세계의 수소 저장 및 공급 기술 : 시장 점유율과 순위, 전체 판매량 및 수요 예측(2025-2031년)

The global market for Hydrogen Storage and Distribution Technology was estimated to be worth US$ 2084 million in 2024 and is forecast to a readjusted size of US$ 5399 million by 2031 with a CAGR of 17.2% during the forecast period 2025-2031.

Hydrogen storage and distribution technology refers to the methods, systems, and infrastructure used to safely contain, transport, and deliver hydrogen for use in energy, industrial, and mobility applications. Because hydrogen is the lightest element and has low volumetric energy density under ambient conditions, specialized technologies are required to store it efficiently and distribute it reliably.

Distribution technologies cover pipeline networks, tube trailers for compressed hydrogen, cryogenic liquid tankers, and on-site generation (via electrolysis or reforming) coupled with local storage. Large-scale hydrogen transport can also involve emerging solutions such as ammonia, liquid organic hydrogen carriers (LOHCs), or methanol, which can be converted back to hydrogen at the point of use.

Advancements in hydrogen storage and distribution are central to enabling the hydrogen economy, supporting applications in fuel cell vehicles, renewable energy storage, industrial decarbonization, and power generation. Current challenges include efficiency losses, infrastructure costs, safety standards, and global supply chain development, but rapid progress is being made through international hydrogen strategies and demonstration projects.

The development of high-pressure gaseous hydrogen storage has a long history and has an absolute market share in China. There are mainly two types of high-pressure gas cylinder trailers and pipeline transportation. my country mainly uses high-pressure gas cylinders with a hydrogen storage pressure of 20 MPa. However, the 50 MPa technology has been applied in foreign countries in recent years. This technology has obvious advantages in hydrogen storage. In terms of pipeline transportation, the mileage in developing countries is generally only limited. Up to 100 kilometers, compared with the world's 5,000 kilometers of hydrogen pipelines, the mileage is very small, and there is still a large room for development.

However, with the rise of low-temperature liquid hydrogen storage and transportation technology in recent years, its proportion has been in a downward trend; this technology has been developed in foreign regions for a period of time, and the effect of large-scale cost reduction has been achieved. One-twentieth, the country has also been developing rapidly in recent years, and a large number of related companies have emerged. Once the technology is implemented and the cost is reduced, the future will also usher in rapid development.

The other two technologies, solid hydrogen storage and transportation and liquid organic hydrogen storage and transportation are still in the demonstration stage and have not yet been applied on a large scale. Among them, the solid materials of solid-state hydrogen storage and transportation technology have many research directions, such as metal hydrides, nanomaterials, carbonaceous hydrogen storage materials, coordination hydride hydrogen storage, etc. Among them, the current landing products are mainly metal hydride materials, and the main products are The application is fuel cell vehicles. Organic liquid hydrogen storage can be completed with related petroleum equipment, and has a good hydrogen storage capacity, and there is also a lot of room for development in the future.

This report aims to provide a comprehensive presentation of the global market for Hydrogen Storage and Distribution Technology, focusing on the total sales revenue, key companies market share and ranking, together with an analysis of Hydrogen Storage and Distribution Technology by region & country, by Type, and by Application.

The Hydrogen Storage and Distribution Technology market size, estimations, and forecasts are provided in terms of sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Hydrogen Storage and Distribution Technology.

Market Segmentation

By Company

• Hexagon Purus
• Faurecia
• Iljin Hysolus
• Toyota
• Jiangsu Guofu Hydrogen Energy Equipment
• Faber Industrie
• Quantum Fuel Systems
• Luxfer Group
• Worthington Industries
• NPROXX
• Sinoma Science & Technology
• Chart Industries
• Gardner Cryogenics
• Plastic Omnium
• Iwatani
• Mahytec (HENSOLDT)
• The Japan Steel Works
• Kawasaki
• Whole Win (Beijing) Materials Sci. & Tech
• Hydrogenious LOHC Technologies
• Hynertech

Segment by Type

• Compressed Gas
• Cold Compressed Liquid Hydrogen
• Solid Compound Hydrogen Storage and Distribution
• Organic Liquid Hydrogen Storage and Distribution

Segment by Application

• New Energy Automobile
• Aerospace
• Chemical
• Others

By Region

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • South Korea
  • Southeast Asia
  • India
  • Australia
  • Rest of Asia-Pacific
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Netherlands
  • Nordic Countries
  • Rest of Europe
• Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • Turkey
  • Saudi Arabia
  • UAE
  • Rest of MEA

Chapter Outline

Chapter 1: Introduces the report scope of the report, global total market size. This chapter also provides 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 2: Detailed analysis of Hydrogen Storage and Distribution Technology company competitive landscape, revenue market share, latest development plan, merger, and acquisition information, etc.

Chapter 3: 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 4: 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 5: Revenue of Hydrogen Storage and Distribution Technology in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.

Chapter 6: Revenue of Hydrogen Storage and Distribution Technology in country level. It provides sigmate data by Type, and by Application for each country/region.

Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product revenue, gross margin, product introduction, recent development, etc.

Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.

Chapter 9: Conclusion.

Table of Contents

1 Market Overview

• 1.1 Hydrogen Storage and Distribution Technology Product Introduction
• 1.2 Global Hydrogen Storage and Distribution Technology Market Size Forecast (2020-2031)
• 1.3 Hydrogen Storage and Distribution Technology Market Trends & Drivers
  • 1.3.1 Hydrogen Storage and Distribution Technology Industry Trends
  • 1.3.2 Hydrogen Storage and Distribution Technology Market Drivers & Opportunity
  • 1.3.3 Hydrogen Storage and Distribution Technology Market Challenges
  • 1.3.4 Hydrogen Storage and Distribution Technology Market Restraints
• 1.4 Assumptions and Limitations
• 1.5 Study Objectives
• 1.6 Years Considered

2 Competitive Analysis by Company

• 2.1 Global Hydrogen Storage and Distribution Technology Players Revenue Ranking (2024)
• 2.2 Global Hydrogen Storage and Distribution Technology Revenue by Company (2020-2025)
• 2.3 Key Companies Hydrogen Storage and Distribution Technology Manufacturing Base Distribution and Headquarters
• 2.4 Key Companies Hydrogen Storage and Distribution Technology Product Offered
• 2.5 Key Companies Time to Begin Mass Production of Hydrogen Storage and Distribution Technology
• 2.6 Hydrogen Storage and Distribution Technology Market Competitive Analysis
  • 2.6.1 Hydrogen Storage and Distribution Technology Market Concentration Rate (2020-2025)
  • 2.6.2 Global 5 and 10 Largest Companies by Hydrogen Storage and Distribution Technology Revenue in 2024
  • 2.6.3 Global Top Companies by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Hydrogen Storage and Distribution Technology as of 2024)
• 2.7 Mergers & Acquisitions, Expansion

3 Segmentation by Type

• 3.1 Introduction by Type
  • 3.1.1 Compressed Gas
  • 3.1.2 Cold Compressed Liquid Hydrogen
  • 3.1.3 Solid Compound Hydrogen Storage and Distribution
  • 3.1.4 Organic Liquid Hydrogen Storage and Distribution
• 3.2 Global Hydrogen Storage and Distribution Technology Sales Value by Type
  • 3.2.1 Global Hydrogen Storage and Distribution Technology Sales Value by Type (2020 VS 2024 VS 2031)
  • 3.2.2 Global Hydrogen Storage and Distribution Technology Sales Value, by Type (2020-2031)
  • 3.2.3 Global Hydrogen Storage and Distribution Technology Sales Value, by Type (%) (2020-2031)

4 Segmentation by Application

• 4.1 Introduction by Application
  • 4.1.1 New Energy Automobile
  • 4.1.2 Aerospace
  • 4.1.3 Chemical
  • 4.1.4 Others
• 4.2 Global Hydrogen Storage and Distribution Technology Sales Value by Application
  • 4.2.1 Global Hydrogen Storage and Distribution Technology Sales Value by Application (2020 VS 2024 VS 2031)
  • 4.2.2 Global Hydrogen Storage and Distribution Technology Sales Value, by Application (2020-2031)
  • 4.2.3 Global Hydrogen Storage and Distribution Technology Sales Value, by Application (%) (2020-2031)

5 Segmentation by Region

• 5.1 Global Hydrogen Storage and Distribution Technology Sales Value by Region
  • 5.1.1 Global Hydrogen Storage and Distribution Technology Sales Value by Region: 2020 VS 2024 VS 2031
  • 5.1.2 Global Hydrogen Storage and Distribution Technology Sales Value by Region (2020-2025)
  • 5.1.3 Global Hydrogen Storage and Distribution Technology Sales Value by Region (2026-2031)
  • 5.1.4 Global Hydrogen Storage and Distribution Technology Sales Value by Region (%), (2020-2031)
• 5.2 North America
  • 5.2.1 North America Hydrogen Storage and Distribution Technology Sales Value, 2020-2031
  • 5.2.2 North America Hydrogen Storage and Distribution Technology Sales Value by Country (%), 2024 VS 2031
• 5.3 Europe
  • 5.3.1 Europe Hydrogen Storage and Distribution Technology Sales Value, 2020-2031
  • 5.3.2 Europe Hydrogen Storage and Distribution Technology Sales Value by Country (%), 2024 VS 2031
• 5.4 Asia Pacific
  • 5.4.1 Asia Pacific Hydrogen Storage and Distribution Technology Sales Value, 2020-2031
  • 5.4.2 Asia Pacific Hydrogen Storage and Distribution Technology Sales Value by Region (%), 2024 VS 2031
• 5.5 South America
  • 5.5.1 South America Hydrogen Storage and Distribution Technology Sales Value, 2020-2031
  • 5.5.2 South America Hydrogen Storage and Distribution Technology Sales Value by Country (%), 2024 VS 2031
• 5.6 Middle East & Africa
  • 5.6.1 Middle East & Africa Hydrogen Storage and Distribution Technology Sales Value, 2020-2031
  • 5.6.2 Middle East & Africa Hydrogen Storage and Distribution Technology Sales Value by Country (%), 2024 VS 2031

6 Segmentation by Key Countries/Regions

• 6.1 Key Countries/Regions Hydrogen Storage and Distribution Technology Sales Value Growth Trends, 2020 VS 2024 VS 2031
• 6.2 Key Countries/Regions Hydrogen Storage and Distribution Technology Sales Value, 2020-2031
• 6.3 United States
  • 6.3.1 United States Hydrogen Storage and Distribution Technology Sales Value, 2020-2031
  • 6.3.2 United States Hydrogen Storage and Distribution Technology Sales Value by Type (%), 2024 VS 2031
  • 6.3.3 United States Hydrogen Storage and Distribution Technology Sales Value by Application, 2024 VS 2031
• 6.4 Europe
  • 6.4.1 Europe Hydrogen Storage and Distribution Technology Sales Value, 2020-2031
  • 6.4.2 Europe Hydrogen Storage and Distribution Technology Sales Value by Type (%), 2024 VS 2031
  • 6.4.3 Europe Hydrogen Storage and Distribution Technology Sales Value by Application, 2024 VS 2031
• 6.5 China
  • 6.5.1 China Hydrogen Storage and Distribution Technology Sales Value, 2020-2031
  • 6.5.2 China Hydrogen Storage and Distribution Technology Sales Value by Type (%), 2024 VS 2031
  • 6.5.3 China Hydrogen Storage and Distribution Technology Sales Value by Application, 2024 VS 2031
• 6.6 Japan
  • 6.6.1 Japan Hydrogen Storage and Distribution Technology Sales Value, 2020-2031
  • 6.6.2 Japan Hydrogen Storage and Distribution Technology Sales Value by Type (%), 2024 VS 2031
  • 6.6.3 Japan Hydrogen Storage and Distribution Technology Sales Value by Application, 2024 VS 2031
• 6.7 South Korea
  • 6.7.1 South Korea Hydrogen Storage and Distribution Technology Sales Value, 2020-2031
  • 6.7.2 South Korea Hydrogen Storage and Distribution Technology Sales Value by Type (%), 2024 VS 2031
  • 6.7.3 South Korea Hydrogen Storage and Distribution Technology Sales Value by Application, 2024 VS 2031
• 6.8 Southeast Asia
  • 6.8.1 Southeast Asia Hydrogen Storage and Distribution Technology Sales Value, 2020-2031
  • 6.8.2 Southeast Asia Hydrogen Storage and Distribution Technology Sales Value by Type (%), 2024 VS 2031
  • 6.8.3 Southeast Asia Hydrogen Storage and Distribution Technology Sales Value by Application, 2024 VS 2031
• 6.9 India
  • 6.9.1 India Hydrogen Storage and Distribution Technology Sales Value, 2020-2031
  • 6.9.2 India Hydrogen Storage and Distribution Technology Sales Value by Type (%), 2024 VS 2031
  • 6.9.3 India Hydrogen Storage and Distribution Technology Sales Value by Application, 2024 VS 2031

7 Company Profiles

• 7.1 Hexagon Purus
  • 7.1.1 Hexagon Purus Profile
  • 7.1.2 Hexagon Purus Main Business
  • 7.1.3 Hexagon Purus Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.1.4 Hexagon Purus Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.1.5 Hexagon Purus Recent Developments
• 7.2 Faurecia
  • 7.2.1 Faurecia Profile
  • 7.2.2 Faurecia Main Business
  • 7.2.3 Faurecia Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.2.4 Faurecia Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.2.5 Faurecia Recent Developments
• 7.3 Iljin Hysolus
  • 7.3.1 Iljin Hysolus Profile
  • 7.3.2 Iljin Hysolus Main Business
  • 7.3.3 Iljin Hysolus Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.3.4 Iljin Hysolus Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.3.5 Iljin Hysolus Recent Developments
• 7.4 Toyota
  • 7.4.1 Toyota Profile
  • 7.4.2 Toyota Main Business
  • 7.4.3 Toyota Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.4.4 Toyota Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.4.5 Toyota Recent Developments
• 7.5 Jiangsu Guofu Hydrogen Energy Equipment
  • 7.5.1 Jiangsu Guofu Hydrogen Energy Equipment Profile
  • 7.5.2 Jiangsu Guofu Hydrogen Energy Equipment Main Business
  • 7.5.3 Jiangsu Guofu Hydrogen Energy Equipment Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.5.4 Jiangsu Guofu Hydrogen Energy Equipment Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.5.5 Jiangsu Guofu Hydrogen Energy Equipment Recent Developments
• 7.6 Faber Industrie
  • 7.6.1 Faber Industrie Profile
  • 7.6.2 Faber Industrie Main Business
  • 7.6.3 Faber Industrie Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.6.4 Faber Industrie Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.6.5 Faber Industrie Recent Developments
• 7.7 Quantum Fuel Systems
  • 7.7.1 Quantum Fuel Systems Profile
  • 7.7.2 Quantum Fuel Systems Main Business
  • 7.7.3 Quantum Fuel Systems Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.7.4 Quantum Fuel Systems Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.7.5 Quantum Fuel Systems Recent Developments
• 7.8 Luxfer Group
  • 7.8.1 Luxfer Group Profile
  • 7.8.2 Luxfer Group Main Business
  • 7.8.3 Luxfer Group Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.8.4 Luxfer Group Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.8.5 Luxfer Group Recent Developments
• 7.9 Worthington Industries
  • 7.9.1 Worthington Industries Profile
  • 7.9.2 Worthington Industries Main Business
  • 7.9.3 Worthington Industries Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.9.4 Worthington Industries Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.9.5 Worthington Industries Recent Developments
• 7.10 NPROXX
  • 7.10.1 NPROXX Profile
  • 7.10.2 NPROXX Main Business
  • 7.10.3 NPROXX Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.10.4 NPROXX Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.10.5 NPROXX Recent Developments
• 7.11 Sinoma Science & Technology
  • 7.11.1 Sinoma Science & Technology Profile
  • 7.11.2 Sinoma Science & Technology Main Business
  • 7.11.3 Sinoma Science & Technology Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.11.4 Sinoma Science & Technology Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.11.5 Sinoma Science & Technology Recent Developments
• 7.12 Chart Industries
  • 7.12.1 Chart Industries Profile
  • 7.12.2 Chart Industries Main Business
  • 7.12.3 Chart Industries Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.12.4 Chart Industries Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.12.5 Chart Industries Recent Developments
• 7.13 Gardner Cryogenics
  • 7.13.1 Gardner Cryogenics Profile
  • 7.13.2 Gardner Cryogenics Main Business
  • 7.13.3 Gardner Cryogenics Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.13.4 Gardner Cryogenics Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.13.5 Gardner Cryogenics Recent Developments
• 7.14 Plastic Omnium
  • 7.14.1 Plastic Omnium Profile
  • 7.14.2 Plastic Omnium Main Business
  • 7.14.3 Plastic Omnium Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.14.4 Plastic Omnium Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.14.5 Plastic Omnium Recent Developments
• 7.15 Iwatani
  • 7.15.1 Iwatani Profile
  • 7.15.2 Iwatani Main Business
  • 7.15.3 Iwatani Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.15.4 Iwatani Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.15.5 Iwatani Recent Developments
• 7.16 Mahytec (HENSOLDT)
  • 7.16.1 Mahytec (HENSOLDT) Profile
  • 7.16.2 Mahytec (HENSOLDT) Main Business
  • 7.16.3 Mahytec (HENSOLDT) Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.16.4 Mahytec (HENSOLDT) Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.16.5 Mahytec (HENSOLDT) Recent Developments
• 7.17 The Japan Steel Works
  • 7.17.1 The Japan Steel Works Profile
  • 7.17.2 The Japan Steel Works Main Business
  • 7.17.3 The Japan Steel Works Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.17.4 The Japan Steel Works Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.17.5 The Japan Steel Works Recent Developments
• 7.18 Kawasaki
  • 7.18.1 Kawasaki Profile
  • 7.18.2 Kawasaki Main Business
  • 7.18.3 Kawasaki Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.18.4 Kawasaki Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.18.5 Kawasaki Recent Developments
• 7.19 Whole Win (Beijing) Materials Sci. & Tech
  • 7.19.1 Whole Win (Beijing) Materials Sci. & Tech Profile
  • 7.19.2 Whole Win (Beijing) Materials Sci. & Tech Main Business
  • 7.19.3 Whole Win (Beijing) Materials Sci. & Tech Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.19.4 Whole Win (Beijing) Materials Sci. & Tech Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.19.5 Whole Win (Beijing) Materials Sci. & Tech Recent Developments
• 7.20 Hydrogenious LOHC Technologies
  • 7.20.1 Hydrogenious LOHC Technologies Profile
  • 7.20.2 Hydrogenious LOHC Technologies Main Business
  • 7.20.3 Hydrogenious LOHC Technologies Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.20.4 Hydrogenious LOHC Technologies Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.20.5 Hydrogenious LOHC Technologies Recent Developments
• 7.21 Hynertech
  • 7.21.1 Hynertech Profile
  • 7.21.2 Hynertech Main Business
  • 7.21.3 Hynertech Hydrogen Storage and Distribution Technology Products, Services and Solutions
  • 7.21.4 Hynertech Hydrogen Storage and Distribution Technology Revenue (US$ Million) & (2020-2025)
  • 7.21.5 Hynertech Recent Developments

8 Industry Chain Analysis

• 8.1 Hydrogen Storage and Distribution Technology Industrial Chain
• 8.2 Hydrogen Storage and Distribution Technology Upstream Analysis
  • 8.2.1 Key Raw Materials
  • 8.2.2 Raw Materials Key Suppliers
  • 8.2.3 Manufacturing Cost Structure
• 8.3 Midstream Analysis
• 8.4 Downstream Analysis (Customers Analysis)
• 8.5 Sales Model and Sales Channels
  • 8.5.1 Hydrogen Storage and Distribution Technology Sales Model
  • 8.5.2 Sales Channel
  • 8.5.3 Hydrogen Storage and Distribution Technology Distributors

9 Research Findings and Conclusion

10 Appendix

• 10.1 Research Methodology
  • 10.1.1 Methodology/Research Approach
    • 10.1.1.1 Research Programs/Design
    • 10.1.1.2 Market Size Estimation
    • 10.1.1.3 Market Breakdown and Data Triangulation
  • 10.1.2 Data Source
    • 10.1.2.1 Secondary Sources
    • 10.1.2.2 Primary Sources
• 10.2 Author Details
• 10.3 Disclaimer