Global Sound Reinforcement Markets Outlook 2021-2026 - Growing Convergence of PRO AV & IoT & Rising Demand from Corporates, Government & Institutions
DUBLIN, April 30, 2021 /PRNewswire/ -- The "Sound Reinforcement Market - Global Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global sound reinforcement market size was valued at USD 7.8 billion in 2020 and is expected to reach USD 9.6 billion by 2026, representing a CAGR of 3.5%.
The sale of sound mixers, audio amplifiers, processors, and other related sound products affected due to the decline in the music industry in 2020.
The music industry has faced a high decline due to music publishing's resilience and social distancing measures. It bans large public gatherings, resulting in cancellations/postponements of live events and store closures. Unlike the earphones and headphones market, the global music industry expects to decline significantly, reflecting the tremendous effect of the COVID-19 pandemic.
The recorded music segment declined by around 8%, whereas the publishing market decreased by 4% in 2020. However, the market is likely to rebound with ease in restrictions and lockdowns and the implementation of COVID-19 safety measures. The demand for sound reinforcement equipment has majorly been concentrated in developed countries such as the US, Japan, the UK, Germany, and France.
However, developing countries in APAC such as India and China are witnessing increased penetration of sound reinforcement devices and observing high demand for digital AV equipment. The shipment of these machines has increased globally due to the launch of new product models.
Strong demand and increased end-user spending sentiments on music concerts and festivals worldwide are likely to boost the market's growth.
GLOBAL SOUND REINFORCEMENT MARKET SEGMENTATION
The global microphones market expects to reach over USD 3 billion by 2026, growing at a CAGR of approximately 4%. Upgrading and replacement of legacy systems in developed regions is propelling the growth of the microphones market. Further, new demand for microphones is mainly concentrated in developing markets, where economies are flourishing. Technological innovations generate new opportunities for vendors in North America and Europe and developed APAC economies. The outbreak of the COVID has affected the microphones market. The global pro speaker market by unit shipment is likely to reach 3,488 thousand units in 2026.
The growing music industry, the increasing demand for PA systems worldwide, and efficiently sound distribution at large venues such as worship places or stadiums are the major reasons for pro speakers' growth. The global audio/sound mixer segment is expected to reach approx. USD 1.3 billion by 2026. With increased music production and the growing nightclubs and DJ equipment market, the demand for audio mixers increases during the forecast period. The outbreak of the COVID-19 pandemic has acted as a massive challenge for the growth with restrictions imposed on domestic and international travel, limiting the need for sound mixers.
In 2020, the corporate segment dominated the market with over 26% and over 24% market shares in value and unit shipment. The corporates segment will grow owing to the growing demand for sound reinforcement and video conferencing solutions among corporates during the forecast period. Also, the increasing number of offices, geographic expansion of companies, and IoT integration in business workflow processes are the major driving factors boosting the segment's growth.
The large venues and events segment, which accounted for 17% and 18% shares in terms of value and unit shipment, respectively, in 2020, is the second-largest contributor to the market. The increasing number of live performances, growing numbers of music concerts and festivals, and the growth in the number of music tour shows by celebrities expect the segment to gain market share during the forecast period.
Retail and online stores are the two major distribution channels for sound reinforcement equipment in the market. Most of the revenue comes from the retail distribution segment. Retail stores are the foremost destinations for end-users purchasing this equipment.
Although selling these products online is increasing, a significant share of product distribution takes place through conventional pro audio and electronics stores/outlets. Sound reinforcement equipment producers harness these stores due to personalized customer services. Online sales contributed around 30-35% of the overall revenue in 2020. Sound reinforcement equipment and solutions are available to end-users through online OEMs' e-commerce portals and online direct-to-consumer stores.
The growth in online sales is set to increase by over 11-12% YOY during the forecast period. Online stores offer various options to choose from compared to retail stores. Moreover, over 95% of online retailers provide sound reinforcement systems at discounted prices than in pro audio and electronics stores and other brick-and-mortar distribution channels.
INSIGHTS BY VENDORS
Audio-Technica, Bose, Harman International, MUSIC Group, Sennheiser, Shure, Sony, and Yamaha are the key leading vendors in the market. Although the high-end market is concentrated, the market is moderately fragmented, with leading vendors accounting for 40% of the market share.
High capital investments and rapid technological advances are the major factors hindering new vendors' entry into the market. However, vendors are focusing on developing digital solutions, which are likely to boost new vendors' entry. Factors such as price and product quality are set to become significant competition factors among players to gain an edge over other vendors.
Further, the growth of players in the market depends on financial condition, GDP growth, and industry development.
The following factors are likely to contribute to the sound reinforcement market during the forecast period:
Market Opportunities & Trends
- Growing Convergence of PRO AV & IoT
- Emergence of Networked Audio Technology
- Growing Adoption in Educational Institutions
- Rising Number of Exhibitions, Conferences & Seminars
- Growing Popularity of Nightclubs & Bars In APAC
Market Growth Enablers
- Rising Demand from Corporates, Government & Institutions
- Growth in Live Performance & Music Industry
- Rising Number of Sports Events & Tournaments
- Growing Music Production & Recording Industry
Market Restraints
- Government Regulations - FCC Wireless Spectrum Auction
- Technical Hurdles Hamper Adoption of Wireless Microphones
- Acoustic Challenges Related to Pro Speakers
- Raw Material Price Volatility Affecting Vendor Margins
Products
- Microphones
- Pro Speakers
- Audio Mixers
- Audio Signal Processors
- Power Amplifiers
- Others
End-users
- Corporate
- Large Venues and Events
- Educational Institutions
- Government and Military
- Studio and Broadcasting
- Hospitality
- Others
Format
- Digital
- Analog/Non-digital
Distribution
- Retail
- AV System Integrators
- Pro Audio and Electronic Stores
- Pro Audio Dealers and Distributors
- Online Stores
Prominent Vendors
- Audio-Technica
- Bose
- HARMAN International (Samsung)
- MUSIC Group (MUSIC Tribe)
- Sennheiser Electronic
- Shure
- Sony
- Yamaha
Other Prominent Vendors
- ADK Microphones
- AEB Industriale (DB Technologies)
- Alcons Audio
- Galaxy Audio
- Apex Audio
- Biamp Systems
- Audio Engineering Associates (AEA)
- AUDIX Microphones
- Beijing 797 Audio
- Belden
- Beyerdynamic
- Blue Microphones
- Bowers & Wilkins (B&W)
- BOYA
- CAD Audio
- Carlson Audio Systems
- CELTO Acoustique
- CODA Audio
- CORDIAL
- Dynaudio
- D&B Audiotechnik
- Electro-Voice (EV)
- Extron Electronics
- GTD Audio
- HEDD - Heinz Electrodynamic Designs
- Heil Sound
- Hz Sound Systems
- InMusic Brands
- Klipsch Audio Technologies
- K-Array
- Lectrosonics
- Legrand
- Lewitt
- Liberty AV
- LOUD Audio
- MIPRO Electronics
- MXL By Marshall Electronics
- Nady Systems
- OUTLINE
- Pan Acoustics
- Powersoft Audio
- PROEL
- Pyle Pro
- Samson Technologies
- SE Electronics International
- Southwire Company
- Stewart Audio
- Vivolink
- Zaxcom
- Amadeus
- D.A.S. Audio
For more information about this report visit https://www.researchandmarkets.com/r/15u5jt
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