The industrial tourism market size would reach USD 1,663.6 million in 2023. It would surpass USD 18,739.3 million by 2033. From 2023 to 2033, it would escalate at a CAGR of 27.4%.
Strategic collaborations between direct suppliers in the industry has paved the way for innovation. It is attributed to presence of combined resources of these partners.
On the other hand, relations between indirect suppliers reflect transactional operation. Deliveries and services are becoming increasingly dependable. Owing to such factors, the market is experiencing a steady rise.
Information transactions are rising between direct and indirect suppliers. These are acting against performance and risk management issues. They are also enabling players to strategize on spending.
Industrial tourism emerged in the 90s. It is gradually expanding its horizon across the globe. Domestic industrial tourism alone is presenting itself on an entirely new stage.
As per a new report by Future Market Insights, there were more than 1100 industrial destinations for tourists to visit. These attracted more than 5 million people from all over the world.
Undoubtedly, industrial tourism has become a vital part of development of the tourism industry. It would also help to expand the nation’s economy.
Industries are mainly set up in urban locations. With transformative advancement in industrialization, industrial tourism is on the high rise. It is also attributed to constantly changing demand concerning tourism.
When it comes to tours, industrial tours are the one sector that is often overlooked. Industrial landscapes have been regarded as associated with untidy locations.
They have chimneys emitting black smoke, workers in bad states, and machines with a lot of stinks & rust. Hence, industrial tourism was rewarded as untidy and disliked overall.
Curious concerns and zest to find answers on the functionality of urban space utility attracted several tourists in the historical period. Knowledge enthusiasts started moving toward industrial heritage sites to gain in-depth insights. It further gave rise to turning cultural sites into industrial heritage sights.
For instance, the Warsaw Project saw renewal of post-industrial heritage into new functions. It is surrounded by the Norblin Metallurgic Plant Housing Estates. It is considered as an implementation of rehabilitation.
It is a project from formerly devastated industrial areas. It has a high potential for cultural tourism. It involves industrial growth and expansion. It would help to create new opportunities for key companies in the next ten years.
| Attribute | Key Insights |
|---|---|
| Industrial Tourism Market Estimated Size (2023E) | USD 1,663.6 million |
| Projected Market Valuation (2033F) | USD 18,739.3 million |
| Value-based CAGR (2023 to 2033) | 27.4% |
| Collective Value Share: Top 5 Countries (2022A) | 30% to 35% |
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Nowadays, tourist boards and individual companies are promoting industrial tourism. They are equipped with details since it gives them the edge to present it as part of a tour visit.
It will spike the number of bookings, which will ultimately contribute to the nation’s economy. Industrial tourism also serves as an opportunity in the education field. In this field, students want to be well-informed regarding a particular industry.
Industrial visits can also contribute to increasing the nation’s revenue and economy. It helps to be associated with entrance tickets, souvenirs, or added expenses for accommodation & food. The factor would hence positively contribute to the economy.
Push of tourist boards and initiatives by governments to expand tourism would drive demand. The global industrial tourism market exhibited around -14.6% CAGR during the historical period between 2018 and 2022. As per Future Market Insights (FMI), the sales in the market reached a valuation of USD 1,338.4 million in 2022.
Turning Production Sites into Tourist Attractions to Popularize Government Tourism Packages
Personalized Package Tours for Industrial Visits to Gain High Popularity
Expansion of Industrial Heritage Tourism Sector in Germany to Bolster Demand
Reconstruction is considered to be a key characteristic of economic development. Its perspective on a regional level is helping the industrial tourism market to strive.
Traditional industrial areas in Germany have launched various initiatives in the industrial heritage tourism field. It is the act of constantly restoring and exploiting old industrial sites.
It also features turning them into touristic sites as a useful strategy for regional renewal. It is seen as an important and interesting new combination. But, it could also be re-used for other economic activities with tourism. It is attributed to a slight limitation toward regional reconstruction.
India to Offer Industrial Hospitality Services to Promote Globally Acclaimed Factories
As a first-time initiative in India, the Gujarat state government prompted various tour packages. It started offering tourism packages for visiting industrial areas that are globally acclaimed.
Alang Ship breaking yard in Bhavnagar, Amul Dairy in Anand, and Tata Nano Plant in Sanand are a few examples. Gujarat is providing an exclusive offer called Gujarat’s Industrial Tour.
Akshar Travels Pvt Ltd., for instance, joined hands with TCGL. Both companies are promoting the tour on their website. Tourists can select from the places available.
It is promoting and showcasing industrial development. It is also contributing toward an economic boost of the country.
China to Combine Industrial Heritage Resources with Cultural and Creative Industries
China is encouraging the development of industrial tourism in the country. It is supporting the country’s old industrial cities as a part of tourism development. It is turning old industrial sites and plants into film studios.
For instance, the country is introducing a new type of industrial cultural tourism. It combines both education and entertainment.
The initiative to blend industrial heritage along with modern business would drive the market. The country is also turning old facilities into functional industrial parks. It is focusing on attracting movie producers and crew.
Students belonging to the Age Group of 16 to 25 Years Prefer Industrial Heritage Tourism
Industrial tours serve as an area of interest for tourists and enthusiasts. But, students from all across the world are becoming part of industrial tourism.
Industrial tours enhance their reach and exposure. They can have a hand-on experience as to how the future of any industry looks like.
Interactions that they have with industry experts would also help to choose their career options. Schools and colleges often organize industrial tours to certain factories or company premises. It would help them to increase knowledge about technologies and provide new opportunities in terms of career.
Online Booking Channels to Witness High Demand for Industrial Travel by 2033
Millennials and students have aligned their goals of travel with new upcoming trends. Industrial visit, for instance, is considered to be of utmost preference.
It has been the core of rich culture and historic excellence with scope for further exposure. To have such experiences, lots of planning is required.
Right from booking tickets for travel and accommodation to add-on services, guidance is needed in each step. That is when travel and tourism agencies & online bookings ease their experience with personalized options.
The industrial tour industry is mainly a reservation-based system. It makes it easy for people or colleges to do bookings for tour packages at their ease online.
Online travel agencies make it convenient to access all the required information before initiating the booking. The whole process is automated.
Confirmation and cancellation of all services becomes smooth. This is why people mainly prefer to book industrial tour packages online.
Established players in the industrial tourism sector are executing differentiating strategies to capture high share in the competitive landscape. Key players are formulating on keeping all the aspects of their services and channel support in-house. They are trying to ensure that customers receive value on their spending.
Indirect suppliers are pacing their support channel to fulfill various needs in accordance with partnering direct service providers. Increased trend for partnerships and collaborations between suppliers across the industry would boost the industrial tourism industry in a progressive manner.
For instance
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 1,663.6 million |
| Projected Market Valuation (2033) | USD 18,739.3 million |
| Value-based CAGR (2023 to 2033) | 27.4% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value (USD million) |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Russia, India, China, Japan, Malaysia, Singapore, Australia, United Arab Emirates, Kingdom of Saudi Arabia, Italy, Qatar, Oman, Rest of the World |
| Key Segments Covered | By Direct Suppliers, By Indirect Suppliers, By Number of Bookings(Demographic, Nationality, Booking Channel, Regions, Tour Type, Tourism Type, Age Group), By Region |
| Key Companies Covered | American Express Global Business Travel; World Travel Inc.; Ovation Travel Group; Omega World Travel; Priceline Group |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global industrial tourism industry was valued at USD 1,338.4 million in 2022.
The global industrial tourism industry would to reach USD 1,663.6 million by the end of 2023.
The global industrial tourism industry would reflect a valuation of USD 18,739.3 million by 2033.
The global industrial tourism industry witnessed a CAGR of -14.6% during the historical period between 2018 and 2022.
The global industrial tourism industry would exhibit a CAGR of 27.4% during the forecast period between 2023 and 2033.
Based on tourism type, the factory tours category will reflect a significant value share by 2023.
Professional group category by tour type would expand with a substantial CAGR of 32.8% during the forecast period.
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