Sound Reinforcement Market - Global Outlook & Forecast 2023-2028

Sound Reinforcement Market - Global Outlook & Forecast 2023-2028

MARKET TRENDS & DRIVERS

Growing Adoption in Educational Institutions

Educational institutes are becoming one of the key end-users of prAV 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.

Growth in Live Performance and Music Industry

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.
INDUSTRY RESTRAINTS

Government Regulations – FCC Wireless Spectrum Auction

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.

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT

The global sound reinforcement market by product can be segmented as microphones, prspeakers, audio/sound mixers, audio signal processors, audio power amplifiers, etc. The microphone product segment is expected to be the largest revenue segment of the industry in 2022. Microphones are widely used in many industries. Upgrades and replacement of legacy systems in developed markets mainly propel the growth in the microphones industry. Further, new demand for microphones is primarily concentrated in developing markets where economies flourish and the vertical markets grow steadily. Technological innovation in the microphone industry is creating new opportunities for vendors in North America and Europe, along with developed economies of APAC.

Segmentation by Product

• Microphones
• PrSpeakers
• Audio/Sound Mixers
• AudiSignal Processors
• AudiPower Amplifiers
• Others

INSIGHTS BY END-USER

The corporate end-user segment is expected tbe the largest revenue segment of the global sound reinforcement market. The major factors driving the demand in this segment included opening new offices and the growing penetration of IoT in corporations worldwide. The continuously evolving technologies and better connectivity infrastructure are boosting the telecom and IT industry, leading tgrowth in the number of employees. Employee engagement by games, music, events, seminars, training, and more has become a key focus across the corporate sector. This, in turn, is propelling the requirement for sound reinforcement from the corporate sector.

Segmentation by End-user

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

INSIGHTS BY FORMAT

The global sound reinforcement market by format is divided into digital and analog. Digital sound format is mostly preferred globally and has a higher share globally. Electromagnetic interference is less sensitive in digital sound systems. They have a higher PSRR (power supply rejection ratio), simplifying their architecture and improving audio quality. During the forecast era, the digital segment of the industry is projected to rise due tan increase in the number of connected devices and Internet users worldwide.

Segmentation by Format

• Digital
• Analog

INSIGHTS BY DISTRIBUTION CHANNEL

The offline distribution channel segment is expected to be the largest revenue segment of the global sound reinforcement market. Retail stores are the major destination of end-users purchasing sound reinforcement equipment. Although the trend of selling these products online and in OEM stores is increasing, a significant share of product distribution occurs through conventional praudio and electronics stores/outlets. Sound reinforcement equipment producers harness these stores due to personalized customer services. The stores' staff are educated about sound reinforcement equipment, its usage, and its complexity. These staff, in turn, educate customers about these products and help them select appropriate products.

Segmentation by Distribution

• Offline
• Online

GEOGRAPHICAL ANALYSIS

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.

Segmentation by Geography

• North America

US

Canada

• APAC

Japan

China

Australia

India

South Korea

Indonesia

• Europe

Germany

UK

France

Italy

Spain

Scandinavia

Benelux

Russia

Switzerland

• Latin America

Brazil

Mexico

Argentina

• Middle East & Africa

Saudi Arabia

UAE

South Africa

Maghreb

Rest of the Middle East & Africa

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 prAV 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.

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
• AudiEngineering Associates (AEA)
• AUDIX Microphones
• Beijing 797 Audio
• Belden
• Beyerdynamic
• Blue Microphones
• Bowers & Wilkins
• BOYA
• CAD Audio
• Carlson AudiSystems
• CELTAcoustique
• 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 AudiTechnologies
• K-Array
• Lectrosonics
• Legrand
• Lewitt
• Liberty AV
• LOUD Audio
• MIPRElectronics
• 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

KEY QUESTIONS ANSWERED:

1. How big is the sound reinforcement market?
2. What is the growth rate of the global sound reinforcement market?
3. Which region dominates the global sound reinforcement market share?
4. What are the significant trends in the sound reinforcement market?
5. Where the key players in the global sound reinforcement market?