Luxury Hotel Design Market 2019-2025
The global luxury hotel design industry represents huge untapped potential that has been ignored for decades. The field is dominated by designers, architects, and builders who have been in the industry for years altogether. The booming economic conditions, coupled with increasing purchase powers, has enabled the flourish even in the harshest conditions.
Scope & Overview:
The industry crossed a significant milestone in the year 2018. The expected market size of the sector was xyz million US dollars. But the prospects are even better. The industry has registered a compound annual growth rate of xyz percent, and the industry is about to cross xyz million dollars by the year 2025.
The positive global outlook, coupled with low airfares and stunning destinations, has affected the luxury hotel design industry by a great extent. People now prefer luxurious hotels that provide all sort of amenities, along with great hospitality. Furthermore, the growing number of companies need monthly outings and timely parties, which is served by the major brands in the industry.
The global luxury hotel industry is tightly knitted with the luxury hotel design industry. As the demand for luxury hotels grows with time, the luxury hotel design industry responds reciprocally. The luxury hotel industry is expected to cross the $115 billion mark by the year 2025, and with the rise of the industry, the design industry will flourish too.
The global luxury hotel design industry is intertwined with several factors. The adrenaline rush to move around the world or to take a long vacation in the most luxurious tourist destination has helped the industry grow leap and bound.
Some of the major geographies that have been deeply impacted by the growth of the global luxury hotel design industry include locations like North America, The Middle East, and the major tourist spots in Southeast Asia. These locations have always been in demand. But the pressing demand for more luxurious locations has propelled the growth rates of both the industries.
Key Players in the Industry
The industry has some of the most important names who have been in the industry for years altogether. These countries know the entire industry inside out and know what works and what does not. Some of the major names are HBA, Leo A Daly, Rockwell Group, Gensler, Pierre-Yves Rochon, HKS, Daroff Design, Stonehill Taylor Architects, HKS among many others.
But this has not deterred the small and medium-sized business and startups alike. These companies are attracted by the great potential of the market and have grown at an exponential rate in recent past years. Backed by funds of venture capitalists, these companies are giving a run for money to even the biggest names in the industry. There cutting edge solutions coupled with innovative thinking and years of practice has helped them to ace the game.
Many facts affect the growth opportunities in the industry. The entire industry can be divided into two major parts based on the type of segmentation. On the other hand, based on the applications, the industry can be divided into interior design and building design. Both of them play a crucial role in the luxury hotel design industry.
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