Construction Industry by 2030 - Hospitality
Due to the limited availability of data, the research team could not sufficiently provide specific data on the 2030 projected global size of the construction industry for hospitality. However, the team estimated that the global leisure & hospitality construction industry would hit $362.69 billion by 2030.
- The global leisure & hospitality construction market was worth $181 billion in 2016.
- It was projected to hit $232 billion by 2021, representing a CAGR of 5.09% over the projected period (calculations below).
- The projected growth is boosted by the rising tourism in the Asia-Pacific region, the Middle East, and Africa.
- However, the industry is led by spending in the U.S., China, and the UK.
- As of September 2019, there were 14,051 hotel construction projects, amounting to 2,327,923 rooms, around the globe.
- This is about 9% and 8% year-over-year rise in construction projects and rooms being constructed respectively.
- Therefore, by 2030, there would be about 36,257 hotel construction projects, amounting to 5,427,876 rooms, around the globe. (calculations below).
To determine the projected size of the construction industry for hospitality by 2030, your research team commenced with an exhaustive search on market reports and statistical databases from credible sources. However, no public report nor reports gated by paywall was available. We switched gears to search for industry-related reports on the global construction market, which could provide insight into the requested data. While we found reports on the global construction industry as a whole, segments by type on these reports were only on infrastructure, residential, and non-residential (commercial) markets. As such, our next approach was to search for standalone reports on the global commercial building market. The team hoped to find further segmentation of this market or related sectors such as hotels, restaurants, nightclubs, or anything similar. However, we could only find data on the global hotel construction market. Further, we searched through articles and expert analysis for any mention on the share of the global leisure & hospitality market with the hope of splitting this market to determine the exact size and projected size of only the hospitality construction sector. However, we found that the market segmentation of the commercial construction industry does not separate the leisure and hospitality market. We have provided relevant data points that we found in the course of this research.
TRIANGULATION AND CALCULATIONS
If the global leisure and hospitality construction market was worth $181 billion in 2016 and was projected to hit $232 billion by 2021, using an online calculator, we determined that the CAGR between 2016 to 2021 is 5.09%.
Assuming that the global trend remains unchanged up till 2030, the size of the market would become $362.69 billion at a CAGR of 5.09% from 2016.
If the number of hotels and rooms in construction were 14,051 and 2,327,923 respectively in 2019, and continue to grow at a rate of by 9% and 8% per year respectively, using an online calculator, we determined that by 2030, there would be about 36,257 hotels and or 5,427,876 rooms under construction in the world.