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Industrial Tourism Market Key Trends, Insights, Analysis 2024-2033
Industrial Tourism Market Demand
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According to The Business Research Company's, The industrial tourism market size has grown exponentially in recent years. It will grow from $1.86 billion in 2023 to $2.43 billion in 2024 at a compound annual growth rate (CAGR) of 30.4%. The growth in the historic period can be attributed to global industrialization, adoption of automation, economic growth, growing manufacturing sector.
The industrial tourism market size is expected to see exponential growth in the next few years. It will grow to $7.3 billion in 2028 at a compound annual growth rate (CAGR) of 31.7%. The growth in the forecast period can be attributed to growing agriculture sector, increasing energy demand, increasing research and development, increasing disposable income. Major trends in the forecast period include introduction of travel chatbots, innovative marketing strategies, integration of virtual reality and augmented reality, technological advancements, product innovations.
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Market Drivers and Trends:
The rise in demand for experiential travel is expected to propel the growth of the industrial tourism market going forward. Experiential travel refers to a type of travel that involves engaging actively and meaningfully with the nature, people, and culture of a destination to produce unforgettable experiences. Experimental travel encourages industrial tourism by providing immersive experiences and hands-on activities in industrial settings, creating special and educational opportunities for visitors to explore and engage with various industries, and bringing tourists to industrial areas. For instance, in July 2022, according to the International Trade Administration, a US-based Intergovernmental organization, the total non-resident international visitor flow to the United States increased to 5,210,752, which has increased by 160.8% compared to July 2021. Therefore, the rise in demand for experiential travel is driving the industrial tourism market.
The introduction of various industrial tourism is a key trend gaining popularity in the industrial tourism market. Companies operating in the industrial tourism market are focused on innovating new products to sustain their position in the market. For instance, in February 2023, Metalloinvest Management Company LLC, a Russia-based mining and metallurgy company, launched industrial tourism at Alexey Ugarov Oskol Electrometallurgical Plant (OEMK). This allows guests to learn about green metallurgy technologies that work in harmony with nature as well as the most recent professions. Additionally, tourists were given instructions about industrial safety, they are also provided with overalls and shoes and other personal protective equipment.
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Major Key Players of the Market:
TUI AG, AAA Club Alliance Inc., Expedia Group Inc., Global Business Travel Group Inc., BCD Travel, Fareportal Inc., Direct Travel Inc., World Travel Inc., ALTOUR International Inc., JTB Americas Ltd., Omega World Travel, Lindblad Expeditions Holdings Inc., Tauck Inc., Frosch International Travel LLC, Topdeck Travel, Travel Leaders Group LLC, Ovation Travel Group, Quasar Expeditions Inc., Peregrine Adventures Pty Ltd., Thomas Cook & Son Limited, Expedia Group Inc., China Tourism Group Duty Free Corporation Limited, China CYTS Tours Holding Co. Ltd., Bamba Experience Inc., Smithsonian Journeys.
Industrial Tourism Market 2024 Key Insights:
• The industrial tourism market size is expected to see exponential growth in the next few years. It will grow to $7.3 billion in 2028 at a compound annual growth rate (CAGR) of 31.7%.
• Experiential Travel Drives Growth In Industrial Tourism Market
• Industrial Tourism Surges With Companies Innovating Experiences
• North America was the largest region in the industrial tourism market in 2023
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