Casino Equipment Industry Predicted To Boom Through 2030New And Renovated Casinos Continue To Drive Demand |
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The worldwide gaming market continues to boom since the pandemic, and a recent study also noted that a certain segment of the industry also is experiencing some major expansion as well. A report from Straits Research noted that the casino gaming equipment segment is projected to reach $18.5 billion by 2030.
The report notes that the industry was valued at $11.6 billion in 2021, meaning gaming equipment is expected to experience a compound annual growth rate (CAGR) of 5.3% from 2022-30. Simply put, the growing demand for casino gaming is fueling a demand for even more gambling equipment.
“The growth of the casino industry can be attributed to changes due to technological advancements in the modern world,” the study notes. “Regulated casinos have opened up new markets and reached record revenue since casino-related activities are legal in many nations worldwide.”
The study makes use of a wide range of gaming equipment beyond the traditional tables, slots, cards, and dice on the casino floor and also included casino-style gaming equipment that can even be found in malls and other entertainment venues.
As gambling has been embraced in more parts of the world, the equipment is in more in demand than ever. That includes major growth in the North American and European markets.
Straits found that the North American gaming industry is expected to grow at a CAGR of 5.1% through 2030. In Europe, the study predicts an even larger growth rate of 5.8% over the same time period, although online gaming is a key driver. These aren’t the only regions, however, expected to experience major increases in the coming years.
“A rise in disposable income among consumers, especially in developing countries, has created a growth impact on the casino industry,” the study notes. “The number of consumers visiting casinos has gained momentum in the recent past. Consequently, the number of casino establishments has increased, creating a high demand for casino equipment.”
The view of the U.S. is in line with recent estimates from the American Gaming Association (AGA) regarding the overall American gaming landscape. In October, the AGA released the group’s annual report on the industry and estimated that gaming and casino had an economic impact of $328.6 billion, which included creating 1.8 million jobs; $104 billion in wages and salaries; and $52.7 billion in tax revenue to federal, state, and local governments.
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