Mining machinery Market
Mining machinery Market Summary
As per MRFR analysis, the Mining machinery Market Size was estimated at 322.05 USD Billion in 2024. The Mining machinery industry is projected to grow from 340.64 USD Billion in 2025 to 597.03 USD Billion by 2035, exhibiting a compound annual growth rate (CAGR) of 5.77% during the forecast period 2025 - 2035.
Key Market Trends & Highlights
The Mining machinery Market is currently experiencing a transformative phase driven by technological advancements and sustainability initiatives.
- Technological advancements are reshaping the Mining machinery Market, enhancing efficiency and productivity.
- North America remains the largest market, while Asia-Pacific is recognized as the fastest-growing region in mining machinery.
- Excavation equipment, particularly excavators, dominates the market, whereas drilling machinery is witnessing rapid growth.
- Rising demand for minerals and a focus on sustainability are key drivers propelling the market forward.
Market Size & Forecast
| 2024 Market Size | 322.05 (USD Billion) |
| 2035 Market Size | 597.03 (USD Billion) |
| CAGR (2025 - 2035) | 5.77% |
Major Players
Caterpillar (US), Komatsu (JP), Hitachi Construction Machinery (JP), Sandvik (SE), Atlas Copco (SE), Volvo Construction Equipment (SE), Liebherr (DE), Epiroc (SE), Doosan Infracore (KR)
Mining machinery Market Trends
The Mining machinery Market is currently experiencing a transformative phase, driven by advancements in technology and increasing demand for efficient extraction processes. Innovations such as automation and artificial intelligence are reshaping operational methodologies, enhancing productivity while reducing labor costs. Furthermore, the emphasis on sustainability is prompting manufacturers to develop eco-friendly machinery, which aligns with global environmental standards. This shift not only addresses regulatory pressures but also caters to the growing consumer preference for sustainable practices in mining operations.
In addition, the Mining machinery Market is witnessing a surge in investments aimed at modernizing existing equipment and expanding production capabilities. Companies are increasingly focusing on integrating smart technologies that facilitate real-time monitoring and predictive maintenance, thereby minimizing downtime and optimizing resource utilization. As the industry evolves, collaboration between machinery manufacturers and mining companies appears to be crucial for fostering innovation and ensuring that the equipment meets the specific needs of diverse mining environments. Overall, the Mining machinery Market is poised for continued growth, driven by technological advancements and a commitment to sustainable practices. In particular, the surface mining machinery market is benefiting from increased adoption of high-capacity excavators, haul trucks, and automated equipment designed to improve productivity and operational safety.
Technological Advancements
The Mining machinery Market is seeing rapid technological advancements that enhance operational efficiency. Automation and artificial intelligence are becoming integral, allowing for improved precision and reduced human error. These innovations not only streamline processes but also contribute to cost savings and increased safety in mining operations. These innovations are accelerating modernization across the surface mining machinery market, enabling mining companies to enhance precision, reduce downtime, and optimize fuel efficiency.
Sustainability Initiatives
There is a growing emphasis on sustainability within the Mining machinery Market. Manufacturers are increasingly developing eco-friendly machinery that adheres to environmental regulations. This trend reflects a broader commitment to reducing the ecological footprint of mining activities, aligning with global sustainability goals. Sustainability initiatives are reshaping the surface mining machinery market, with manufacturers increasingly developing fuel-efficient and low-emission equipment to meet evolving regulatory requirements.
Investment in Modernization
Investment in modernization is a prominent trend in the Mining machinery Market. Companies are prioritizing the upgrade of existing equipment and the adoption of smart technologies. This focus on modernization aims to enhance productivity, minimize downtime, and ensure that machinery meets the evolving demands of the industry. Rising investments in mining infrastructure and resource extraction projects are positively influencing the surface mining machinery market, especially in emerging economies. Stringent safety regulations are driving equipment upgrades across the underground mining machinery market, particularly in ventilation, drilling, and material handling systems.
Mining machinery Market Drivers
Market Growth Projections
The Global Mining Machinery Market Industry is projected to experience robust growth over the next decade. With a compound annual growth rate (CAGR) of 5.77% anticipated from 2025 to 2035, the market is expected to expand significantly. By 2035, the market size is estimated to reach 597.0 USD Billion, reflecting the increasing demand for advanced mining solutions. This growth is driven by various factors, including technological advancements, rising mineral demand, and sustainability initiatives. As the industry adapts to these changes, the Global Mining Machinery Market Industry is poised for a transformative period, characterized by innovation and increased investment.
Rising Demand for Minerals
The Global Mining Machinery Market Industry is significantly influenced by the rising demand for minerals, driven by various sectors such as construction, automotive, and electronics. As urbanization and industrialization continue to expand globally, the need for essential minerals like copper, lithium, and rare earth elements is escalating. This trend is expected to propel the market, with estimates suggesting a growth to 597.0 USD Billion by 2035. The increasing reliance on advanced machinery to extract these minerals efficiently indicates a robust future for the Global Mining Machinery Market Industry, as companies seek to optimize their operations to meet this growing demand.
Sustainability Initiatives
Sustainability initiatives are becoming increasingly pivotal within the Global Mining Machinery Market Industry. Mining companies are under pressure to adopt environmentally friendly practices, leading to the development of machinery that minimizes ecological impact. This includes the use of electric and hybrid equipment, which reduces carbon emissions and energy consumption. As regulations tighten and public awareness of environmental issues grows, the demand for sustainable mining solutions is likely to rise. Consequently, this shift may drive innovation and investment in the Global Mining Machinery Market Industry, aligning with global sustainability goals and potentially enhancing market growth.
Technological Advancements
The Global Mining Machinery Market Industry is experiencing a surge in technological advancements that enhance operational efficiency and safety. Innovations such as automation, artificial intelligence, and IoT integration are transforming traditional mining practices. For instance, autonomous haul trucks and drones are increasingly utilized for surveying and monitoring, reducing labor costs and improving productivity. These advancements are expected to contribute to the market's growth, with projections indicating a market size of 322.1 USD Billion in 2024. As mining companies adopt these technologies, they are likely to gain a competitive edge, further driving demand within the Global Mining Machinery Market Industry.
Market Consolidation Trends
Market consolidation trends are emerging within the Global Mining Machinery Market Industry, as companies seek to enhance their competitive positioning. Mergers and acquisitions are becoming more common as firms aim to expand their product offerings and geographic reach. This consolidation can lead to increased efficiency and innovation, as combined resources allow for greater investment in research and development. The resulting economies of scale may also reduce costs, making advanced machinery more accessible to a broader range of mining operations. As the industry evolves, these consolidation trends could significantly influence the dynamics of the Global Mining Machinery Market Industry.
Government Regulations and Support
Government regulations and support play a crucial role in shaping the Global Mining Machinery Market Industry. Many countries are implementing policies to promote safe and efficient mining practices, which often include incentives for adopting advanced machinery. For instance, subsidies for environmentally friendly equipment can encourage mining companies to invest in new technologies. Additionally, regulatory frameworks aimed at enhancing worker safety and reducing environmental impact are likely to drive demand for modern machinery. As governments prioritize sustainable mining practices, the Global Mining Machinery Market Industry may witness accelerated growth, aligning with national and international standards.
Market Segment Insights
By Application: Excavation (Largest) vs. Drilling (Fastest-Growing)
Within the mining machinery market, the application segment is primarily divided into excavation, material handling, drilling, crushing, and transportation. Excavation remains the largest application, significantly impacting market dynamics due to its essential role in site preparation and resource extraction. Following excavation, material handling also holds substantial market share, as it facilitates efficient transport of extracted materials. Meanwhile, the drilling application has gained traction as a fast-growing segment, driven by advancements in technology and the increasing need for precision drilling operations in mining activities.
Excavation: Dominant vs. Drilling: Emerging
Excavation is the dominant application segment in the mining machinery market, characterized by its vital role in the initial stages of mining operations. This segment utilizes advanced excavators and shovels that are increasingly equipped with smart technologies to enhance productivity and operational efficiency. On the other hand, drilling is emerging rapidly, becoming crucial for precise resource identification and extraction. With technological advancements in drilling rigs and automation, this segment is witnessing significant growth. Companies are investing in innovative drilling techniques that reduce environmental impact and enhance efficiency, indicating a shift towards more sustainable mining practices within this application.
By Type of Machinery: Excavators (Largest) vs. Drills (Fastest-Growing)
In the Mining machinery Market, excavators hold the largest share among different types of machinery, demonstrating their critical role in various mining operations. Bulldozers and loaders follow closely behind, showcasing their importance in site preparation and material handling tasks. Dump trucks also occupy a significant position, primarily responsible for transporting mined materials. Drills, while currently smaller in market share, are emerging rapidly in recent years due to technological advancements and increasing demand for precision mining processes.
Excavators (Dominant) vs. Drills (Emerging)
Excavators are integral to the Mining machinery Market, favored for their versatility in digging, lifting, and material handling, which contributes to their dominant market position. Designed for heavy-duty tasks, they enable efficient operations across various terrains and conditions. On the other hand, drills are becoming an increasingly essential part of mining operations, particularly in the pursuit of precision and efficiency. Their rapid growth is driven by innovations in automated drilling technologies and the need for faster extraction processes. As the market evolves, drills are expected to gain a larger share as mining companies focus on maximizing productivity with advanced machinery.
By Power Source: Electric (Largest) vs. Diesel (Fastest-Growing)
In the Mining machinery Market, the power source segment is comprised of various forms, including Electric, Diesel, Hybrid, Compressed Air, and Hydraulic. Among these, Electric power sources hold the largest market share, driven by their efficiency and lower operational costs. The Diesel segment, while currently trailing in share, is recognized as the fastest-growing area due to the versatility and reliability of diesel engines in demanding mining operations. As industry standards evolve, the competition among these power sources intensifies, leading to innovations that benefit operators. Growth trends in the Mining machinery Market are largely influenced by the ongoing shift towards environmental sustainability. Electric power sources are gaining traction for their contribution to reducing carbon emissions. Conversely, the Diesel segment is experiencing a resurgence as manufacturers enhance engine performance and fuel efficiency, catering to a global demand for robust machinery. Hybrid models are also emerging as a compromise, blending fuel reliability with electrical efficiency. These dynamics underscore the evolving landscape of power sources within the industry.
Electric (Dominant) vs. Diesel (Emerging)
Electric power sources in mining machinery are characterized by their energy efficiency, reduced emissions, and lower operating costs, making them an ideal choice for environmentally conscious operations. As the dominant power source, electric machinery often requires upfront investment in charging infrastructure, which can deter some operators. However, advancements in battery technologies and renewable energy integration are significantly enhancing their appeal. On the other hand, the Diesel segment is considered an emerging power source, experiencing growth from enhancements in engine technology that improve fuel efficiency and performance in rugged terrains. Operators are attracted to Diesel for its reliability and fuel availability, which remains critical in remote mining locations. This dynamic creates a competitive landscape where both Electric and Diesel power sources vie for market share.
By End Use: Coal Mining (Largest) vs. Metal Mining (Fastest-Growing)
The mining machinery market is significantly influenced by the diverse end-use segments, with coal mining emerging as the largest segment. It dominates the market share due to the increasing global demand for coal, particularly in developing regions where energy needs are paramount. On the other hand, metal mining is also gaining traction, driven by the robust growth of industries requiring metals for infrastructure and technology manufacturing. Both segments exhibit distinctive characteristics that cater to specific operational needs of miners globally. Growth trends for the mining machinery market reflect a mixed yet optimistic outlook across different segments. Coal mining remains dominant, benefitting from established practices and substantial demand. Conversely, the metal mining sector is the fastest-growing, propelled by technological advancements and increasing extraction activities. Factors such as rising investments in mining infrastructure and the shift towards renewable energy where metals are crucial are further fueling this growth, indicating a shift in focus among miners towards more sustainable practices.
Coal Mining (Dominant) vs. Oil Sands Mining (Emerging)
Coal mining is a historical powerhouse within the mining machinery segment, characterized by its extensive infrastructure and steady demand from energy sectors. It leads the market with mature supply chains and established machinery suited for coal extraction. In contrast, oil sands mining represents an emerging avenue within this sector, driven by the search for alternative energy sources and the rise of environmental awareness. Machinery used in oil sands extraction requires specialized technology that caters to unique geological formations and extraction techniques. As regulations around fossil fuels tighten, oil sands mining may experience challenges; however, it remains pivotal as countries seek ways to utilize existing reserves while exploring cleaner extraction methods. Together, these segments depict a juxtaposition of established practices and innovative approaches within the mining machinery market.
By Technology: Automation (Largest) vs. Artificial Intelligence (Fastest-Growing)
In the Mining Machinery Market, the Technology segment is primarily driven by Automation, which holds the largest share. This widespread adoption of automated systems is transforming operational efficiencies and enhancing safety. Following close are Telematics and Remote Control technologies, which also play vital roles in optimizing equipment usage and performance monitoring. Artificial Intelligence is emerging as a key player in this segment, demonstrating rapid growth as companies seek smarter solutions to analyze data and improve decision-making processes. The growth trends within the Technology segment are notably influenced by increasing investments in digitalization and the push for autonomous mining operations. Automation enhances productivity while reducing operational costs, thereby driving demand. Moreover, the rise of AI capabilities is spurred by the need for advanced analytics in real-time decision-making. As mining companies prioritize sustainability, the integration of these technologies is expected to accelerate, positioning them as essential contributors to the industry's evolution.
Automation (Dominant) vs. Artificial Intelligence (Emerging)
Automation is the dominant force in the Mining Machinery Market, facilitating unmanned operations and streamlining workflow processes. This technology significantly enhances productivity by minimizing human intervention, thus reducing labor costs and improving safety standards. As operational efficiency becomes increasingly crucial, mining companies are investing heavily in automated solutions. On the other hand, Artificial Intelligence represents an emerging paradigm in this landscape, providing innovative approaches to data analysis and predictive maintenance. With AI's capabilities in machine learning and data mining, it empowers organizations to optimize resource utilization and enhance operational outcomes. Together, these two technologies indicate a balanced shift in mining operations, where automation prioritizes efficiency, while AI opens new avenues for intelligent decision-making.
Regional Insights
North America : Established Market with Innovation
North America is witnessing robust growth in the mining machinery market, driven by increasing investments in infrastructure and technological advancements. The market size is projected at $60.0 million, reflecting a significant share in the global landscape. Regulatory support for sustainable mining practices and environmental compliance is further catalyzing demand for advanced machinery. The region's focus on innovation and efficiency is expected to enhance productivity in mining operations. Leading countries like the US and Canada dominate the market, with key players such as Caterpillar and Komatsu establishing a strong foothold. The competitive landscape is characterized by continuous innovation and strategic partnerships among manufacturers. The presence of established companies ensures a steady supply of advanced mining equipment, catering to the growing demand in various mining sectors, including coal, metals, and minerals.
Europe : Sustainable Mining Initiatives
Europe's mining machinery market is evolving, with a focus on sustainability and regulatory compliance. The market size stands at $50.0 million, driven by stringent environmental regulations and a shift towards eco-friendly mining practices. The European Union's commitment to reducing carbon emissions is fostering innovation in mining technologies, leading to increased demand for efficient machinery. This regulatory landscape is pivotal in shaping market dynamics and encouraging investment in sustainable solutions. Countries like Germany, Sweden, and Finland are at the forefront, with key players such as Sandvik and Atlas Copco leading the charge. The competitive environment is marked by a blend of established firms and emerging startups focusing on green technologies. The presence of these companies ensures a diverse range of products, catering to the evolving needs of the mining sector while adhering to regulatory standards.
Asia-Pacific : Dominant Market Leader
Asia-Pacific is the largest market for mining machinery, with a staggering size of $180.0 million, reflecting its dominance in the global landscape. The region's growth is fueled by increasing mining activities, urbanization, and infrastructure development. Countries like China and India are major contributors, with rising demand for coal, metals, and minerals driving the need for advanced machinery. Regulatory frameworks supporting mining operations are also enhancing market prospects, ensuring compliance with safety and environmental standards. China, Japan, and Australia are leading players in this market, with companies like Hitachi Construction Machinery and Komatsu playing significant roles. The competitive landscape is characterized by a mix of local and international firms, fostering innovation and technological advancements. The presence of these key players ensures a steady supply of advanced mining equipment, catering to the diverse needs of the mining industry across the region.
Middle East and Africa : Emerging Market Potential
The Middle East and Africa region is emerging as a potential market for mining machinery, with a market size of $32.05 million. The growth is driven by increasing investments in mining infrastructure and the discovery of new mineral resources. Countries like South Africa and the UAE are leading the way, with government initiatives aimed at boosting mining activities and attracting foreign investment. Regulatory frameworks are gradually evolving to support sustainable mining practices, which is essential for long-term growth.
South Africa is a key player in this region, hosting several mining companies and machinery manufacturers and promoting the surface mining machinery market. The competitive landscape is characterized by a mix of local and international firms, including Epiroc and Doosan Infracore. As the region continues to develop its mining sector, opportunities for growth and investment in advanced machinery are expected to increase, making it an attractive market for stakeholders.
Key Players and Competitive Insights
Key Companies in the Mining machinery Market include
Industry Developments
The rising demand for minerals and metals, coupled with the increasing adoption of automation and digitalization in mining operations, is driving market growth. The Asia-Pacific region is expected to dominate the market, owing to the growing mining activities in countries such as China, India, and Australia. Major players in the market include Caterpillar, Komatsu, Hitachi Construction Machinery, and Liebherr. Recent developments include the launch of new products, such as autonomous mining trucks and excavators, and the increasing adoption of IoT and data analytics to improve operational efficiency.
Future Outlook
Mining machinery Market Future Outlook
The Mining machinery Market is projected to grow at a 5.77% CAGR from 2025 to 2035, driven by technological advancements, increased demand for minerals, and sustainability initiatives.
New opportunities lie in:
- Integration of AI-driven predictive maintenance solutions
- Development of electric and hybrid mining equipment
- Expansion of remote monitoring and control systems for operational efficiency
By 2035, the Mining machinery Market is expected to be robust, driven by innovation and sustainability.
Market Segmentation
Mining machinery Market End Use Outlook
- Coal Mining
- Metal Mining
- Mineral Mining
- Oil Sands Mining
Mining machinery Market Technology Outlook
- Automation
- Telematics
- Remote Control
- Artificial Intelligence
Mining machinery Market Application Outlook
- Excavation
- Material Handling
- Drilling
- Crushing
- Transportation
Mining machinery Market Power Source Outlook
- Electric
- Diesel
- Hybrid
- Compressed Air
- Hydraulic
Mining machinery Market Type of Machinery Outlook
- Excavators
- Bulldozers
- Loaders
- Dump Trucks
- Drilling Rigs
Report Scope
| MARKET SIZE 2024 | 322.05(USD Billion) |
| MARKET SIZE 2025 | 340.64(USD Billion) |
| MARKET SIZE 2035 | 597.03(USD Billion) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 5.77% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| Market Forecast Period | 2025 - 2035 |
| Historical Data | 2019 - 2024 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Caterpillar (US), Komatsu (JP), Hitachi Construction Machinery (JP), Sandvik (SE), Atlas Copco (SE), Volvo Construction Equipment (SE), Liebherr (DE), Epiroc (SE), Doosan Infracore (KR) |
| Segments Covered | Application, Type of Machinery, Power Source, End Use, Technology |
| Key Market Opportunities | Integration of automation and artificial intelligence in Mining machinery Market enhances operational efficiency and safety. |
| Key Market Dynamics | Technological advancements drive efficiency, while regulatory changes reshape operational standards in the Mining machinery Market. |
| Countries Covered | North America, Europe, APAC, South America, MEA |
FAQs
What is the current valuation of the Mining machinery Market as of 2024?
The Mining machinery Market was valued at 322.05 USD Billion in 2024.
What is the projected market valuation for the Mining machinery Market in 2035?
The market is projected to reach 597.03 USD Billion by 2035.
What is the expected CAGR for the Mining machinery Market during the forecast period 2025 - 2035?
The expected CAGR for the Mining machinery Market during 2025 - 2035 is 5.77%.
Which companies are considered key players in the Mining machinery Market?
Key players in the market include Caterpillar, Komatsu, Hitachi Construction Machinery, Sandvik, and Atlas Copco.
What are the major segments of the Mining machinery Market by application?
Major segments by application include Excavation, Drilling, Material Handling, Crushing, and Screening.
How does the valuation of Excavation machinery compare to other segments?
Excavation machinery was valued at 64.41 USD Billion in 2024 and is projected to reach 118.12 USD Billion.
What is the valuation of the Material Handling segment in the Mining machinery Market?
The Material Handling segment was valued at 76.62 USD Billion in 2024 and is expected to grow to 140.12 USD Billion.
What types of machinery are included in the Mining machinery Market?
Types of machinery include Excavators, Bulldozers, Loaders, Dump Trucks, and Drills.
What power sources are utilized in the Mining machinery Market?
Power sources include Electric, Diesel, Hybrid, Compressed Air, and Hydraulic.
What technological advancements are influencing the Mining machinery Market?
Technological advancements include Automation, Telematics, Remote Control, Artificial Intelligence, and Data Analytics.
Research Approach
Secondary Research
The secondary research process involved comprehensive analysis of regulatory databases, industry publications, mining sector reports, and authoritative governmental and international organizations. Key sources included the US Mine Safety and Health Administration (MSHA), US Energy Information Administration (EIA), European Commission Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW), International Energy Agency (IEA), International Council on Mining and Metals (ICMM), World Coal Association, International Labour Organization (ILO) Sectoral Policies Department, World Bank Extractive Industries Data, OECD Mining Regions and Cities Initiative, UNCTAD Commodity Statistics, International Monetary Fund (IMF) Commodity Price Data, National Mining Association (NMA), Minerals Council of Australia (MCA), China National Coal Association (CNCA), Indian Ministry of Mines, Brazilian Mining Association (Ibram), South African Department of Mineral Resources and Energy (DMRE), and national geological surveys from key mining jurisdictions. These sources were used to collect mineral production statistics, machinery import/export data, safety compliance records, environmental regulatory frameworks, and technological adoption trends across surface mining machinery, underground mining machinery, crushing and screening equipment, and autonomous mining technologies.
Primary Research
In order to gather both qualitative and quantitative insights, supply-side and demand-side stakeholders were interviewed during the primary research process. Supply-side sources included CEOs, VPs of Engineering, Chief Technology Officers, and heads of mining equipment divisions from original equipment manufacturers (OEMs) and component suppliers. Chief mining engineers, operations managers, procurement directors from major mining companies, quarry operators, and fleet management executives from coal, metal, and non-metallic mining operations were examples of demand-side sources. Primary research verified electrification and automation roadmaps, validated market segmentation across machinery categories (excavators, haul trucks, drilling rigs, loaders), and gathered information on equipment lifecycle management, total cost of ownership models, and aftermarket service tactics.
Primary Respondent Breakdown:
By Designation: C-level Primaries (28%), Director Level (32%), Others (40%)
By Region: North America (32%), Europe (25%), Asia-Pacific (33%), Rest of World (10%)
Market Size Estimation
Global market valuation was derived through revenue mapping and equipment shipment analysis. The methodology included:
Identification of 50+ key manufacturers across North America, Europe, Asia-Pacific, and Latin America
Product mapping across surface mining equipment, underground mining machinery, mineral processing equipment, and drilling systems
Analysis of reported and modeled annual revenues specific to mining machinery portfolios
Coverage of manufacturers representing 75-80% of global market share in 2024
Extrapolation using bottom-up (equipment unit sales × ASP by region and machinery category) and top-down (manufacturer revenue validation) approaches to derive segment-specific valuations for coal mining applications, metal mining operations, and non-metallic mineral extraction
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