Casino Gaming Equipment Market to Reach $13.19 Bn, Globally, by 2027 at 5.5% CAGR: Allied Market Research
- Several countries across the globe have liberalized the concept of casinos and accordingly, the number of casino establishments have also started to rise. This factor fuels the growth of the global casino gaming equipment market.
PORTLAND, Ore., April 12, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Casino Gaming Equipment Marketby Product Type (Slot Machine, Video Lottery Terminal, Video Poker Machine, and Others), Installation (Installed Inside Casino and Installed Outside Casino), and Mode of Operation (Floor Mounted and Portable): Global Opportunity Analysis and Industry Forecast, 2021–2027." According to the report, the global casino gaming equipment industry was estimated at $11.02 billion in 2019, and is expected to hit $13.19 billion by 2027, registering a CAGR of 5.5% from 2021 to 2027.
Drivers, restraints, and opportunities-
Several countries across the globe have liberalized the concept of casinos and accordingly, the number of casino establishments have also started to rise. This factor fuels the growth of the global casino gaming equipment market. Also, increase in consumer interests and the fact that manufacturers are investing heavily in R&D to add smart gaming features have supplemented the growth yet more. On the other hand, rise in preference for online gambling restrains the growth to some extent. Nevertheless, rise in middle class population and disposable income are expected to create multiple opportunities in the industry.
The outbreak of covid-19 led to the shutdown of casinos, malls, and other entertainment centers, which in turn impacted the global casino gaming equipment market negatively.
However, government bodies around the world have now come up with certain relaxations on the current regulations which is expected to help the market recoup its position soon.
The slot machines segment to dominate by 2027-
Based on product type, the slot machines segment accounted for around two-fifths of the global casino gaming equipment market share in 2019, and is anticipated to rule the roost by the end of 2027. Slot machines are extremely popular in the casino and gambling spaces across the globe. This factor propels the segment growth. The video poker machines segment, on the other hand, would register the fastest CAGR of 5.9% throughout the forecast period.
The installed inside casino segment to retain its top share during the forecast period-
Based on installation, the installed inside casino segment contributed to more than three-fifths of the global casino gaming equipment market revenue in 2019, and is expected to lead the trail by the end of 2027, due to the expansion of existing casinos and opening of new casinos in both new and existing jurisdictions. Simultaneously, the installed outside casino segment would grow at the fastest CAGR of 6.2% from 2021 to 2027. Increase in popularity of casino gaming has led to numerous casino setups installed outside casinos, such as shopping malls, play zone areas and resorts. This factor drives the growth of the segment.
North America garnered the highest share in 2019-
Based on geography, North America garnered the highest share in 2027, holding more than one-third of the global casino gaming equipment market, owing to increasing popularity of casino and gambling in the region. At the same time, the market across Asia-Pacific would manifest the fastest CAGR of 6.00% during the forecast period. This growth is attributed to the legalization of gambling activities and increasing disposable income among consumers.
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