The mining industry’s response to the pandemic has been swift and aligned, primarily driven by the groundwork laid down by the industry participants to support the longer-term economic recovery which includes supporting livelihoods, protecting severely disrupted supply chains, and helping to build long-term community resilience to any future crises. Amid the speculations of new COVID-19 variants, almost all key players have taken immediate measures to adjust their operations to the minimum required capacity in order to cut down on all costs. The mining industry emerging from the worst of the economic crisis in excellent financial and operational shape is signaling towards healthy and quick recuperation, helping its bearings market to grow at a CAGR of 4.3% during 2021-2026 to reach a landmark figure of US$ 1.9 Billion in 2026.
Mining techniques have evolved dramatically in recent decades, transitioning from labor-intensive to technology-intensive processes, resulting in a massive increase in mining productivity. The advancements of mining equipment have played a critical role in this transition. Mining equipment is a crucial technological component of mining operations. The global demand for mining equipment is directly linked with the magnitude of mining operations and the global expansion of mining production. Bearings in the mining industry have to continuously battle with challenging conditions, such as heavy vibrating loads, abrasive dust and dirt, and extreme temperature and shocks. Durability and reliability are of supreme importance for mining equipment bearings.
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