Global Hospitality Buildings Market Projected to Surpass $103.44 Billion by 2029 with 4.9% Annual Growth

What industry-specific factors are fueling the growth of the hospitality buildings market?
The burgeoning expansion of the travel and tourism sector is projected to boost the surge of the hospitality buildings market. The travel and tourism sector encompasses an industry that offers essential products and services to globe-trotters. Upsurge in tourism can cultivate business, escalate sales, and amplify profits for business entities, improving the financial outcome of hospitality companies. Hospitality buildings are essential entities in the travel and tourism industry as they render services such as food services, short-term accommodations, and other visitor-oriented services to individuals like tourists and voyagers. Hence, the increment in voyagers will spur the construction of hospitality buildings. For instance, in February 2023, as per a report by Coldwell Banker Richard Ellis (CBRE) Group, a US-based commercial realty services and investment firm, during Q4 2022, all hotel real estate components observed an annual growth. Demand rose by 3.6%, occupancy rose by 3.6%, revenue per available room (RevPAR) rose by 16.2%, and the average daily rate (ADR) surged by 12.1%. Moreover, in March 2023, as indicated by the Civil Aviation Authority, a statutory authority based in the UK, there was a significant rise in the UK's air travel in 2022, with over 224 million passengers commuting via UK airports. There was a boost in overall bookings, which grew roughly by 4% compared to the previous year, fueled by the rise in corporate (GDS) and group reservations by 30% and 18%, respectively. Hence, the intensified exponential growth of the travel and tourism industry contributes to the prosperity of the hospitality buildings market.

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What Is the projected market size and growth rate for the hospitality buildings market?
The market size for hospitality buildings has been witnessing a consistent rise over the past few years. By 2025, it is projected to expand from $81.62 billion in 2024 to $85.57 billion, indicating a compound annual growth rate (CAGR) of 4.8%. Factors behind growth during the historical phase include economic expansion and evolving travel patterns, globalisation and international tourism, urban growth and increasing population, transformation in culture and lifestyle, and the rise of boutique and lifestyle accommodations.

In the forthcoming years, the hospitality buildings market is anticipated to undergo a consistent expansion. By 2029, the market is predicted to reach a valuation of $103.44 billion, growing at a compound annual growth rate (CAGR) of 4.9%. The growth during this forecast period can be credited to factors such as the adoption of sustainable and environment-friendly measures, a focus on health and safety, resiliency in crisis, flexibility, and an inclusive design approach catering to diverse traveler needs and regenerative tourism practices. As for the main trends for the forecast period, they are the incorporation of technology to enhance guest experiences, technological advancements in guest services, inclusion of contactless technology, amenities focused on wellness, and the design of flexible and adaptive spaces.

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What new trends are reshaping the hospitality buildings market and its opportunities?
The emergence of product advancements is becoming a significant trend in the market for hospitality buildings. Big-name market participants are focusing their efforts on introducing new architectural designs that will solidify their place in the industry. In an illustration of this, the Volumetric Building Companies, an American construction firm that specializes in modular housing, unveiled the pioneering modular prototype of a new hotel design for the Fairfield by Marriott brand in January 2023. This innovation in modular technology will aid developers in navigating certain challenges by speeding up construction, enhancing acoustics with diminished noise transmission between modules, and bolstering quality.

What major market segments define the scope and growth of the hospitality buildings market?
The hospitality buildings market covered in this report is segmented -

1) By Hotel Type: Business Or Commercial Hotels, Boutique Hotels, Resort Hotels, casino* 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

Subsegments:
1) By Business Or Commercial Hotels: Full-Service Hotels, Limited-Service Hotels
2) By Boutique Hotels: Luxury Boutique Hotels, Economy Boutique Hotels
3) By Resort Hotels: Beach Resorts, Mountain Resorts, Spa Resorts
4) By casino* Hotels: Integrated casino* Resorts, Standalone casino* Hotels
5) By Transit Hotels: Airport Hotels, Train Station Hotels
6) By Bed And Breakfast Hotels: Traditional, Modern
7) By Other Types: Extended Stay Hotels, Hostels, Vacation Rentals

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Which region dominates the hospitality buildings market?
North America was the largest region in the hospitality buildings market in 2024. The regions covered in the hospitality buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the hospitality buildings industry growth?
Major companies operating in the hospitality buildings market include Turner Construction Company, AECOM, Balfour Beatty Construction, STO Building Group, The 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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What Is Covered In The Hospitality Buildings Global Market Report?

•Market Size Forecast: Examine the hospitality buildings market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the hospitality buildings market for a structured understanding.
•Key Players Overview: Analyze major players in the hospitality buildings market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the hospitality buildings market.
•Segment Contributions: Evaluate how different segments drive overall growth in the hospitality buildings market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the hospitality buildings market.
•Industry Challenges: Identify potential risks and obstacles affecting the hospitality buildings market.
•Competitive Landscape: Review strategic developments in the hospitality buildings market, including expansions, agreements, and new product launches.

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