Steady Expansion Forecast for Lodging Construction And Renovation Market, Projected to Reach $955.98 Billion by 2029

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Lodging Construction And Renovation Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the market for construction and refurbishment in the hospitality sector has expanded quickly over the recent years. It is forecasted to increase from $592.61 billion in 2024 to $653.86 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.3%. The expansion experienced in the historic period can be linked to factors such as the rise in urban population, an uptick in disposable income, burgeoning demand in tourism, growth in hotel chain operations, as well as heightening governmental expenditure on infrastructure.

Lodging Construction And Renovation Market Size Forecast: What's the Projected Valuation by 2029?
Expectations indicate a swift expansion of the lodging construction and renovation market, which is projected to reach $955.98 billion by 2029, with a compound annual growth rate (CAGR) of 10.0%. Factors contributing to this growth during the forecast period include enhanced sustainability practices, amplified demand for energy-efficient renovations, the growing development of mixed-use properties, increased consumer attention on wellness facilities, and the rise of digital transformation in the construction sector. Future trends in the market during the forecast period are likely to comprise technological progression in building automation, innovative strides in modular construction, exploration of eco-friendly materials, increased investment in research and development, and the incorporation of smart building technologies.

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What Are the Drivers Transforming the Lodging Construction And Renovation Market?
The growth of the lodging construction and renovation market is expected to be driven by the expanding travel tourism industry. Travel and tourism encompasses the activities and services linked to people visiting different destinations for leisure, business, or cultural experiences. As disposable income increases, more individuals are able to invest in vacations and recreational experiences, enhancing travel and tourism. Lodging construction and renovation play a crucial role in this growth by offering modern, sustainable and comfortable accommodations, thereby elevating guest experiences with innovative designs and upgraded facilities. This heightens the appeal and growth of travel destinations. For example, international tourist arrivals surged by 172% from January to July 2022 compared to the same period the previous year, as reported by the Spain-based United Nations World Tourism Organization, a UN agency specializing in tourism, in September 2022. Thus, the growth of travel tourism is indeed propelling the advancement of the lodging construction and renovation market.

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What Long-Term Trends Will Define the Future of the Lodging Construction And Renovation Market?
Leading firms within the lodging construction and renovation sector are prioritizing the development of cutting-edge technological solutions like building automation systems, with the aim to boost energy efficiency, streamline operation management and boost guest comfort. Building automation system is a technical infrastructure that joins together and automates a variety of a building's operations, such as heating, ventilation, air conditioning, lighting, and security, for more efficient management and improved comfort for occupants. As an example, in February 2025, Delta Electronics Inc., an electronics corporation based in Taiwan, introduced a platform known as Delta Intelligent Building Technologies (DIBT), designed to blend smart automation, energy management, and Internet of Things (IoT) solutions for heightened building efficiency and sustainability. This comprehensive platform combines Delta's proficiency in architectural lighting, building automation, and indoor air quality to construct intelligent, energy-saving and sustainable buildings. The platform delivers custom solutions designed to optimize energy consumption, augment occupant comfort, boost security, and facilitate real-time monitoring and control. The DIBT platform aids businesses in attaining operational superiority and sustainability targets through scalable, integrated smart building technologies.

Which Segments in the Lodging Construction And Renovation Market Offer the Most Profit Potential?
The lodging construction and renovation market covered in this report is segmented as

1) By Type: New Hotel Construction, Hotel Renovation And Refurbishment, Hotel Expansions And Additions, Conversion And Adaptive Reuse
2) By Construction Method: Traditional Construction Methods, Modular And Prefabricated Construction, Advanced Construction Technologies, Sustainable Construction Method
3) By Material Category: Structural Materials, Building Envelope Materials, Interior Finish Materials, Mechanical, Electrical, And Plumbing (MEP) Materials And Equipment
4) By Application: Full-Service Hotels, Limited-Service Hotels, Specialty Hotels, Alternative Accommodations

Subsegments:
1) By New Hotel Construction: Luxury Hotels, Mid-Scale Hotels, Budget Hotels
2) By Hotel Renovation And Refurbishment: Interior Upgrades, Exterior Renovations, Energy Efficiency Retrofits
3) By Hotel Expansions And Additions: Additional Guest Rooms, Conference And Event Spaces, Wellness And Spa Facilities
4) By Conversion And Adaptive Reuse: Office-To-Hotel Conversions, Residential-To-Hotel Conversions, Historic Building Restorations

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Which Firms Dominate the Lodging Construction And Renovation Market by Market Share and Revenue in 2025?
Major companies operating in the lodging construction and renovation market are Skanska USA, Whiting-Turner Contracting Company, STO Building Group, DPR Construction, Gilbane Building Company, Suffolk Construction Company, Inc., Manhattan Construction, R.D. Olson Construction, Inc., IDC Construction, Inc., W.E. O'Neil Construction, The Beam Team, Inc., Steelman Partners, Salisbury Moore Construction, Inc., Lippe Construction Services, Inc., Case & Associates Construction, Inc., Crystal Hospitality, Inc., Greython Construction, Hillways Construction, Vöcker Hospitality GmbH, Buildiyo

Which Regions Offer the Highest Growth Potential in the Lodging Construction And Renovation Market?
North America was the largest region in the lodging construction and renovation market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in lodging construction and renovation report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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