Adoption Of Green Energy And Sustainable Practices In The Amusement Parks And Arcades Market
Amusement parks are using green energy to power their rides and other attractions. The adoption of solar, wind and other renewable energy enables these parks to save costs, reduce the emission of carbon particles into the air, and contribute to corporate responsibilities by being eco-friendly. Six Flags Entertainment Corporation has transformed two of its Californian parks to run their rides entirely with solar power. Six Flags Entertainment Corporation is among the top five largest companies in the global amusement parks and arcades market. The company operates theme parks and water parks in geographically diverse markets across North America. It has 20 regional theme and water parks, including 17 parks in the United States, two parks in Mexico, and one park in Montreal, Canada.
The global amusement parks and arcades market was estimated at around $68 billion in 2019, and is expected to grow to $87 billion in 2022 at an annual growth rate of nearly 9%. Companies in the market are also adopting green solutions to reduce carbon footprint by using alternative fuels. Amusement parks use fossil fuels for several purposes including transportation within the park. They burn significant amounts of fossil fuels to generate energy, contributing to the carbon footprint. Amusement parks have recently started using alternative fuels to reduce carbon footprint. Six Flags uses vegetable oil instead of diesel in their vehicles in theme parks.
Amusement parks are increasingly implementing sustainable practices in their operations. Amusement parks are using recycled water from rides for further use. Amusement parks require a substantial amount of water for water rides and basic maintenance of the park including clearing the sideways and maintaining the landscapes. Companies are using innovative water recycling technologies to improve water table and contribute to sustainability. Amusement parks such as Sea World and Six Flags have implemented high-efficiency water fixture systems for reuse and recycle.
The amusement parks and arcades market has benefited from the growth of the experience economy. With increasing disposable incomes, people are looking for unique experiences with personalization to spend their leisure time, which is driving the experience economy. The experience economy is an economy based on consumers investing in experiences rather than in owning goods or consuming services. Social media has helped consumers to accelerate the demand for such experiences as the consumers communicate with the world through this platform. Visitors like sharing their experiences, photographs and videos on social media platforms which helps other people know the experiences offered by amusement parks around the world. According to a study conducted by Visa, a cards and payments company, 73% of Asians check-in online while on a holiday and as many as 71% people share their experiences on social media sites after returning home.