Global Sound Reinforcement Market Outlook 2023-2028 - Compound Annual Growth of 4.19% During 2022-2028, Driven by Growth in Music Production and Recording Industry

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Jan 11, 2024, 17:30 ET

DUBLIN, Jan. 11, 2024 /PRNewswire/ -- The "Sound Reinforcement Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global sound reinforcement market is expected to grow at a CAGR of 4.19% from 2022-2028.

Educational institutes are becoming one of the key end-users of pro AV solutions worldwide. Modern-day university campuses driven by technological advancements are revolutionizing. Smart campuses use wireless technology and IoT to promote interconnectedness in various university campuses. Globally, there is a push toward smart campuses and the consequent need for more engaging, immersive, and interactive learning. Various sound reinforcement equipment, such as microphones and speakers, are becoming an integral part of university campuses.

Sound reinforcement equipment, lighting systems, and the associated pro-AV systems and solutions are the heart and soul of the live music industry globally. Recently, the world has been witnessing a spurt in the growth of live music concerts and events. The primary reason behind this growth is the revenue generation for artists who see live music concerts as a primary source of their income. An increasing corporate sponsorship for music tours, venues, and events also contributes to the sound reinforcement market growth. Further, attendance at such concerts is increasing exponentially as the audience can witness and experience their favorite artists performing on the stage.

The sound reinforcement market growth, especially in the U.S., is expected to be hampered during the forecast period due to the revised auction of spectrum bands by the Federal Communications Commission (FCC). The industry faces uncertainty over the reallocation of the 600 MHz service band, primarily used by several wireless microphones.

North America held the largest global sound reinforcement market share, accounting for over 34% in revenue. Factors such as the high spending power of the millennials and boomers, growing participation in music festivals, increased adoption of smartphones, inclination toward new technology, and high urbanization are driving the industry growth in North America.

The U.S. is the region's leading market for sound reinforcement systems and solutions. Millennials majorly drive the market and can be termed a digital generation. They are tech-savvy, and most of them are addicted to their smartphones. Moreover, concert organizers have been working hard to promote the ideology of concerts and live performances among millennials in the U.S. who have been showing little interest in attending concerts. Companies like Live Nation have successfully carried out such promotions to connect millennials to the live performance industry.

COMPETITIVE LANDSCAPE

The global sound reinforcement market is highly fragmented, with many local and international players. The key market players compete in various rounds, such as introducing new products, technology, and online presence. The growth of vendors in the market also depends on market conditions, technological innovations, and industry development.

Some prominent global sound reinforcement market companies include Audio-Technica, Bose, HARMAN International (Samsung), MUSIC Tribe, Sennheiser, Shure, Sony, and Yamaha. Further, the adoption rate of pro AV solutions, including sound reinforcement systems, among end-users worldwide has been impressive. Due to increased demand, the industry has witnessed the entry of several new vendors. The competition among these companies has intensified, leading to the introduction of many innovative and advanced solutions in the market.

The following factors are likely to contribute to the sound reinforcement market during the forecast period:

Market Opportunities & Trends

Growth in Convergence of Pro AV and IoT
Emergence of Networked Audio Technology
Increase in Adoption in Educational Institutions
Increase in Number of Exhibitions
Growth in Popularity of Nightclubs & Bars in APAC

Market Growth Enablers

Increase in Demand from Corporate, Government, & Institutions
Growth in Live Performance and Music Industry
Increase in Number of Sporting Events and Tournaments
Growth in Music Production and Recording Industry

Market Restraints

Government Regulations - FCC Wireless Spectrum Auction
Technical Difficulties Hamper Adoption of Wireless Microphones
Acoustical Challenges Related to Pro Speakers
Volatility in Raw Material Prices Affects Margins of Vendors

Products

Microphones
Pro Speakers
Audio/Sound Mixers
Audio Signal Processors
Audio Power Amplifiers
Others

End-users

Corporate
Large Venues & Events
Educational Institutions
Government & Military
Studio & Broadcasting
Hospitality
Others

Key Company Profiles

Audio-Technica
Bose
HARMAN International (Samsung)
MUSIC Tribe
Sennheiser
Shure
Sony
Yamaha

Other Prominent Vendors

ADK Microphones
AEB Industriale (dBTechnologies)
Alcons Audio
Galaxy Audio
Apex Audio
Biamp Systems
Audio Engineering Associates (AEA)
AUDIX Microphones
Beijing 797 Audio
Belden
Beyerdynamic
Blue Microphones
Bowers & Wilkins
BOYA
CAD Audio
Carlson Audio Systems
CELTO Acoustique
CODA Audio
Cordial
Dynaudio
D&B Audiotechnik
Electro-Voice (EV)
Extron
GTD Audio
HEDD | Heinz Electrodynamic Designs
Heil Sound
HZ Sound Systems
inMusic Brands
Klipsch Audio Technologies
K-Array
Lectrosonics
Legrand
Lewitt
Liberty AV
LOUD Audio
MIPRO Electronics
MXL By Marshall Electronics
Nady Systems
OUTLINE
Pan Acoustics
Powersoft Audio
PROEL
Pyle Pro
Samson Technologies
SE Electronics International
Southwire Company
Stewart Audio
Vivolink
Zaxcom
Amadeus
DAS Audio

For more information about this report visit https://www.researchandmarkets.com/r/7efixn

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