Atlanta, United States: Old Tom Capital has released its 2026 Golf Industry Outlook, arguing that golf is entering a new phase of institutional interest as participation, technology, media, hospitality and real-asset ownership converge around a broader sports investment market.

The report says the global sports economy is worth US$2.5 trillion and could reach US$3.7 trillion by 2030, while sports assets have compounded at 13.1% annually over six decades.

For golf specifically, it points to 549.5 million US rounds played in 2025, the fourth all-time record in five years, with every year since 2020 above 500 million rounds despite around 2,000 fewer facilities than during the previous boom.

It also says total US participation has reached 48.1 million, with 29.1 million on-course golfers, 37.9 million off-course participants, 14.9 million core golfers and private club membership up 50% since 2019 to 2.1 million golfers.

The report identifies six investment categories it believes will shape golf’s next cycle: off-course and ‘Golf Lite’ formats, infrastructure and technology, media and content, performance and equipment, sustainability and agronomy technology, and hospitality and travel.

Among the standout data points, it says screen golf grew 13% in 2025 to 9.2 million players, 81% of facilities have still not adopted simulator technology, and the golf simulator market is approaching US$2 billion globally.

It also highlights golf tourism as a major growth area, estimating the market at about US$28 billion in 2025 and projecting it to exceed US$60 billion by 2034, while St Andrews is cited as generating £317 million in annual economic value for Scotland.

Old Tom Capital says the central opportunity is not simply adding more golfers, but converting interest into long-term engagement through better formats, technology, hospitality and operating infrastructure.