Snow Making System Market to Record an Exponential CAGR by 2018 to 2026
Global Market Study on Snow Making Systems: Developments in Theme Based Tourism Activities to Drive Growth Across Various Regional Markets
New York, NY -- (SBWire) -- 04/16/2019 --Persistence Market Research delivers key insights on the global snow making system market in its latest report titled 'Snow making system Market: Global Industry Analysis 2013–2017 and Forecast, 2018–2026.' The long-term outlook regarding the global snow making system market remains positive and the market value is expected to increase at a CAGR of 5.7% during the forecast period (2018 – 2026). Among system type, the external mix segment is expected to grow at a significant CAGR in terms of value over the forecast period. Global sales of snow-making systems are estimated to be valued at US$ 94.0 Mn by the end of 2017. Europe is estimated to account for a value share of 36.1% in the global snow making system market by the end of 2018 and is anticipated to retain its dominance throughout the forecast period. In this report, Persistence Market Research throws light on the drivers and restraints likely to impact the market during the forecast period.
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In the present scenario, some of the major factors driving the global snow making system market include significant increase in tourism, extensive control of the site offered by snow-making systems, twisting of seasons due to drastic changes in climatic conditions, and low dependency on natural resources. Furthermore, majority of ski areas invest millions of dollars on the installation of snow-making systems. In addition, ski resorts have been proactively implementing systems to adapt to more erratic and frequent winters by enhancing their snow-making capacity by up to 60% over the past two decades.
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Emerging markets include countries undergoing rapid economic growth & growing interest in skiing, owing to which they are expected to emerge as substantial markets. These countries play a crucial role as they create demand for snow-making systems and become target countries for the installation & supply of complete systems. Growth of the tourism industry in emerging countries such as China, Latin America, and South Africa is expected to fuel the global demand for snow-making systems during the forecast period.
However, the global snow-making system market is expected to face some challenges. High initial as well as maintenance cost is one of the prime reasons likely to restrain the growth of the snow making system market in the coming years. Moreover, the renting of snow factories in the Americas is another factor that is likely to hamper the demand for snow-making systems, and this is expected to have a negative impact on the revenue growth of the global snow making system market.
The snow making system market is segmented on the basis of system type, end use, and regions. On the basis of system type, the fan-based systems segment is anticipated to continue to dominate the market in terms of volume over the forecast period. However, in terms of value, the external mix segment is estimated to account for nearly 36.9% of the global snow making system market to reach US$ 32.0 Mn by the end of 2017.
Regional Market Projections
Europe is the leading market for snow-making systems accounting for over 37.8% market share in terms of revenue in the global snow making system market by the end of 2018 owing to the presence of a significant number of resorts along with the population's keen interest for skiing. The Asia Pacific snow making system market is projected to witness significant growth in terms of value in the global snow making system market over the forecast period with a CAGR of 8.3% over the forecast period. This can be attributed to market growth in China and Australia & New Zealand, among others.
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