The global sound reinforcement market is expected to cross $9 billion by 2023
LONDON, Jan. 22, 2018 /PRNewswire/ -- This market research report on the sound reinforcement market offers analysis on market size and forecast, market share, industry trends, growth drivers, and vendor analysis.
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The market study also includes insights on segmentation by product type (microphones, pro speakers, audio/sound mixers, audio signal processor, power amplifier, and others), format type (digital and analog), distribution (retail and online), end-user (corporate, large venues and events, educational institutions, government and military, studio and broadcasting, hospitality, and others), and geography (APAC, Europe, Latin America, MEA, and North America).
Sound Reinforcement Market - Overview
The exponential rise in the demand for digital equipment in APAC and the US and the launch of new product models are driving the growth of the sound reinforcement market. The growing demand for sound reinforcement products and increased end-users' spending sentiments on music concerts and festivals worldwide help leading vendors in the sound reinforcement market gain a larger market share.
The booming commercial real estate, hospitality, corporate, and music markets in countries such as the US, the UK, Germany, Japan, China, and India will create investment opportunities for various companies in the sound reinforcement market.
The increasing spending on consumer goods, restaurant, and concerts is boosting the entertainment industry and driving the demand for new sound equipment in the global market. The proliferation of wireless digital technology in various countries in APAC such as India and China and Latin American countries will propel the growth of the sound reinforcement market during the forecast period.
Prominent players and emerging companies are investing in the development of innovative solutions with advanced features and focusing on product portfolio upgrades to gain a larger market share in the global sound reinforcement market.
The replacement of sound equipment in government offices and premises, courtrooms, university campuses, nightclubs, restaurants, and other institutions will contribute to the revenue of the sound reinforcement market. The global sound reinforcement market is expected to cross $9 billion by 2023, growing at a CAGR of 3.01% during the forecast period.
Sound Reinforcement Market - Dynamic
The technological revolution in educational institutes across the world is propelling the demand in the global sound reinforcement market. The introduction of smart campuses that uses wireless technology and IoT to promote interconnectedness in various university campuses will augment the growth of the global sound reinforcement market.
Several vendors are launching audio system upgrades and equipping classrooms with wireless technologies to promote smart campuses in the global market and to gain a larger market share. The implementation of sound reinforcement equipment with modern technology will add stimulus and enhance the interaction between the learner and the educator within the classroom. Furthermore, the development of innovative tools and technologies to promote e-learning in classrooms will fuel the growth of the global sound reinforcement market.
Sound Reinforcement Market Segmentation
This market research report includes a detailed segmentation of the market by products type, format type, distribution channels, end-users, and geography.
Sound Reinforcement Market – By Product Type
Microphones to dominate the market share in the global reinforcement market during the forecast period
The sound reinforcement market by products is categorized into microphones, pro speakers, audio/sound mixers, audio signal processors, power amplifiers, and others. The microphone segment in the global sound reinforcement market is expected to value at $3,043.2 million by 2023.
The exponential use of microphones in concerts, musical events, sporting tournaments, and broadcasting studios across the globe is fueling the growth of the microphones segment in the global sound reinforcement market.
The rising need for upgrades and replacement of legacy systems in developed and emerging markets will help leading vendors gain a larger market in the global sound reinforcement market. The microphones segment is further divided into wired and wireless microphones. The introduction of connected devices and propagation of IoT will have a positive impact on the growth of the sound reinforcement market.
Sound Reinforcement Market – By Format
Digital sound equipment to occupy the largest market share in the sound reinforcement market by 2023
In terms of format, the global sound reinforcement market is divided into digital sound reinforcement equipment and analog sound reinforcement equipment. The digital equipment segment dominated the global sound reinforcement market, accounting for more than 58% of the total market share in 2017 and is expected to generate revenue of about $5,856 million during the forecast period. The increasing number of internet users and the growing number of connected devices will drive the growth of this market segment over the next few years.
Sound Reinforcement Market – By End-users
The corporate sector to dominate the global sound reinforcement market during the forecast period
The sound reinforcement market by end-user segment is divided into corporate, large venues and events, educational institutions, government and military, studio and broadcasting, hospitality, and others. The corporate sector was the largest in the sound reinforcement market, occupying over 26% of the total market share in 2017.
Rise in the number of offices, geographic expansion of companies, and integration of IoT in business workflow processes are some of the factors driving the growth of the corporate sector in the sound reinforcement market. The introduction of corporate e-learning programs to enhance the skill development of the employees will boost the demand for sound reinforcement equipment in the global market.
Sound Reinforcement Market – By Geography
APAC to be the fastest growing geographical segment in the sound reinforcement market during forecast period
The geographical segment in the sound reinforcement market is categorized into APAC, Europe, Latin America, MEA, and North America. APAC is the fastest growing geographical segment in the sound reinforcement market at a CAGR of 3.58% and is expected to generate revenue of more than $2,979 million during the forecast period.
Countries such as Japan, Australia, China, and South Korea are the major revenue contributors in the sound reinforcement market in APAC. The adoption of advanced lifestyles and increased per capita income in various APAC countries will boost the demand for sound reinforcement equipment in the APAC market.
Key Countries Profiled
The key countries profiled in the report are:
• Australia
• Brazil
• Canada
• China
• France
• Germany
• Japan
• South Korea
• UK
• US
Key Vendor Analysis
The rapidly changing technological environment is intensifying the competition in the global sound reinforcement market. The global sound reinforcement market is highly fragmented, and the leading vendors control more than 40% of the total market share.
The introduction of sound reinforcement systems with high functionality and innovative designs will help vendors gain a large market share and increase their consumer base. With the improving economic conditions and the introduction of innovative technologies leading players are focusing expanding their businesses to emerging countries in APAC and Latin America. Vendors will try to distinguish their products and service offerings through a clear and unique value proposition during the forecast period.
The major vendors in the global market are:
• Audio-Technica
• Bose
• Harman International (Samsung)
• MUSIC Group
• Sennheiser
• Shure
• Sony
• Yamaha
Other prominent vendors include Alcons Audio, Audix, Beyerdynamic, Blue Microphones, Bowers & Wilkins, Carlson Audio Systems, Dynaudio, Electro Voice, Heil Sound, Hz Sound Systems, inMusic Brands, Klipsch Audio Technologies, K-Array, Lectrosonics,Loud Audio, LEWITT, MIPRO Electronics, MXL by Marshall Electronics, Nady Systems, Pyle-pro, PROEL, RCF, Samson Technologies, and ZAXCOM.
Key market insights include
1. The analysis of the sound reinforcement market provides market size and the growth rate for the forecast period 2018 – 2023.
2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers of the sound reinforcement market.
3. The study provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and regional outlook of global sound reinforcement market.
5. The report offer provides a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.
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