According to the new market research report "Sound Reinforcement Market by Product Type (Microphones, Professional Speakers, Audio Mixers, Power Amplifiers), Format (Digital, Analog), End User (Corporate, Education, Large Venue & Events, Hospitality), Geography - Global Forecast to 2024", The sound reinforcement market is projected to reach USD 8.5 billion by 2024, from USD 7.3 billion in 2019; 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 growing incorporation of IoT and audio-visual technologies into professional audio-video devices and the increasing demand for professional audio devices from corporate and educational institutions. Moreover, the increasing number of concerts and live performances worldwide is expected to create significant growth opportunities for the sound reinforcement market.
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The corporate segment of the sound reinforcement market is projected to grow at the highest CAGR from 2019 to 2024.
In the corporate sector, most of the modern boardrooms/conference rooms/huddle rooms are adopting audio-visual technology to enable improved collaboration and productive meetings by ensuring smooth communication between the speaker and the audience. Moreover, the requirement for introducing and promoting e-learning programs to enhance skill development in the corporate sector is also driving the growth of the corporate segment of the sound reinforcement market.
The professional speakers segment to hold the largest size of the sound reinforcement market from 2019 to 2024.
The use of professional speakers in sound reinforcement systems is gaining popularity globally owing to rise in the number of live concerts and outdoor events. Advancements in professional audio visual technologies are changing the business of organizing music events in a significant way. The global live concert industry is expected to experience significant growth during the next few years. Sound amplification systems and advanced speakers are gaining immense traction worldwide owing to their use in large venues and concerts for communicating with a large base of audiences or fans. Thus, the growing demand for high-quality music, especially in outdoor events such as concerts and shows, is expected to drive the growth of the professional speakers segment of the sound reinforcement market.
The sound reinforcement market in APAC is expected to witness rapid growth during the forecast period.
Countries such as China, India, Japan, and Australia are major contributors to the growth of the sound reinforcement market in APAC. These countries are expected to witness increased demand for sound reinforcement systems owing to initiatives undertaken by their governments to encourage the digitalization of various systems. Moreover, the rise in demand for sound reinforcement systems from several end users such as commercial real estate, hospitality, corporate, and music from countries such as China, Japan, and India is also fueling the growth of the market in APAC. Moreover, the shifting consumer preference for live music concerts and exhibitions in emerging economies is also contributing to the growth of the sound reinforcement market in APAC.
Major players in the sound reinforcement market covered in this report are 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).
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