerland)
- 6.4 Kardex Remstar (Switzerland)
- 6.5 Muratec (Japan)
- 6.6 KNAPP (Austria)
- 6.7 SSI Schaefer (Germany)
- 6.8 Vanderlande (Netherlands)
- 6.9 Honeywell Intelligrated (USA)
- 6.10 TGW Logistics Group (Austria)
- 6.11 Toyota Industries (Japan)
- 6.12 Mecalux (Spain)
- 6.13 Bastian Solutions (USA)
- 6.14 Kion Group (Germany)
- 6.15 Witron (Germany)
To View a Complete List of Players? Inquiry Now
Sectional Purchase
Chapter 7 : Global Automated Storage and Retrieval Systems (AS/RS) by Type & Application (2020-2033)
-
7.1 Global Automated Storage and Retrieval Systems (AS/RS) Market Revenue Analysis (USD Million) by Type (2020-2025)
- 7.1.1 Unit-load AS/RS
- 7.1.2 Mini-load AS/RS
- 7.1.3 Shuttle-based
- 7.1.4 Carousel
- 7.1.5 Vertical Lift Modules
-
7.2 Global Automated Storage and Retrieval Systems (AS/RS) Market Revenue Analysis (USD Million) by Application (2020-2025)
- 7.2.1 Warehousing
- 7.2.2 Manufacturing
- 7.2.3 Distribution Centers
- 7.2.4 E-commerce
- 7.2.5 Pharmaceuticals
-
7.3 Global Automated Storage and Retrieval Systems (AS/RS) Market Revenue Analysis (USD Million) by Type (2025-2033)
-
7.4 Global Automated Storage and Retrieval Systems (AS/RS) Market Revenue Analysis (USD Million) by Application (2025-2033)
Chapter 8 : North America Automated Storage and Retrieval Systems (AS/RS) Market Breakdown by Country, Type & Application
- 8.1 North America Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2020-2025]
- 8.1.1 United States
- 8.1.2 Canada
-
8.2 North America Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2020-2025]
- 8.2.1 Unit-load AS/RS
- 8.2.2 Mini-load AS/RS
- 8.2.3 Shuttle-based
- 8.2.4 Carousel
- 8.2.5 Vertical Lift Modules
-
8.3 North America Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2020-2025]
- 8.3.1 Warehousing
- 8.3.2 Manufacturing
- 8.3.3 Distribution Centers
- 8.3.4 E-commerce
- 8.3.5 Pharmaceuticals
- 8.4 North America Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2026-2033]
-
8.5 North America Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2026-2033]
-
8.6 North America Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2026-2033]
Looking for Section Purchase? Get Quote Now
Sectional Purchase
Chapter 9 : LATAM Automated Storage and Retrieval Systems (AS/RS) Market Breakdown by Country, Type & Application
- 9.1 LATAM Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2020-2025]
- 9.1.1 Brazil
- 9.1.2 Argentina
- 9.1.3 Chile
- 9.1.4 Mexico
- 9.1.5 Rest of LATAM
-
9.2 LATAM Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2020-2025]
- 9.2.1 Unit-load AS/RS
- 9.2.2 Mini-load AS/RS
- 9.2.3 Shuttle-based
- 9.2.4 Carousel
- 9.2.5 Vertical Lift Modules
-
9.3 LATAM Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2020-2025]
- 9.3.1 Warehousing
- 9.3.2 Manufacturing
- 9.3.3 Distribution Centers
- 9.3.4 E-commerce
- 9.3.5 Pharmaceuticals
- 9.4 LATAM Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2026-2033]
-
9.5 LATAM Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2026-2033]
-
9.6 LATAM Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2026-2033]
Chapter 10 : West Europe Automated Storage and Retrieval Systems (AS/RS) Market Breakdown by Country, Type & Application
- 10.1 West Europe Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2020-2025]
- 10.1.1 Germany
- 10.1.2 France
- 10.1.3 Benelux
- 10.1.4 Switzerland
- 10.1.5 Rest of West Europe
-
10.2 West Europe Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2020-2025]
- 10.2.1 Unit-load AS/RS
- 10.2.2 Mini-load AS/RS
- 10.2.3 Shuttle-based
- 10.2.4 Carousel
- 10.2.5 Vertical Lift Modules
-
10.3 West Europe Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2020-2025]
- 10.3.1 Warehousing
- 10.3.2 Manufacturing
- 10.3.3 Distribution Centers
- 10.3.4 E-commerce
- 10.3.5 Pharmaceuticals
- 10.4 West Europe Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2026-2033]
-
10.5 West Europe Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2026-2033]
-
10.6 West Europe Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2026-2033]
Chapter 11 : Central & Eastern Europe Automated Storage and Retrieval Systems (AS/RS) Market Breakdown by Country, Type & Application
- 11.1 Central & Eastern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2020-2025]
- 11.1.1 Bulgaria
- 11.1.2 Poland
- 11.1.3 Hungary
- 11.1.4 Romania
- 11.1.5 Rest of CEE
-
11.2 Central & Eastern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2020-2025]
- 11.2.1 Unit-load AS/RS
- 11.2.2 Mini-load AS/RS
- 11.2.3 Shuttle-based
- 11.2.4 Carousel
- 11.2.5 Vertical Lift Modules
-
11.3 Central & Eastern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2020-2025]
- 11.3.1 Warehousing
- 11.3.2 Manufacturing
- 11.3.3 Distribution Centers
- 11.3.4 E-commerce
- 11.3.5 Pharmaceuticals
- 11.4 Central & Eastern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2026-2033]
-
11.5 Central & Eastern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2026-2033]
-
11.6 Central & Eastern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2026-2033]
Chapter 12 : Northern Europe Automated Storage and Retrieval Systems (AS/RS) Market Breakdown by Country, Type & Application
- 12.1 Northern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2020-2025]
- 12.1.1 The United Kingdom
- 12.1.2 Sweden
- 12.1.3 Norway
- 12.1.4 Baltics
- 12.1.5 Ireland
- 12.1.6 Rest of Northern Europe
-
12.2 Northern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2020-2025]
- 12.2.1 Unit-load AS/RS
- 12.2.2 Mini-load AS/RS
- 12.2.3 Shuttle-based
- 12.2.4 Carousel
- 12.2.5 Vertical Lift Modules
-
12.3 Northern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2020-2025]
- 12.3.1 Warehousing
- 12.3.2 Manufacturing
- 12.3.3 Distribution Centers
- 12.3.4 E-commerce
- 12.3.5 Pharmaceuticals
- 12.4 Northern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2026-2033]
-
12.5 Northern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2026-2033]
-
12.6 Northern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2026-2033]
Chapter 13 : Southern Europe Automated Storage and Retrieval Systems (AS/RS) Market Breakdown by Country, Type & Application
- 13.1 Southern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2020-2025]
- 13.1.1 Spain
- 13.1.2 Italy
- 13.1.3 Portugal
- 13.1.4 Greece
- 13.1.5 Rest of Southern Europe
-
13.2 Southern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2020-2025]
- 13.2.1 Unit-load AS/RS
- 13.2.2 Mini-load AS/RS
- 13.2.3 Shuttle-based
- 13.2.4 Carousel
- 13.2.5 Vertical Lift Modules
-
13.3 Southern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2020-2025]
- 13.3.1 Warehousing
- 13.3.2 Manufacturing
- 13.3.3 Distribution Centers
- 13.3.4 E-commerce
- 13.3.5 Pharmaceuticals
- 13.4 Southern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2026-2033]
-
13.5 Southern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2026-2033]
-
13.6 Southern Europe Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2026-2033]
Chapter 14 : East Asia Automated Storage and Retrieval Systems (AS/RS) Market Breakdown by Country, Type & Application
- 14.1 East Asia Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2020-2025]
- 14.1.1 China
- 14.1.2 Japan
- 14.1.3 South Korea
- 14.1.4 Taiwan
- 14.1.5 Others
-
14.2 East Asia Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2020-2025]
- 14.2.1 Unit-load AS/RS
- 14.2.2 Mini-load AS/RS
- 14.2.3 Shuttle-based
- 14.2.4 Carousel
- 14.2.5 Vertical Lift Modules
-
14.3 East Asia Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2020-2025]
- 14.3.1 Warehousing
- 14.3.2 Manufacturing
- 14.3.3 Distribution Centers
- 14.3.4 E-commerce
- 14.3.5 Pharmaceuticals
- 14.4 East Asia Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2026-2033]
-
14.5 East Asia Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2026-2033]
-
14.6 East Asia Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2026-2033]
Chapter 15 : Southeast Asia Automated Storage and Retrieval Systems (AS/RS) Market Breakdown by Country, Type & Application
- 15.1 Southeast Asia Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2020-2025]
- 15.1.1 Vietnam
- 15.1.2 Singapore
- 15.1.3 Thailand
- 15.1.4 Malaysia
- 15.1.5 Indonesia
- 15.1.6 Philippines
- 15.1.7 Rest of SEA Countries
-
15.2 Southeast Asia Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2020-2025]
- 15.2.1 Unit-load AS/RS
- 15.2.2 Mini-load AS/RS
- 15.2.3 Shuttle-based
- 15.2.4 Carousel
- 15.2.5 Vertical Lift Modules
-
15.3 Southeast Asia Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2020-2025]
- 15.3.1 Warehousing
- 15.3.2 Manufacturing
- 15.3.3 Distribution Centers
- 15.3.4 E-commerce
- 15.3.5 Pharmaceuticals
- 15.4 Southeast Asia Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2026-2033]
-
15.5 Southeast Asia Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2026-2033]
-
15.6 Southeast Asia Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2026-2033]
Chapter 16 : South Asia Automated Storage and Retrieval Systems (AS/RS) Market Breakdown by Country, Type & Application
- 16.1 South Asia Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2020-2025]
- 16.1.1 India
- 16.1.2 Bangladesh
- 16.1.3 Others
-
16.2 South Asia Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2020-2025]
- 16.2.1 Unit-load AS/RS
- 16.2.2 Mini-load AS/RS
- 16.2.3 Shuttle-based
- 16.2.4 Carousel
- 16.2.5 Vertical Lift Modules
-
16.3 South Asia Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2020-2025]
- 16.3.1 Warehousing
- 16.3.2 Manufacturing
- 16.3.3 Distribution Centers
- 16.3.4 E-commerce
- 16.3.5 Pharmaceuticals
- 16.4 South Asia Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2026-2033]
-
16.5 South Asia Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2026-2033]
-
16.6 South Asia Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2026-2033]
Chapter 17 : Central Asia Automated Storage and Retrieval Systems (AS/RS) Market Breakdown by Country, Type & Application
- 17.1 Central Asia Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2020-2025]
- 17.1.1 Kazakhstan
- 17.1.2 Tajikistan
- 17.1.3 Others
-
17.2 Central Asia Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2020-2025]
- 17.2.1 Unit-load AS/RS
- 17.2.2 Mini-load AS/RS
- 17.2.3 Shuttle-based
- 17.2.4 Carousel
- 17.2.5 Vertical Lift Modules
-
17.3 Central Asia Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2020-2025]
- 17.3.1 Warehousing
- 17.3.2 Manufacturing
- 17.3.3 Distribution Centers
- 17.3.4 E-commerce
- 17.3.5 Pharmaceuticals
- 17.4 Central Asia Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2026-2033]
-
17.5 Central Asia Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2026-2033]
-
17.6 Central Asia Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2026-2033]
Chapter 18 : Oceania Automated Storage and Retrieval Systems (AS/RS) Market Breakdown by Country, Type & Application
- 18.1 Oceania Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2020-2025]
- 18.1.1 Australia
- 18.1.2 New Zealand
- 18.1.3 Others
-
18.2 Oceania Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2020-2025]
- 18.2.1 Unit-load AS/RS
- 18.2.2 Mini-load AS/RS
- 18.2.3 Shuttle-based
- 18.2.4 Carousel
- 18.2.5 Vertical Lift Modules
-
18.3 Oceania Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2020-2025]
- 18.3.1 Warehousing
- 18.3.2 Manufacturing
- 18.3.3 Distribution Centers
- 18.3.4 E-commerce
- 18.3.5 Pharmaceuticals
- 18.4 Oceania Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2026-2033]
-
18.5 Oceania Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2026-2033]
-
18.6 Oceania Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2026-2033]
Chapter 19 : MEA Automated Storage and Retrieval Systems (AS/RS) Market Breakdown by Country, Type & Application
- 19.1 MEA Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2020-2025]
- 19.1.1 Turkey
- 19.1.2 South Africa
- 19.1.3 Egypt
- 19.1.4 UAE
- 19.1.5 Saudi Arabia
- 19.1.6 Israel
- 19.1.7 Rest of MEA
-
19.2 MEA Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2020-2025]
- 19.2.1 Unit-load AS/RS
- 19.2.2 Mini-load AS/RS
- 19.2.3 Shuttle-based
- 19.2.4 Carousel
- 19.2.5 Vertical Lift Modules
-
19.3 MEA Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2020-2025]
- 19.3.1 Warehousing
- 19.3.2 Manufacturing
- 19.3.3 Distribution Centers
- 19.3.4 E-commerce
- 19.3.5 Pharmaceuticals
- 19.4 MEA Automated Storage and Retrieval Systems (AS/RS) Market by Country (USD Million) & Sales Volume (Units) [2026-2033]
-
19.5 MEA Automated Storage and Retrieval Systems (AS/RS) Market by Type (USD Million) & Sales Volume (Units) [2026-2033]
-
19.6 MEA Automated Storage and Retrieval Systems (AS/RS) Market by Application (USD Million) & Sales Volume (Units) [2026-2033]
Chapter 20: Research Findings & Conclusion
- 20.1 Key Findings
- 20.2 Conclusion
Chapter 21: Methodology and Data Source
-
21.1 Research Methodology & Approach
- 21.1.1 Research Program/Design
- 21.1.2 Market Size Estimation
- 21.1.3 Market Breakdown and Data Triangulation
-
21.2 Data Source
- 21.2.1 Secondary Sources
- 21.2.2 Primary Sources
Chapter 22: Appendix & Disclaimer
- 22.1 Acronyms & bibliography
- 22.2 Disclaimer