The sound reinforcement market is projected to grow from $7.81 billion in 2017 to $9.33 billion by 2023, growing at a CAGR of 3.01%.
Arizton’s recent market research report on the sound reinforcement market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product type (microphones, pro speakers, audio/sound mixers, audio signal processor, power amplifier, and others), format type (digital and analog), distribution (retail and online), end-user (corporate, large venues and events, educational institutions, government and military, studio and broadcasting, hospitality, and others), and geography (APAC, Europe, Latin America, MEA, and North America).
The growth of the APAC and Latin America economies is fueling the demand in the global sound reinforcement market. The rise in disposable income in countries such as India and China will boost the demand for sound reinforcement equipment in the global market. Vendors are also focusing developing new disruptive technologies and new product solutions to meet the growing demand for new upgrades in the global market.
The leading three drivers and trends driving the sound reinforcement market are discussed below:
Increasing Demand from Corporate, Governments, and Institutions
The increasing adoption of AV equipment in government offices, institutional workplaces, and corporate houses to ease the working environment and to smoothen flow of work activities is driving the growth of the global sound reinforcement market. Various educational institutions, corporate offices, and government organizations are extensively using microphones and external and internal communications. These public address (PA) systems are gaining predominance in several end-user segments as they help organizations understand strategic goals better and help them offer superior training and development. Major vendors are focusing on developing systems for broadcasting external and internal company communications via live video solutions, which offer better scalability, quality, and interactivity. Such technological innovations will help players gain a major market share in the sound reinforcement market during the forecast period.
Growth in Music Production and Recording Equipment Market
The increasing demand for sound reinforcement equipment such as microphones, speakers, mixers, and amplifiers is primarily driven by the evolution of the music production, post-production, and recording equipment market. Sound amplification systems and advanced microphones are gaining immense traction in the music production and recording equipment market. Major companies are introducing microphones with new dimensions that improve music production capabilities and assist new and seasoned artists in delivering their best. The US generates over 39% of the total market revenue in the global music production and recording equipment market. The increasing number of music bands, live performances, and concerts will augment the development of the global sound reinforcement market.
Increasing Number of Sporting Events
The increasing number of installments of sound reinforcement equipment such as microphones, speakers, and amplifiers sporting arenas and stadiums for communication purposes and announcements will drive the growth of the sound reinforcement market. The rising number of sporting events and increasing investment in sports sponsorship will help vendors launch new sound reinforcement products to meet the growing requirement in the global market. The exponential popularity of physical and virtual/e-sports events across the world will positively impact the global sound reinforcement market during the forecast period. For instance, major sporting events such as the FIFA World Cup in Russia in 2018 and Qatar in 2022, and the Olympics in Tokyo in 2020 will boost the demand in the global sound reinforcement market.
Audio-Technica, Bose, Harman International (Samsung), MUSIC Group, Sennheiser, Shure, Sony, and Yamaha are the leading vendors in the sound reinforcement market.
The complete overview of the latest market research report on the sound reinforcement market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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