Impact of COVID-19 on the Casino Gaming Equipment Market
The outbreak of COVID-19 has compelled government authorities to implement strict measures such as the imposition of partial or complete lockdowns in several emerging and developed countries to contain the spread of the pandemic. The manufacturing of casino gaming equipment and the provision of related services were restricted to permissible limits under the lockdown. Several retail stores and e-commerce services were shut down for the specified period. These factors have severely impacted the global economy and affected the casino gaming equipment market adversely. The production of such equipment was restricted, resulting in a huge demand and supply gap. The COVID-19 pandemic has disrupted the supply chains of multiple casino gaming equipment manufacturers across the globe, which has impacted the market growth. Several companies are also facing liquidity issues that may result in the complete shutdown of their production facilities. However, financially strong companies were able to sustain operations during the pandemic. The demand and supply of products across the globe play a vital role in the growth of the casino gaming equipment industry.
According to the MRFR analysis, the increased chances of a global economic recession in the coming year are likely to put additional pressure on the demand for casino gaming equipment. Some of the key industry participants that are expected to account for large market shares in terms of revenue include Gaming Partners International, Inc. (US), International Game Technology PLC (UK), Scientific Games Corporation (US), and Konami Holdings Corporation (Japan). The market is expected to stabilize by Q4 of 2020. Industry participants are expected to increase their production capacities with the gradual stabilization of the market over the projected timeframe. Moreover, International associations related to casino gaming equipment manufacturing have provided guidance on preventing the spread of COVID-19, which will help the market recover during the forecast period.