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MUSEUM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Museum Market, By Type (Art Museums, History Museums, Science Museums, Children’s Museums, and Others), By Revenue Source (Admission Fees, Donations and Grants, Membership Fees, Merchandising, and Others), By Governance (Public, Private, Corporate, and Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

  • Published In : Dec 2024
  • Code : CMI7675
  • Pages :135
  • Formats :
      Excel and PDF
  • Industry : Consumer Goods

Museum Market Size and Trends

The global museum market is estimated to be valued at USD 8.12 Bn in 2024. The market is expected to reach USD 18.24 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 12.3% from 2024 to 2031.

Key Takeaways of the Museum Market:

  • The art museums segment is expected to account for 30.1% of the market share in 2024
  • The admission fees segment is expected to represent 39.7% of the market share in 2024
  • The public segment is expected to account for 49.7% of the market share in 2024
  • North America is projected to lead the global market with a share of 37.5% in 2024, followed by the Asia Pacific region, which is expected to hold a market share of 29.5%

Market Overview:

Increasing investments by government and private institutions in new museum projects and renovation of existing infrastructures are driving the growth of the industry. Rapid digitization and adoption of technologies are also helping museums attract more visitors and expand their audience globally. Significant rise in tourism and interest of people in arts and culture will further aid the expansion of the market between 2024 and 2031. However, factors such as high setup and maintenance costs of museums may hamper the industry growth. Continued investments in immersive learning experiences and usage of emerging technologies can create more opportunities for market participants going forward.

Museum Market Concentration By Players

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Key Developments:

  • At the Art Basel Paris event in October 2024, Mennour will showcase works by renowned artists like Anish Kapoor, Lee Ufan, and Camille Henrot, emphasizing their participation in notable museum exhibitions. Similarly, Paris-based dealer Almine Rech will highlight a significant painting from Tom Wesselmann's estate to align with his major retrospective opening at the Fondation Louis Vuitton in October 2024, which will also include pieces by Picasso.
  • In May 2024, Beijing witnessed the opening of China's first-ever national museum dedicated to scientists. This significant milestone aligned with National Science and Technology Labor Day, showcasing a commitment to celebrating scientific achievements and inspiring future innovation.

Top Strategies Followed by Global Museum Market Players

  • Established Players focus on extensive R&D to innovate new products. Major museums like The Met in New York, U.S. invest heavily in R&D each year to develop advanced collection management and visitor experience technologies. They conduct rigorous testing and collaborations with universities to stay ahead of the curve.
    • For example, the Louvre in Paris has partnership agreements with various museums worldwide that allow exchange of artefacts and joint exhibitions. This helps increase their brand visibility multinationally.
  • Mid-level players deliver quality solutions at competitive prices. Museums like the Smithsonian focus on cost-effective upgrades to existing infrastructure instead of large capital investments. They leverage open-source tools and crowd-funding for some projects to keep operational costs low. For example, the Guggenheim formed a partnership with the Solomon R. Guggenheim Foundation to share expertise and promote each other's activities and events. This boosted both institutions' capacities.
  • Small scale players: The Museum of Unnatural History in Los Angeles focuses only on curiosities and makes the visit highly interactive through augmented reality displays. Their uniqueness has enabled growing popularity.

Emerging Startups - Global Museum Industry Ecosystem

  • Innovation Technology: Several startups are bringing innovative technologies, solutions, and services to redefine the way museums operate and engage with visitors. These startups typically focus on areas such as digital transformation, interactive experiences, sustainability, and accessibility. For example Artivive offers AR solutions that integrate digital layers into traditional art pieces, creating a dynamic visitor experience.
  • Sustainability and Eco-Friendly Innovations: Developing innovative technologies aimed at minimizing energy usage in climate control and lighting systems are essential for artifact preservation. Museums For Climate Action actively backs startups offering sustainable solutions specifically designed for museums. The Art Traveller's eco-friendly products support open-air art exhibitions and cultural trails. Their innovative approaches aid environmental sustainability efforts.

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