LONDON, Nov. 30, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Floating Hotels Global Market Report 2023, the global floating hotels market is poised for remarkable growth, with projections indicating an increase from $4.17 billion in 2022 to $4.52 billion in 2023, demonstrating a compound annual growth rate (CAGR) of 8.4%. Despite global economic challenges arising from the Russia-Ukraine war, the floating hotels market is expected to reach $5.97 billion in 2027, maintaining a robust CAGR of 7.2%.
Cruise Tourism Driving Market Expansion
The burgeoning demand for cruise tourism is anticipated to be a primary driver fueling the growth of the floating hotels market. As cruise tourism gains popularity, floating hotels offer a unique concept for leisure, recreation, and tourism purposes, providing extended stay accommodations, expedition base camps, and event venues. Recent data from Tourism Review Media reveals a significant uptick in cruise travel in Turkey, with 1,500 cruise ships and over 1.5 million passengers in 2023, expected to rise to 2.3 million passengers in 2024. This surge in cruise tourism is a key factor propelling the growth of the floating hotels market.
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Major Players and Solar-Powered Trend
Key players in the floating hotels market include Marriott International Inc., Hilton Worldwide Holdings Inc., and Four Seasons Hotels Ltd. A noteworthy trend in the market is the emergence of solar-powered floating hotels. Companies such as Mantis Collection are leading the way by developing innovative solar-powered hotels, exemplified by the Kivu Queen uBuranga, a motorized yacht floating hotel launched in 2021. This eco-friendly option is entirely powered by solar energy, equipped with advanced waste management and heating systems, showcasing a commitment to sustainability.
Industry Developments and Acquisitions
In a strategic move to expand its hotel portfolio and enhance customer service offerings, Hotel Polo Towers Group acquired Floatel in December 2021. The acquisition aims to capitalize on a unique location, offering engaging guest experiences. Floatel, now renamed Polo Floatel, is an India-based hotel company with the distinction of being South Asia's first floating hotel.
Regional Dynamics and Market Segmentation
North America took the lead in the floating hotels market in 2022. The floating hotels market is segmented by room type (single occupancy, double occupancy), price range (premium, mid, low), and booking channel (phone booking, online booking, in-person booking).
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Stakeholders across the tourism, hospitality, and investment sectors can leverage the Floating Hotels Global Market Report 2023 to navigate the evolving landscape. The floating hotels market report provides comprehensive insights into key trends, market segmentation, and regional dynamics. Whether exploring the surge in cruise tourism, investing in solar-powered innovations, or considering strategic acquisitions, the report equips stakeholders with the information needed to make informed decisions. By utilizing this valuable resource, businesses and investors can position themselves strategically to capitalize on the exciting growth opportunities presented by the floating hotels market.
Floating Hotels Global Market Report 2023 by The Business Research Company provides insights on the floating hotels market size, floating hotels market segments, floating hotels market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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