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How Much Is The Lodging Construction And Renovation Market Worth?
The expansion and refurbishment market for accommodations has seen a swift growth in recent years. The market that will expand from $592.61 billion in 2024 to an estimated $653.86 billion in 2025, exhibits an impressive compound annual growth rate (CAGR) of 10.3%. Factors such as increased urbanization, growth in household income, rising demand for tourism, expansion of hotel networks, and the surge in government spending on infrastructure have contributed to the growth witnessed during the historical period.

The market size for construction and renovation in the hospitality sector is anticipated to undergo significant expansion in the forthcoming years, with projections placing it at a value of $955.98 billion in 2029 reflecting a compound annual growth rate (CAGR) of 10.0%. This anticipated growth in the forecasting period can be attributed to various factors like the increasing focus on sustainability, growing demand for renovations aimed at energy efficiency, expansion of multipurpose properties, evolving consumer preferences towards wellness facilities, and the increasing integration of digital technology in construction. Key trends expected during this forecast period involve advancements in tech related to building automation, novel methods in modular construction, progress in environment-friendly materials, heightened investment in R&D, and the implementation of intelligent building technologies.

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What Are The Factors Driving The Lodging Construction And Renovation Market?
The escalating travel tourism trend is anticipated to stimulate advancement in the lodging construction and renovation market. Travel and tourism encompass the activities and services relating to people touring places for relaxation, work, or cultural experiences. Due to an uptick in disposable income, travel and tourism are experiencing a surge as more individuals can afford vacation and recreational experiences. Lodging construction and renovation contribute to enhancing travel and tourism by providing contemporary, pleasant, and sustainable accommodations. They enhance the visitor experience through improved amenities and creative designs, boosting the growth and appeal of tourist destinations. For instance, the United Nations World Tourism Organization, a UN specialized agency based in Spain that focuses on tourism, reported in September 2022 that from January to July 2022, international tourist arrivals experienced a 172% rise compared to the same period the previous year. Thus, the escalating travel tourism trend is promoting the growth of the lodging construction and renovation market.

Who Are The Major Players In The Lodging Construction And Renovation Market?
Major players in the Lodging Construction And Renovation Global Market Report 2025 include:
. 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

What Are The Key Trends And Market Opportunities In The Lodging Construction And Renovation Sector?
Key players in the lodging construction and renovation scene are pivoting towards the creation of tech-advanced solutions, such as building automation systems. These systems aim to improve energy efficiency, streamline operational management, and elevate guest comfort levels. A building automation system is a technological structure that combines and automates a building's functions, like heating, ventilation, air conditioning, lighting, and security, all to ensure effective management and improved inhabitant comfort. In February 2025, Delta Electronics Inc., an electronics firm based in Taiwan, rolled out the Delta Intelligent Building Technologies (DIBT) platform. This platform draws on smart automation, energy management, and IoT solutions to upgrade building efficiency and sustainability. It smoothly combines Delta's know-how in architectural lighting, building automation, and indoor air quality to design intelligent, energy-saving, and sustainable structures. This platform delivers customized solutions to fine-tune energy consumption, elevate occupant comfort, enhance security, and facilitate real-time surveillance and control. DIBT aids businesses in attaining operational superiority and meeting sustainability objectives through scalable, integrated smart building technologies.

Which Segment Accounted For The Largest Lodging Construction And Renovation Market Share?
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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What Are The Regional Trends In The Lodging Construction And Renovation Market?
In 2024, North America dominated the global lodging construction and renovation market, and Asia-Pacific is projected to experience the most rapid growth in the coming years. This market report encompasses several diverse regions, which include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, along with the Middle East and Africa.

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