United States $3.16 Bn Sound Reinforcement Market to 2024 - Growing Convergence of Pro AV and IoT

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May 30, 2019, 09:45 ET

DUBLIN, May 30, 2019 /PRNewswire/ -- The "Sound Reinforcement Market in US - Industry Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.

The US sound reinforcement market is likely to reach around $3.16 billion by 2024, growing at a CAGR of approximately 3% during 2018-2024.

The growing convergence of Pro AV and IoT, the booming live industry music industry, strategic collaborations for product designs, changing corporate dynamics, and the rising adoption of sound reinforcement systems across educational institutes and government offices are expected to drive the US sound reinforcement market in coming years. Rapid urbanization and industrialization are two major factors that are driving the adoption of sound reinforcement systems in several sectors

Several new vendors are trying to enter the US sound reinforcement market by introducing innovative tools and devices. However, the existing consumer electronics vendors/traditional pro AV systems providers are not far behind. They are consistently enhancing their product portfolios. Hence, the introduction of upgrades is expected to drive market growth during the forecast period. Advancements in technology will help sound enhancement products to fare better in terms of usage, connectivity, design, sensor technology, and signal transmission during the forecast period.

With an intensifying competitive market, the corporate sector and institutional workplaces are increasingly adopting equipment such as Pro AV solutions to smoothen the flow of work activities.

The usage of sound reinforcement systems across educational institutes has witnessed considerable transformation over the years. Further, the development of innovative tools and technology to promote e-learning in classrooms is expected to fuel the growth of these devices in the educational sector. Having realized the high potential of AV systems, several vendors are partnering with educational institutes, which is expected to drive the US sound reinforcement market in coming years.

US Sound Reinforcement Market: Segmentation

The market research report includes detailed market segmentation by products, distribution channels, formats, and end-users. The US sound reinforcement market by product can be segmented into microphones, pro speakers, audio/sound mixers, audio signal processors, power amplifiers, others.

In 2018, the microphones segment led the market and is expected to grow at a CAGR of around 2.5% during the forecast period. The growth in the microphone industry is propelled by upgrades and replacements of the legacy system. Further, vendors are also exploring ways to implement IoT and AV technology in microphones, which allows the user to operate from remote areas.

Pro speakers are the second largest market, and the US sound reinforcement market is witnessing increased adoption of pro speakers. Pro speakers are widely used in vertical markets such as corporates, live music events and festivals, public speaking, and broadcasting and recording studios. The sound mixers, audio signal processors, and audio power amplifiers segments are gaining momentum due to the growth in the music industry. With the increased music production and the growing market for nightclubs and DJ equipment, the demand for audio mixers is expected to grow in the US sound reinforcement market during the forecast period. The US sound reinforcement market by format can be segmented into digital and analog segments.

The digital segment captured more than half of the market in 2018 and is expected to grow at a CAGR of around 4.5%. The analog segment, on the other hand, is expected to grow at a CAGR of around 1.3% during the forecast period. The US sound reinforcement market by distribution can be segmented into online and retail segments. In 2018, the retail segment contributed the highest market revenue globally. Although the trend of selling sound reinforcement products online and in OEM stores is growing, a significant share of product distribution in the market takes place through conventional pro audio and electronics stores/outlets. However, with the increasing penetration of the internet, the availability of high discounts and access to consumer reviews, the online distribution segment of the US sound reinforcement market is likely to increase during the forecast period.

Key Vendor Analysis

The US sound reinforcement market is highly fragmented with the presence of a large number of local and global players. Market vendors compete in terms of quality, product features, and competitive pricing. The competition is expected to intensify further during the forecast period with an increase in product innovations. Also, an increase in product/service extensions, technological innovations, and M&A are expected to drive the US sound reinforcement market.

Prominent Vendors

Audio-Technica
Business Overview
Product Offerings
Key Strengths
Key Strategies
Key Opportunities
Bose
HARMAN International
MUSIC Group (Music Tribe)
Sennheiser Electronic
Shure
Sony
Yamaha

Other Prominent Vendors

ADK microphones
Business Overview
AEB Industriale (DB TECHNOLOGIES)
Alcons Audio
Ansr Audio
Apex Audio
Audioprof
Audio Engineering Associates
Audix microphones
Beijing 797 Audio
Belden
Beyerdynamic
Blue Microphones
Bowers & Wilkins (B&W)
BOYA
CAD Audio
Carlson Audio Systems
CeltoAcoustique
Coda Audio
CORDIAL
Dynaudio
d&baudiotechnik/system
Electro-Voice (EV)
Extron Electronics
GTD Audio
HEDD - Heinz Electrodynamic Designs
Hz Sound Systems
inMusic
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
Southwire Company
Stewart Audio
Vivolink
Zaxcom

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the study
4.4 Market Segments

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 Market at a Glance

7 Introduction
7.1 Overview
7.1.1 Pro AV Solutions
7.1.2 Sound Reinforcement

8 Market Dynamics
8.1 Market Opportunities & Trends
8.1.1 Growing Convergence of Pro AV and IoT
8.1.2 Booming Live Music Industry
8.1.3 Leveraging Industry Trade Events
8.1.4 Strategic Collaborations for Product Designs
8.2 Market Growth Restraints
8.2.1 Government Regulations - FCC Wireless Spectrum Auction
8.2.2 Technical Difficulties Hampering Adoption of Wireless Microphones
8.2.3 Acoustical Challenges Related to Pro Speakers
8.3 Market Growth Enabler
8.3.1 Changing Corporate Dynamics
8.3.2 Increased Adoption Projected by House of Worships
8.3.3 Demand Driven by Frequent Sporting Events
8.3.4 Rising Adoption Across Educational Institutes

9 Value Chain Analysis
9.1 Overview
9.2 Value Chain Analysis
9.2.1 Technology Suppliers
9.2.2 OEMs
9.2.3 AV Consultants or Integrators
9.2.4 System Dealers and Distributors
9.2.5 System End-users

10 Market Landscape
10.1 Historical Data
10.2 Market Size & Forecast
10.3 Five Forces Analysis

11 By Product
11.1 Market Snapshot & Growth Engine
11.2 Market Overview

12 Microphone Market
12.1 Market Snapshot & Growth Engine
12.2 Market Size & Forecast
12.3 Market by product type - Wired & Wireless
12.4 Wireless Microphone Market by Sub-product
12.4.1 Handheld Microphones - Market Size & Forecast
12.4.2 Clip-on Microphones - Market Size & Forecast
12.4.3 Other Microphones - Market Size & Forecast

13 Pro Speaker Market
13.1 Market Snapshot & Growth Engine
13.2 Market Size & Forecast
13.3 Market by product type
13.3.1 Point Source Speaker Systems - Market Size & Forecast
13.3.2 Line Array Speaker Systems - Market Size & Forecast
13.3.3 Subwoofers - Market Size & Forecast
13.3.4 Other Pro Speaker Systems - Market Size & Forecast
13.4 Market by Amplification method
13.4.1 Market Size & Forecast - Passive Systems and Powered Systems

14 Audio/Sound Mixer Market
14.1 Market Snapshot & Growth Engine
14.2 Market Size & Forecast
14.3 MARKET by Product Type
14.3.1 Market Size & Forecast - Powered & Passive

15 Audio Signal Processor Market
15.1 Market Snapshot & Growth Engine
15.2 Market Size & Forecast
15.3 MARKET by Product Type
15.3.1 Market Size & Forecast - Digital & Analog

16 Audio Power Amplifier Market
16.1 Market Snapshot & Growth Engine
16.2 Market Size & Forecast
16.3 Market by Product Type
16.3.1 Market Size & Forecast - Digital & Analog

17 Others Sound Reinforcement Solutions
17.1 Market snapshot & Growth Engine
17.2 Market Size & Forecast
17.3 MARKET by Product Type
17.3.1 Market Size & Forecast - Cables, Audio Networking Solutions, & Others

18 By End-Users
18.1 Market Snapshot & Growth Engine
18.2 Market Overview
18.3 Corporates
18.4 Large Venues & Events
18.5 Educational Institutions
18.6 Government & Military
18.7 Studio & Broadcasting
18.8 Hospitality
18.9 Other Sectors

19 By Format
19.1 Market Snapshot & Growth Engine
19.2 Market Overview
19.3 Market Size & Forecast
19.3.1 Digital & Analog Sound Reinforcement Systems

20 By Distribution Channels
20.1 Market Overview
20.2 Manufacturing, Production, & Distribution
20.3 Distribution through retail stores
20.4 Distribution through Online Websites

21 Competitive Landscape
21.1 Competition Overview
21.2 Market Structure And Mapping Of Competition

For more information about this report visit https://www.researchandmarkets.com/r/vmxwih

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