Futuristic inventions in wireless digital technology and growth in complementary digital technologies are likely to boost investors’ confidence in the global sound reinforcement market.
According to the latest Arizton's market research report, the global sound reinforcement market to reach approximately USD 10 billion by 2026, growing at a CAGR of 3.5% during the forecast period.
Global Sound Reinforcement Market Growth Analysis
The advent of cloud and software-based applications has brought about a major shift in audio-visual (AV) technologies in recent years. Futuristic inventions in wireless digital technology and growth in complementary digital technologies are likely to boost investors’ confidence in the global sound reinforcement market. The demand for sound reinforcement equipment and solutions from various end-user market is growing in countries such as China, Germany, Japan, and India. The booming commercial real estate, hospitality, corporate, and music markets as well as a shift in consumer behavior towards live music concerts and exhibitions in developing countries will positively impact the market growth.
The world has been witnessing a rising penetration of the Internet of Things (IoT) in the pro-AV industry, and various players are exploring ways of using IoT to streamline manufacturing processes and supply chain management (SCM) as well as to deliver a more personalized customer experience. The corporate sector and institutional workplaces are increasingly adopting AV equipment to ease the working environment and smoothen the flow of work activities. The use of pro AV solutions such as microphones and speakers are increasing in offices for external as well as internal communications. The demand for pro AV solutions in government offices is also rising. Conferences and seminars organized by various government agencies and a push towards digitization in many countries have fueled the demand for modern pro AV systems in the worldwide market. The growth of the global sound reinforcement market is witnessing a boost across the globe.
What’s Trending in the Market?
- HARMAN sells its professional audio systems through pro-audio dealers and distributors worldwide. It has a workforce of over 30,000 people globally.
- About 70-72% of sound reinforcement equipment that are supplied worldwide are manufactured in China, Japan, South Korea, Germany, the US, and Mexico.
- The global music production & recording equipment market is expected to reach around USD 9.8 billion in 2021, with the US contributing over 30–40% of the overall market revenue.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product, format, distribution, end-user, and geography
- Competitive Landscape – 8 Key Company Profiles and 51 Other Prominent Vendors
Global Sound Reinforcement Market – Geographic Analysis
Factors such as the high spending power of millennials and boomers, growing participation in music festivals, increased adoption of smartphones, inclination towards new technology, and high urbanization are driving the growth of the market in North America. North America is expected to follow a thought leadership strategy, where players are expected to establish research and technology facilities in this region and maintain offshore manufacturing facilities for production. Surge in the exhibition markets across the North America is expected to create lucrative demand for various pro AV systems including sound reinforcement equipment and solutions in the upcoming years.
Strategies Adopted by the Players in the Global Sound Reinforcement Market
Players must develop new technologies and remain abreast with upcoming technologies to gain a competitive advantage over other players. The global sound reinforcement market players are using new business models and developing their portfolio to drive growth. The adoption rate of pro AV solutions including sound reinforcement systems among end-users worldwide has been impressive. The competition among these companies has intensified, leading to the introduction of many innovative and advanced solutions. The growth of players in the market depends on its condition, GDP growth, and industry development. Players can boost profitability by practicing efficient production techniques that minimize production costs and mitigate associated risks. Companies must expand their geographical presence, while reviving domestic demand to achieve sustained growth.
Bose is a leader in offering professional audio systems such as speakers, amplifiers, signal processors, and related software in the global market. The company has been offering professional sound systems for the last 40 years in the global sound reinforcement market. The company holds a strong foothold in the professional speaker market. Bose is increasing R&D expenses annually and is expected to give it as opportunity to develop new products and expand its product line during the forecast period.
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