Following the epidemic, the world’s gaming business has not only recovered but is booming, with one particular segment seeing exceptional growth. A thorough analysis by Straits Research indicates that the market for gaming equipment for casinos is expected to grow rapidly, reaching a staggering $18.5 billion by 2030.
Valued at $11.6 billion in 2021, the gaming equipment business is predicted to have a solid Compound Annual Growth Rate (CAGR) of 5.3% from 2022 to 2030. The primary cause of this increase is the growing popularity of casino gaming, which has a knock-on impact for the need for cutting-edge gaming gear.
“The growth of the casino industry can be attributed to changes due to technological advancements in the modern world,” the study asserts. “Regulated casinos have opened up new markets and reached record revenue since casino-related activities are legal in many nations worldwide.”
Diverse Range of Gaming Equipment in Demand
The study covers a wide range of casino-style gaming equipment seen not just in traditional venues but also in malls and other entertainment hubs, going beyond classic casino floor staples including tables, slots, cards, and dice. The need for such equipment has increased because to the widespread acceptance of gambling, with notable increases observed in the North American and European markets.
According to Straits Research, the gaming market in North America is expected to develop at a compound annual growth rate (CAGR) of 5.1% until 2030. In Europe, the market is expected to grow at an even faster pace of 5.8% during the same time, with internet gaming playing a major part in this expansion. The expansion of the casino business is being driven by rising disposable income in emerging nations as well, so the boom is not just happening in these areas.
“A rise in disposable income among consumers, especially in developing countries, has created a growth impact on the casino industry,” the study highlights. “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 analysis is in line with the American Gaming Association’s (AGA) most current figures, which show that the gaming industry in America has a $328.6 billion economic effect. This effect includes $52.7 billion in tax income for the federal, state, and local governments, $104 billion in wages and salaries, and the creation of 1.8 million employment.
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