The sound reinforcement market is projected to grow at a CAGR of 3.2% from 2019 to 2024
NEW YORK, Jan. 14, 2020 /PRNewswire/ --
The sound reinforcement market is projected to grow at a CAGR of 3.2% from 2019 to 2024.
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The sound reinforcement market is expected to grow from USD 7.3 billion in 2019 to USD 8.5 billion by 2024; it is expected to grow at a CAGR of 3.2% from 2019 to 2024. The growth of the sound reinforcement market can be attributed to the increasing demand for professional audio devices from corporate and educational institutions and the growing incorporation of IoT and audio-visual technologies into professional audio-video devices. Moreover, the increasing number of concerts and live performances is expected to create significant growth opportunities for the sound reinforcement market.
The microphones segment of the market is projected to grow at the highest CAGR during the forecast period.
Increased adoption of microphones in sound reinforcement applications can be attributed to continuous technological innovations taking place in the professional audio industry.The increasing number of upgrades in legacy sound systems and their replacement with new systems is the primary factor augmenting the growth of the microphones segment of the market.
Moreover, the growing traction of wireless digital technology globally, coupled with the increased demand for high-quality audio output, is also driving the growth of the market.
The large venues & events segment is estimated to hold the largest size of the sound reinforcement market from 2019 to 2024.
The number of live concerts is expected to increase during the forecast period.Sound amplification systems and advanced microphones are being adopted in large venues and concerts for communicating with a large set of audiences or fans.
Sound reinforcement equipment and their associated pro audio-video (AV) systems are important components for the live music concerts.The rise in number of music bands, live performances, and concerts is expected to contribute to the growth of the sound reinforcement market.
Moreover, increase in the corporate sponsorships for music tours, venues, and events is also contributing to the growth of the large venues & events segment of the market. Thus, the increasing number of concerts and live performances worldwide is driving the growth of this segment of the sound reinforcement market.
The sound reinforcement market in APAC is projected to grow at the highest CAGR during the forecast period.
The APAC countries are taking aggressive initiatives to upsurge their IT infrastructures, thereby enabling commercial users to adopt cutting-edge technologies.The APAC region has emerged as the fastest-growing market for smart education solutions as well.
Increasing developments in the field of education and corporates are also expected to create an increased demand for sound reinforcement equipment. The academic institutions and corporate companies in the region have started adopting smart solutions and eLearning solutions, thereby leading to an increased demand for sound reinforcement equipment in APAC.
Breakdown of Profiles of Primary Participants:
-- By Company Type: Tier 1 - 27%, Tier 2 - 41%, and Tier 3 - 32%
-- By Designation: C-level Executives - 26%, Directors - 40%, and Others - 34%
-- By Region: North America - 47%, Europe - 28%, APAC - 19%, and RoW - 6%
Audio-Technica (Japan), Bose (US), HARMAN (US), MUSIC Group (Philippines), SENNHEISER (Germany), SHURE (US), Sony (Japan), Yamaha (Japan), CODA Audio (Germany), and Audix Microphone (US) are among the major players in the sound reinforcement market.
Research Coverage:
-- The study covers the sound reinforcement market. It aims to estimate the size and the growth potential of this market based on product type, format, end user, and geography. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Key Benefits of Buying This Report:
The report is expected to help leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall growth of the sound reinforcement market and segments covered in this report.This report is also expected to enable stakeholders to understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies.
The report is also expected to help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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