The global sound reinforcement market size will reach USD 9 billion in 2024, exhibiting a growth rate of 3% during the forecast period. The demand for sound reinforcement equipment was majorly concentrated in developed countries such as the US, Japan, the UK, Germany, and France. However, developing Asian countries, including India and China, are also witnessing the penetration of sound enhancement devices. The sound reinforcement market is well established in developed countries due to the presence of vendors such as Shure, Sennheiser, Audio-Technica, Bose, Harman, Sony, and Yamaha, which offer a diverse range of sound products. Futuristic inventions in wireless digital technology and the growth in complementary digital technologies are likely to boost investors’ confidence in the market. The market further is expected to witness an increase in VC funding during the forecast period. Startups are likely to come with innovative solutions with advanced features while existing vendors will continue to improvise their product portfolio through upgrades. 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 in 2024 than 2018.
The demand for sound reinforcement devices is growing in countries such as China, Germany, Japan, and India due to the booming commercial real estate, hospitality, corporate, and music industry. Further, the market is witnessing a shift toward live music concerts and exhibitions in developing countries.
SOUND REINFORCEMENT MARKET TRENDS AND DRIVERS
The global sound reinforcement market is witnessing a boost due to the increased demand for audio and video equipment in government offices, institutional workplaces, and corporate houses. With an intensifying competitive market, the corporate sector and institutional workplaces are increasingly adopting equipment such as microphones and speakers to ease the working environment and smooth the flow of work activities. Further, the development of innovative tools and technologies to promote e-learning in classrooms is expected to fuel the growth of the global sound reinforcement market.
The live music industry is one of the most significant revenue contributors to the global market. Sound reinforcement equipment and lighting systems, along with associated pro AV systems are essential components of the live music industry worldwide. Concerts and corporate events attract high attendance; hence, they require sophisticated sound networking solutions. The increasing number of exhibitions, conferences, trades shows, and seminars worldwide is expected to drive the global market.
Further, the growing convergence of Pro AV and IoT is driving the market growth. The penetration of IoT (Internet of Things) in the pro-AV industry is growing, and several vendors are exploring means to use IoT for streamlining manufacturing processes and SPM (supply chain management), thereby delivering personalized customer experience.
SOUND REINFORCEMENT MARKET – PRODUCT TYPE
Upgrades and replacement of legacy systems in developed markets will help the microphone market to emerge as a dominant segment
The sound reinforcement market by products is categorized into microphones, pro speakers, audio mixers, audio signal processors, power amplifiers, and others. The microphone segment in the global sound reinforcement market is expected to grow at a CAGR of more than 2% by 2024. Technological innovations in the microphone market are creating new opportunities for the vendors in North America and Europe along with the APAC region. Although the market is exhibiting signs of demand saturation and maturation in developed countries, the demand for these devices is expected to increase from developing economies such as China, India, and Brazil. Wireless microphones are expected to grow at the fastest CAGR than wired ones.
With the growth in the music industry, the sound mixers, audio signal processors, and audio power amplifiers segments are likely to grow during the forecast period.
SOUND REINFORCEMENT MARKET – END-USERS
The hospitality sector will grow at the fastest CAGR during the forecast period
In terms of end-users, the global sound reinforcement market is segmented into corporate, large venues and events, educational institutions, government and military, studio and broadcasting, hospitality, and other sectors. The corporate sector is expected to remain the largest end-user segment in the sound reinforcement market, contributing a significant revenue chunk to the global market by 2024. The corporate segment will grow due to the growing demand for audio and video conferencing solutions among corporates during the forecast period.
The growing application of pro AV systems in the hospitality sector is also propelling the demand in the market. Restaurants, hotels, nightclubs, casinos, and cruise ships are other sectors that are increasingly incorporating modern-day pro AV systems to enhance the consumer experience.
SOUND REINFORCEMENT MARKET – FORMAT
Analog sound equipment to occupy the largest revenue share by 2024
The global sound reinforcement market by format is divided into digital and analog. The digital equipment segment dominated the global market in terms of shipment, accounting for more than 58% share in 2018. The increasing number of internet users and the growing number of connected devices are expected to drive the digital equipment segment’s growth over the next few years.
SOUND REINFORCEMENT MARKET – DISTRIBUTION CHANNELS
Online channels are facing intense competition from retail stores in the global sound reinforcement market
The market by distribution channel is segmented into retail and online. In 2018, the retail segment contributed to the highest market revenue globally. Although the trend of selling these products online and in 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, the availability of high discounts, and access to consumer reviews, the online distribution segment in the global sound reinforcement market is likely to increase.
SOUND REINFORCEMENT MARKET – GEOGRAPHY
North America to remain the dominant market in the global sound reinforcement market
In terms of geography, the market is categorized into APAC, Europe, Latin America, MEA, and North America. The sound reinforcement market in North America is likely to grow at a CAGR of more than 3% by 2024. The US is the largest market due to the growing music industry, rising commercial construction activities, and increasing retail expansion. In the APAC region, Japan accounts for a significant market. However, countries such as China and India are expected to witness high demand due to several government initiatives for digitalized economies. The growing market for music festivals and live events has also propelled market growth in the European region.
KEY VENDOR ANALYSIS
The presence of diversified global vendors and a few regional vendors characterize the sound reinforcement market. While global players would increase their footprint in the market, regional vendors are likely to find it increasingly difficult to compete with them, especially in terms of technology and customer base. The market concentration in developed countries such as the US and other Western European countries is high. However, the market is in its nascent stage in developing economies such as China and India. Vendors are competing in the market exists on the basis of product offerings and pricing. Vendors are also using new business models and focusing on developing portfolios to drive growth.
The sound reinforcement market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Point Source System
- Line Arrays System
- Audio Networking Solutions
- AV System Integrators
- PRO AV Dealers & Distributors
- PRA AV Electronic Stores
- Large Venues and Events
- Educational Institutions
- Government and Military
- Studio and Broadcasting
- South Korea
- Saudi Arabia
- South Africa