The Europe sound reinforcement market size to reach USD 2.24 billion by 2024, growing at a CAGR of 3% during the forecast period. A sound reinforcement system is a combination of several equipment such as microphones, pro speakers, audio mixers, audio signal processors, and power amplifiers. The system is designed and engineered to capture, enhance, and amplify the live or pre-recorded sounds. Futuristic inventions in wireless digital technology and the growth in complementary digital technologies are likely to boost investors’ confidence in the Europe sound reinforcement market. The market is expected to witness an increase in the VC (venture capital) funding during the forecast period.
Also, several vendors are constantly trying to upgrade their existing systems. Many startups are likely to enter the market with innovative solutions and advanced features while existing vendors will continue to enhance their product portfolio through upgrades. 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 by 2024.
The Europe sound reinforcement market is witnessing enhancements due to the increased demand for audio and video equipment, especially from corporates, government offices, and institutional workplaces. With the intensifying competition, the corporate sector and institutional workplaces are increasingly adopting equipment such as microphones and speakers to ease and smooth workflow processes and activities. Further, the development of innovative tools and technologies to promote e-learning in classrooms is expected to fuel the growth of the Europe sound reinforcement market in coming years.
The growing music production and recording industry has amplified the market to a greater level. Also, the increasing number of exhibitions, conferences, trades shows, and seminars are expected to drive the Europe sound reinforcement market.
Further, the growing convergence of Pro AV and IoT is also significantly adding to market growth. The penetration of IoT (Internet of Things) in the pro AV industry is expanding, and vendors are exploring ways to use IoT for streamlining manufacturing processes and SPM (supply chain management), thereby delivering personalized customer experience.
EUROPE SOUND REINFORCEMENT MARKET SEGMENTATION
The market research report includes detailed market segmentation by
- Distribution channels
INSIGHTS BY PRODUCTS
Pro Speakers are Soon Going to be Wireless/ IoT and AV will help the User to Operate the Microphone from Remote Location
The Europe 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 2.23% during the forecast period. Microphones are further categorized into wired, handheld, clip-on, and other wireless microphones. They are extensively used in concerts, musical events, sporting tournaments, and in broadcasting studios. Vendors are exploring ways to implement IoT (internet of things) and AV (audio-visual) technology in microphones, which will facilitate the user to operate from remote locations as well. Further, the increasing proliferation of IoT in the education sector is paving the way for vendors to explore sales opportunities in university campuses. Hence, digital enhancements in the microphone industry are expected to boost the Europe sound reinforcement market during the forecast period.
Pro speakers are another significant segment, and the Europe sound reinforcement market is witnessing the increased adoption of pro speakers. This can be attributed to the growing music industry, the increasing demand for PA systems, and the need to efficiently distribute sound in large venues such as worship places or stadiums. Further, vendors are investing for R&D to introduce wireless pro-speakers in the Europe sound reinforcement market.
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 Europe sound reinforcement market during the forecast period.
INSIGHTS BY FORMAT
Increased Reach of the Internet is Boosting the Digital Format
The Europe 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. The analog segment, on the other hand, is expected to grow at a CAGR of about 1% during the forecast period. The digital segment is expected to witness increased market growth in the coming year due to the rise in internet users and the growth in the number of connected devices.
INSIGHTS BY DISTRIBUTION
Retail Stores by Key Vendors are Amplifying the Europe Sound Reinforcement Market
The Europe sound reinforcement market by distribution can be segmented into online and retail segments. In 2018, the retail segment contributed to the highest market revenue. Several traditional pro AV equipment vendors have modified their product line to increase the visibility of multiple sound reinforcement systems in retail stores. HARMAN, Yamaha, Sennheiser, Shure, Audio-Technica, Sony, Bose, and MUSIC Group have established retail stores across Europe.
Further, the trend of selling sound reinforcement products through online and OEM stores is increasing. 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 and the availability of high discounts and access to consumer reviews, the online distribution segment is likely to increase during the forecast period.
INSIGHTS BY END-USER
Digital AV solutions are Helping corporates to increase Connectivity and improve workflow processes across locations
The Europe sound reinforcement market by end-user can be segmented into large venues and events, corporates, educational institutes, government and military, and others. The corporate sector is expected to remain the largest end-user segment in the sound reinforcement market and captured one-third of the market in 2018. The geographic expansion of companies, the growing number of offices, and the integration of IoT in business workflow processes are the major factors contributed to the segment growth.
The growing application of pro AV systems in the hospitality sector is also driving the demand for AV products. Restaurants, hotels, nightclubs, casinos, and cruise ships are other sectors that are increasingly incorporating modern-day pro AV systems to enhance the consumer experience.
INSIGHTS BY COUNTRIES
Europe sound reinforcement market is growing at a significant rate. Germany, UK, France, Italy, Spain, Switzerland, Russia, Benelux, and Scandinavia are some of the leading countries in the market. Germany and UK are the key markets for sound reinforcement equipment in Europe and has witnessed robust economic performance over the last couple of years. Germany is the home for some of the largest pro AV system manufacturers and the UK is known as the leading destination for music festivals, these factors have played a significant role in the market upliftment in the region. Hence, the growing music industry and increasing partnership between artists and leading manufacturers are driving the Europe sound reinforcement market.
The Europe sound reinforcement market search report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Formats
By Distribution Channels
- Large Venues and Events
- Educational Institutes
- Government and Military