Pro Speaker Market Size by Investment to Reach USD 2.5 billion by 2027 - Arizton

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Dec 06, 2021, 14:00 ET

CHICAGO, Dec. 6, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this pro speaker market report.

The pro speaker market is expected to grow at a CAGR of 4.06% during the period 2021−2027. The global pro speaker market is also projected to reach unit shipment of over 3635 thousand units by 2027.

Key Highlights Offered in the Report:

The rapid change in technological environment will adversely affect vendors as customers expect continual innovations and upgrades in pro AV solutions. In 2021, North America was the largest market for pro speaker products, accounting for a share of 32.51 % and 32.84% in terms of revenue and unit shipments, respectively. Thereby, the competition among the players is intensified in the market.
In 2021, the point source system segment dominated the global pro speaker market with 37.92% and 37.87% share in terms of revenue and unit shipments, respectively. These speakers are cost-effective and offer better sound coherence than multi-speaker designs.
The digital segment accounted for a 57.21% share of the overall pro speaker shipments and held the leading position in 2021. This segment will continue to witness growth in market share during the forecast period. In terms of revenue, the analog segment accounted for a share of 42.57% of the overall market revenue in 2021. Digital devices are witnessing an increase in market proliferation worldwide.
In 2021, the corporate segment dominated the market with a 24.50% and 24.45% share in terms of revenue and unit shipments, respectively. The corporate segment will grow owing to the rising demand for pro speakers and video conferencing solutions among corporates during the forecast period.
Increasing live performances, growing number of music concerts and festivals, and rising music tours by celebrities will help this segment to gain market share during the forecast period.
In 2021, North America was the largest market for pro speaker products, accounting for a share of 32.51% and 32.84% in terms of revenue and unit shipments, respectively.
The streaming music industry remained resilient during the pandemic, witnessing growth of around 15%-18%. The recorded music industry witnessed growth of around 7%-8% during the pandemic. This, in turn, has fueled the demand for pro speakers from studio and broadcasting end-users.

Key Offerings:

Market Size & Forecast by Revenue | 2021−2027
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by product, amplification, format, end-user, distribution channel, and geography
Competitive Landscape – 7 key vendors and 24 other vendors are profiled in the report

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Pro Speaker Market – Segmentation

Line array speaker systems keep consistent sound levels from the front to the back of listening areas. A well-placed line array speakers system prevents sound from leaking. These factors drive their demand in live music events and large venues such as stadiums or gaming arenas. By unit shipment, the global line array speaker system market is expected to reach 1,147.52 thousand units in 2027.
Digital sound format is mostly preferred globally and accounts for a higher market share. During the forecast period, the digital segment is projected to increase its share due to the high number of connected devices and internet users worldwide.
Various governments are promoting digitalization of technologies. Moreover, the demand for pro AV systems in the government sector is increasing due to the rising demand in facilities such as courtrooms and other public service facilities.
Over 95% of online retailers offering pro speaker systems at discounted prices rather than list prices that may be applicable in pro audio and electronics stores and other brick-and-mortar distribution channels.

Pro Speaker Market by Product

Point Source
Line Array
Sub Woofers
Others

Pro Speaker Market by Amplification Method

Passive Speakers
Powered Speakers

Pro Speaker Market by Format

Digital
Analog

Pro Speaker Market by End-Users

Corporates
Large Venues and Events
Educational Institutes
Government and Military
Studio and Broadcasting
Hospitality
Others

Pro Speaker Market by Distribution Channel

Retail
Online

Pro Speaker Market – Dynamics

Smart devices collect, analyze, and share real-time data with vendors to give insights into end-user preferences. With the growing popularity of smart devices, the investment in pro speaker market is expected to increase during the forecast period. Wireless systems such as ZigBee, Bluetooth Smart, and power over Ethernet (PoE) are currently being integrated. Furthermore, various pro speakers equipment such as microphones and speakers are becoming an integral part of university campuses. For instance, the Imperial Valley College in California, US, has designed active learning classrooms with laptops, documentation cameras, and connections to share displays to improve the learning experience. E-learning technology has created a buzz in the education industry, which in turn, creating heavy demand for pro speakers in the market. All these factors are expected to drive the demand for pro AV solutions such as pro speaker equipment and video conferencing, among others, in the market during the upcoming years.

Key Drivers and Trends fueling Market Growth:

Growing Convergence of Pro AV & IOT
Rising Demand from Educational Institutions
Growing Popularity of Night Clubs & Bars in APAC
Increasing Number of Sports Events & Tournaments

Pro Speaker Market – Geography

The penetration of pro AV systems remains at an all-time high in the US and Canada. Although Japan and South Korea are mature markets for pro AV systems, including pro speaker products, the replacement drive for legacy systems will fuel the market growth in these regions. The urbanization of developing countries in APAC is expected to bolster retail sales and the growth of industries such as entertainment, broadcasting, hospitality, exhibition, healthcare, and restaurants. The pro speaker market in APAC is expected to reach USD 833.77 million by 2027. APAC is characterized by high growth in GDP and strong macroeconomic indicators. However, the adoption of pro speakers is majorly limited to urban areas and some tier-II cities. Japan is home to some of the largest pro speaker equipment providers such as Yamaha, Sony, and Audio-Technica.

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Pro Speaker Market Segmentation by Geography

North America

US
Canada

Europe

UK
France
Germany
Italy
Spain
Scandinavia
Benelux
Russia
Switzerland

APAC

Japan
China
Australia
India
South Korea
Indonesia

Latin America

Brazil
Mexico
Argentina

Middle East and Africa

South Africa
Saudi Arabia
UAE
Maghreb

Prominent Vendors

Bose
D&B Audiotechnik
HARMAN International
MUSIC Group (Music Tribe)
Loud Audio
L-Acoustics
Yamaha

Other Prominent Vendors

Aeb Industriale (Db Technologies)
Alcons Audio
Audioprof Group International
Bowers & Wilkins
B&C Speakers
Carlson Audio Systems
CELTO Acoustique
CODA Audio
Dynaudio
Electro-Voice (EV)
Extron Electronics
HEDD | Heinz Electrodynamic Designs
Hz Sound Systems
inMusic Brands
Klipsch Audio Technologies
K-Array
Meyer Sound Laboratories
Nady Systems
OUTLINE
Pan Acoustics
PROEL
Renkus-Heinz
Bosch
Sennheiser

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

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SOURCE Arizton Advisory & Intelligence