Entertainment Buildings Global Market Report 2024

The entertainment buildings market size has grown steadily in recent years. It will grow from $108.68 billion in 2023 to $113.05 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth observed in the historical period can be attributed to various factors, including a vibrant cultural and arts scene that draws people to entertainment buildings, the growth in population and urbanization leading to increased demand for entertainment venues, tourism and attractions contributing to footfall, economic prosperity driving consumer spending on leisure activities, and evolving leisure preferences shaping the demand for different forms of entertainment. These factors collectively played a role in the historical growth of the entertainment building sector.

The entertainment buildings market size is expected to see steady growth in the next few years. It will grow to $133.04 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The anticipated growth in the forecast period can be attributed to emerging trends in experiential entertainment, a focus on sustainability and green design in building construction, adaptation to digital platforms for enhanced user experiences, community engagement initiatives to connect with the local population, and the increasing importance of crisis resilience in the face of unexpected events. Major trends expected in this period include the adoption of digital ticketing and access control systems, the integration of art and technology to enhance visitor experiences, the incorporation of culinary experiences within entertainment buildings, a growing emphasis on accessibility and inclusivity, and the utilization of data-driven insights for improved operational efficiency and customer engagement. These trends collectively shape the trajectory of the entertainment building industry in the forecast period.

The entertainment buildings market is anticipated to experience significant growth, driven by two key factors such as increasing construction spending and the burgeoning tourism industry. Firstly, heightened construction spending, encompassing expenses on materials, labor, and infrastructure, is a pivotal catalyst for the growth of entertainment buildings. This surge in spending fosters the development of various entertainment structures such as music halls, theaters, and sports stadiums. An illustrative case is evident from the recent statistical report released by the United States Census Bureau in March 2023, which indicated a notable 16% increase in the country's total construction spending, amounting to approximately $1.70 trillion in 2022. Consequently, this amplified construction spending is steering the expansion of the entertainment buildings market.

The upward trajectory of the tourism industry is poised to fuel the growth of entertainment buildings. These structures play a crucial role in enriching the overall tourism experience, contributing significantly to economic development, cultural exchange, and the allure of destinations for both domestic and international tourists. For instance, the U.S. Department of Commerce reported a noteworthy increase in international visitors to the US, reaching 22.1 million in 2021. This surge in tourism numbers highlights the pivotal role of entertainment buildings in enhancing the appeal of destinations, thereby propelling the growth of the entertainment buildings market.

Increasing engagement in sports activities is poised to be a driving force for the growth of the entertainment buildings market. Such activities encompass various physical pursuits and competitive engagements, providing participants with benefits including personal enjoyment, fitness advantages, and potential accolades. The heightened participation in sports is anticipated to fuel the demand for entertainment buildings, serving as venues to facilitate sports events for both athletes and a larger audience. For instance, as reported by Travel Weekly in September 2022, there was a significant upsurge in the number of individuals traveling for amateur or collegiate sports, escalating from 96 million in the previous year to 175 million in 2021. This notable surge underscores the substantial role of sports engagement in propelling the entertainment buildings market.

Major companies operating within the entertainment buildings sector are strategically leveraging partnerships to drive market revenues. Collaborative connectivity partnerships represent alliances between entities aimed at enhancing and optimizing connectivity-related aspects. For example, in May 2023, Tillman Digital Cities LLC, an infrastructure company based in the United States, forged a strategic partnership with Penn Entertainment Inc. Through this alliance, Tillman Digital Cities intends to deploy its in-building connectivity solutions, aiming to enhance customer experience and bolster connectivity across various locations owned by Penn Entertainment nationwide. The partnership aims to provide patrons with wireless access for cashless transactions, contactless engagements, and sports betting while supporting all cellular operators. Additionally, the alliance ensures connectivity with the national public safety network FirstNet. Penn Entertainment Inc. is a prominent entertainment company operating in the United States.

In April 2022, LeChase Construction Services LLC, a contracting and construction management firm headquartered in the United States, completed the acquisition of Sano-Rubin Construction Services for an undisclosed amount. This strategic acquisition represents a significant move for LeChase, aimed at accelerating the realization of its extensive expansion plans within the region. Integrating Sano-Rubin's capabilities will empower LeChase to diversify its project portfolio across various sectors, including healthcare, education, industrial, multi-family housing, entertainment, and hospitality, fortifying its position within its primary markets. Sano-Rubin Construction Services is a US-based company specializing in constructing entertainment buildings.

Major companies operating in the entertainment buildings market report are Larsen & Toubro Limited, Tata Projects Limited, Ircon International Limited, Jaiprakash Associates Limited, Punj Lloyd Limited, Essar Global Fund Limited, Gammon India Limited, Hindustan Construction Company Limited, IVRCL Infrastructures & Projects Limited, Theme Park Build Limited, Play Mart International Limited, Garmendale Engineering Limited, WaterPark Construction Inc., David Theming Works S.L., Forté Specialty Contractors LLC, AECOM Inc., Aramark Corporation, Compass Group plc, Delaware North Companies Inc., Sodexo S.A., HOK Group Inc., Populous Group LLC, M. Arthur Gensler Jr. & Associates Inc., HKS Inc., NBBJ LLP, Turner Construction Company, Skanska AB, Clark Construction Group LLC, Gilbane Building Company, Hensel Phelps Construction Co..

Asia-Pacific was the largest region in the entertainment buildings market in 2023. The regions covered in the entertainment buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the entertainment buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of entertainment buildings are categorized as residential and non-residential. Residential buildings typically provide sleeping quarters for traditional residential uses, with or without kitchen or eating amenities. These buildings may serve various applications, including owned and rental properties, and cater to diverse end-users, including both private and public entities. The construction of entertainment buildings can be further classified into new construction and renovation, depending on whether the structure is newly built or undergoing modifications to meet specific requirements.

The entertainment buildings market research report is one of a series of new reports that provides entertainment buildings market statistics, including entertainment buildings industry global market size, regional shares, competitors with an entertainment buildings market share, detailed entertainment buildings market segments, market trends and opportunities, and any further data you may need to thrive in the entertainment buildings industry. This entertainment buildings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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