The global pro speaker market size is likely to generate revenues of around $2 billion by 2023 and is expected to grow at a CAGR of more than 2% during the forecast period.
Arizton’s recent market research report on the global pro speaker market identifies Bose, d&b audiotechnik/system, HARMAN International (Samsung), L-Acoustics, LOUD Audio, MUSIC Group (MUSIC Tribe), and Yamaha as the leading vendors that are likely to dominate the market during the forecast period.
This research report provides detailed analysis of market segmentation by product (structure (point source systems, line array systems, subwoofers, and other) and amplification (powered speaker and passive speaker)), by format (digital and analog), by distribution channel (retail and online), by end-user (corporate, large venues & events, educational institutions, government & military, studio & broadcasting, hospitality, and others), and by geography (North America, APAC, Europe, Latin America, and MEA).
The global pro speaker market is divided into five major segments that consist of by products, format, end-user, distribution channels, and geography.
APAC to grow at the fastest CAGR in the pro speaker market during the forecast period
The global pro speaker market by geography is segmented into North America, APAC, Europe, Latin America, and MEA. APAC is the fastest growing CAGR in the region in the global market at a CAGR of more than 3% during the forecast period. Japan, Australia, China, India, and South Korea are the largest revenue generators in the pro speaker market. The recovery of the Japanese music market and the emergence of the Chinese media and film industry is expected to propel the demand for professional speakers in the market. The exponential evolution of industries such as entertainment, broadcasting, hospitality, exhibition, healthcare, and restaurant in the APAC market is creating lucrative opportunities for vendors in the APAC market. The increasing number of music concerts and demand in the health and fitness industry will contribute to the revenues of the APAC market.
Line array speaker systems to grow at a significant CAGR in the pro speaker market during forecast period
The product segment in the global professional speaker market is classified into the structure (point source systems, line array systems, subwoofers, and other) and amplification (powered speaker and passive speaker).
Line array speaker systems are the fastest growing segment of the market at a CAGR of approximately 3% during the forecast period.
The use of line array speaker systems helps to keep consistent sound levels in the front and back of listening areas, thereby, driving the growth of this market segment. The extensive use of line array systems in live music events and large venues such as stadium or gaming arenas will encourage prominent players to launch innovative systems in the in the global market. Additionally, line array systems are the most preferred choice for sound reinforcement equipment installations and large touring productions in the global market.
Government and military sector to grow at a considerable CAGR in the pro speaker market during forecast period
The global professional speaker market by end-users is categorized into corporate, large venues & events, educational institutions, government & military, studio & broadcasting, hospitality, and others.
The government & military sector is the fastest growing segment in the global market at a CAGR of more than 3% during the forecast period.
The promotion of digitalization in the government and military sector is propelling the growth of the global market. The increasing demand for facilities such as courtrooms and other public service facilities will propel the adoption of professional speakers in the global market. Additionally, the upgrades and replacement of sound reinforcement equipment in public libraries, town halls, exhibition centers, and other civic bodies will have a positive impact on the growth of the global market during the forecast period.
The other prominent players in the global pro speaker market are Alcons Audio, Bowers & Wilkins, B&C Speakers, Carlson Audio Systems, Dynaudio, Electro-Voice, Hz Sound Systems, inMusic Brands, Klipsch Audio Technologies, K-Array, Meyer Sound Laboratories, Nady Systems, PROEL, Pyle Pro, RCF, Renkus-Heinz, Robert Bosch, and Sennheiser Electronic.
The complete overview of the latest market research report on pro speaker market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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