The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The exponential rise of the travel and tourism industry is likely to encourage innovation in the production of hospitality buildings, propelling the market over the forecast period.

The global hospitality buildings market is expected to grow from $73.34 billion in 2022 to $77.34 billion in 2023 at a compound annual growth rate (CAGR) of 5.5%. The global hospitality buildings market size is expected to reach $90.31 billion in 2027 at a CAGR of 4.0%.

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 Global Hospitality Buildings Market Segments Include:

• By Hotel Type: Business Or Commercial Hotels, Boutique Hotels, Resort Hotels, Casino Hotels, Transit Hotels, Bed And Breakfast Hotels, Other Types
• By Price Level: Luxury, Upscale, Midscale, Economy
• By Room Capacity: Small, Medium, Large, Mega
• By Business Model: Individual, Chain
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global hospitality buildings market in 2021.

Major Market Players in the hospitality buildings market include AECOM, Suffolk Construction Company, STO Building Group, The Yates Companies, Swinerton, PCL Construction Enterprises, Balfour Beatty Construction, Hensel Phelps Construction Company.

Product innovation is a crucial trend that is gaining traction in the hospitality buildings sector. To boost their market position, major market players are focusing their efforts on developing new building architecture. For example, Volumetric Building Companies, a US-based construction firm specialising in modular homes, launched the first modular prototype of a new hotel architecture in January 2023, allowing the Fairfield by Marriott brand (a hotel brand) to spread more quickly throughout Europe. The use of new modular technology will help developers overcome some of their challenges by speeding up construction, enhancing acoustics with less noise transfer between modules, and boosting quality.

The Hospitality Buildings Global Market Report 2023  provides a hospitality buildings market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The hospitality buildings market forecast analyzes hospitality buildings market size, hospitality buildings market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Hospitality architecture is concerned with the creation of structures and buildings such as hotels and restaurants. They are designed with the purpose of providing each visitor with a good experience while at the hotel or restaurant.

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