Hospitality Buildings Market Production, Demand And Business Outlook 2024 To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Hospitality Buildings Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $95.76 billion In 2028 At A CAGR Of 4.5% :

The hospitality buildings market size has grown steadily in recent years. It will grow from $76.91 billion in 2023 to $80.29 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to economic growth and travel trends, globalization and international tourism, urbanization and population growth, cultural and lifestyle changes, emergence of boutique and niche accommodations.

The hospitality buildings market size is expected to see steady growth in the next few years. It will grow to $95.76 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to sustainable and eco-friendly practices, health and safety considerations, crisis resilience and flexibility, inclusive design for diverse traveler needs, regenerative tourism practices. Major trends in the forecast period include technology integration for guest experience, technological advancements in guest services, contactless technology integration, wellness-focused amenities, flexible and adaptive spaces.

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Hospitality Buildings Market Major Segments
The hospitality buildings market covered in this report is segmented -
1) By Hotel Type: Business Or Commercial Hotels, Boutique Hotels, Resort Hotels, Casin*o Hotels, Transit Hotels, Bed And Breakfast Hotels, Other Types
2) By Price Level: Luxury, Upscale, Midscale, Economy
3) By Room Capacity: Small, Medium, Large, Mega
4) By Business Model: Individual, Chain

Key Driver - Exponential Growth Of The Travel And Tourism Industry Boosts Hospitality Buildings Market

The exponential growth of the travel and tourism industry is expected to propel the growth of the hospitality buildings market going forward. The travel and tourism industry refers to an industry involved in providing necessary products and services to travelers. Growth in tourism can foster business, increase sales, and enhance profits for businesses, enhancing the financial performance of hospitality firms. Hospitality buildings play a major role in the travel and tourism industry as they are business establishments that serve meals, short-term lodging, and other services to visitors like tourists and travelers. Thus, the rise in travelers and tourists will propel the construction of hospitality buildings. For instance, in February 2023, according to the Coldwell Banker Richard Ellis (CBRE) Group's report, a US-based commercial real estate services and investment firm, In Q4 2022, all aspects of hotel real estate fundamentals saw year-over-year growth. Demand went up by 3.6%, occupancy went up by 3.6%, revenue per available room (RevPAR) went up by 16.2%, and the average daily rate (ADR) went up by 12.1%. Furthermore, in March 2023, according to the Civil Aviation Authority, a UK-based statutory authority, the UK air travel increased significantly in 2022, with over 224 million passengers travelling to and from UK airports. The figure is a considerable increase on 2021, which saw 65.4 million passengers travel through airport. The rise in corporate (GDS) and group reservations of 30% and 18%, respectively, drove the growth in overall bookings, which grew by about 4% compared to the prior year. Therefore, the increased exponential growth of the travel and tourism industry is driving the growth of the hospitality buildings market.

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Prominent Trend - Innovative Modular Hotel Architecture To Redefine The Hospitality Buildings Market

Product innovations are a key trend gaining popularity in the hospitality buildings market. Major market players are concentrating their efforts on innovating new building architecture to strengthen their position in the market. For instance, in January 2023, Volumetric Building Companies, a US-based construction firm specializing in modular housing, launched the first modular prototype of a new hotel architecture that will let the Fairfield by Marriott brand (a hotel brand) spread faster throughout Europe. The application of innovative modular technology will assist developers in overcoming some of their difficulties by accelerating construction, improving acoustics with reduced noise transfer between modules, and improving quality.

Hospitality Buildings Market Players
Major companies operating in the hospitality buildings market report are Turner Construction Company, AECOM, Balfour Beatty Construction, STO Building Group, The Whiting-Turner Contracting Company, Whiting-Turner Contracting Company, Gilbane Building Company, JE Dunn Construction Group, Hensel Phelps Construction Company, DPR Construction Inc., HITT Contracting Inc., Brasfield & Gorrie LLC, Clark Construction Group LLC, Mortenson Inc., PCL Constructors Inc., McCarthy Holdings Inc., Suffolk Construction Company, The Yates Companies, Gray Construction Inc., Robins & Morton Inc., Sundt Construction Inc., Swinerton, W.E. O'Neil Construction Co., Hoffman Construction Company, Messer Construction Company, Skanska USA Civil Inc., The Beck Group Inc., Pepper Construction Company, Webcor Builders LLC, Layton Construction Company LLC, Clayco Inc., Hoar Construction LLC, Weis Builders Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the hospitality buildings market in 2023. The regions covered in the hospitality buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hospitality Buildings Market Report Structure
3. Hospitality Buildings Market Trends And Strategies
4. Hospitality Buildings Market - Macro Economic Scenario
5. Hospitality Buildings Market Size And Growth
…..
27. Hospitality Buildings Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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