Casino Gaming Equipment Market to Grow at a CAGR of 5.5% and will Reach USD 13,191.8 Million by 2027
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floor mounted segment is the highest contributor to the market and is estimated to reach $7,937.0 million by 2027, at a CAGR of 5.2% during the forecast period
PORTLAND, OREGON, UNITED STATES, September 5, 2023/EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Casino gaming equipment market by product type, installation, and mode of operation: opportunity analysis and industry forecast, 2021–2027,” the global casino gaming equipment market was valued $11,026.3 million in 2019, and is projected to reach $13,191.8 million by 2027, registering a CAGR of 5.5% from 2021 to 2027. The market is expected to exhibit an incremental revenue casino gaming equipment market opportunity of $3,641.6 million from 2021 to 2027. Rise in number of casinos, growth in demand for electronic gaming systems, and increase in preference for slot machines propels the casino gaming equipment market trends.
Rise in disposable income among consumers, especially in developing countries, has created a positive growth impact on the casino gaming equipment industry. The number of consumers visiting casinos has gained momentum in recent past. As a consequence, number of casino establishments have increased, creating high demand for casino equipment. Furthermore, substantial technological innovations in electronic gaming machines have generated great opportunities for manufacturers. Moreover, governments across several countries have liberalized the concept of casinos. This has also helped to generate high casino gaming equipment market growth for manufacturers.
Owing to the spread of COVID 19, the demand for casino gaming equipment has been negatively affected. The pandemic resulted in significant reduction in capital spending by customers and lower gaming operations revenue, owing to venue closures and social distancing measures from March 2020. Furthermore, the outbreak also caused supply chain slowdown and product delivery delays as well as closures of casinos on a global scale, hence impacting the business.
On the basis of product type, the slot machine casino gaming equipment segment accounted for the maximum casino gaming equipment market share in 2019. Slot machines are extremely popular in casinos and gambling space across the globe. They have evolved drastically over the last decade through high adoption of radical skill-based machineries and launch of new and advanced games. Hence, with technological advancements and attractive features, preference for slot machines has gained positive recognition over the years. However, the others casino gaming equipment market segment is expected to grow at a higher CAGR during the forecast period.
On the basis of installation, the installed inside casino segment accounted for the maximum share in the market in 2019. Growth of gaming in land-based venues is driven by opening of new casinos in both new and existing jurisdictions, as well as expansion of existing casinos. There are numerous games that can be played under one roof; hence it becomes a convenient option for operators to keep customers engaged and encourage additional visits. In addition, it is also generally spread over a large area and comprises higher amount of equipment. However, the installed outside casino gaming equipment segment is expected to grow at a higher CAGR during the casino gaming equipment market forecast period.
On the basis of mode of operation, the floor mounted segment accounted for the maximum share in the global casino gaming equipment market in 2019. The attachment to the floor is an easier installation, than a wall, owing to its ability to exert weight directly downward. Traditionally, most casino gaming equipment have been floor mounted. However, the portable casino gaming equipment segment is expected to grow at a higher CAGR during the forecast period.
On the basis of region, North America was the prominent market for casino gaming equipment in 2019. This was attributed to tremendous popularity of casinos and gambling in the region. It has the highest number of casino establishments in the world and high demand for mass-market gaming equipment. However, Asia-Pacific is expected to witness a significant CAGR, during the forecast period.
Key findings of the study
By type, the slot machine segment was the highest contributor to the casino gaming equipment market size, with $4,479.50 million in 2019, and is estimated to reach $5,129.80 million by 2027, at a CAGR of 5.0% during the forecast period.
By installation, the installed inside casino segment was the highest contributor to the market with $7,001.8 million in 2019, and is estimated to reach $8,117.0 million by 2027, at a CAGR of 5.1% during the forecast period.
By category, the floor mounted segment was the highest contributor to the market, with $6,801.7 million in 2019, and is estimated to reach $7,937.0 million by 2027, at a CAGR of 5.2% during the forecast period.
In 2019, North America was the most prominent market, however Asia-Pacific is expected to grow at a significant CAGR throughout the forecast period.
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Key players operating in the casino gaming equipment market include Playags, Inc., Incredible Technologies, Inc., International Game Technology Plc, Everi Holdings Inc., Aristocrat Leisure Ltd., Euro Games Technology Ltd., Gamebridge Casino Equipment, Jackpot Digital Inc, Matsui Gaming Machine Co., Ltd. and The Novomatic Ag Group.
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