The global sound reinforcement market size was valued at USD 7.8 billion in 2020 and is expected to reach USD 9.6 billion by 2026, representing a CAGR of 3.5%.
CHICAGO, ILLINOIS, UNITED STATES, May 3, 2021 /EINPresswire.com/ — In-depth analysis and data-driven insights on the impact of COVID-19 included in this global sound reinforcement market report.
The sound reinforcement market is expected to grow at a CAGR of 3.5% during the period 2020−2026.
Key Highlights Offered in the Report:
1. Music industry faced a huge decline due to the resilience of music publishing, the unparalleled social distancing measures, and bans on large public gatherings resulting in live events cancellations/postponements and store closures. The global music industry is expected to decline by around 25% due to significant impact of COVID-19.
2. Recorded music market declined by around 8%, publishing market by approximately 4%, and live music by 65–70% in 2020. Recorded music and music publishing are expected to grow at 3–4% post-COVID by 2021 while the live music industry will revive in 2022. The sound reinforcement market is directly related to the music industry as it is one of the major markets of the music industry globally.
3. International conferences, seminars, meetings, trade fares, and others cancelled or postponed due to social distancing norms. Educational institutes and cultural fares witnessed demand decline in 2020 due to the closing of schools, colleges, universities, and other educational institutes. Thus, the demand for microphones, pro speakers, and others decreased from this segment.
4. The global sound reinforcement market is highly fragmented with many local and international players in the market. The competition among the players is intense.
5. In 2020, North America was the largest market for sound reinforcement products, accounting for a share of around 35% and 33% in terms of revenue and unit shipments, respectively.
6. The global meetings and events market also declined by 5−6% in 2020 and is expected to grow by around 8% by 2023. This has impacted the sound reinforcement market product sales, particularly for microphones and pro speakers. As of March 2020, the exhibition and events market lost around USD 16.5 billion due to the COVID-19 pandemic and related implications.
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by product, format, distribution, end-user, and geography
• Competitive Landscape – 8 key vendors and 51 other vendors
Sound Reinforcement Market – Segmentation
• The global microphones market expects to reach over USD 3 billion by 2026, growing at a CAGR of approximately 4%. Upgrading and replacement of legacy systems in developed regions is propelling the growth of the microphones market. Further, new demand for microphones is mainly concentrated in developing markets, where economies are flourishing.
• In 2020, the corporate segment dominated the market with over 26% and over 24% market shares in value and unit shipment. The corporates segment will grow owing to the growing demand for sound reinforcement and video conferencing solutions among corporates during the forecast period.
• In terms of unit shipment, the digital segment accounted for over 58% of the market share in 2020. The segment expects to witness growth during the forecast period. Digital devices are witnessing a proliferation worldwide. The digital format is observing high preference among end-users across the globe. Electromagnetic interference is less sensitive in digital sound systems. They have a higher PSRR (power supply rejection ratio), which simplifies their architecture while improving audio quality.
Sound Reinforcement Market by Products
• Pro Speakers
• Audio Mixers
• Audio Signal Processors
• Power Amplifiers
Sound Reinforcement Market by End-users
• Large Venues and Events
• Educational Institutions
• Government and Military
• Studio and Broadcasting
Sound Reinforcement Market by Format
Sound Reinforcement Market by Distribution
• AV System Integrators
• Pro Audio and Electronic Stores
• Pro Audio Dealers and Distributors
• Online Stores
Sound Reinforcement Market – Dynamics
With the rising internet penetration globally, devices are becoming more digitized, and the industries are taking notice of the same. The world has been witnessing a rising penetration of the Internet of Things (IoT) in the pro-AV industry, and various vendors are exploring ways of using IoT to streamline manufacturing processes and supply chain management (SCM) as well as to deliver a more personalized customer experience. Smart devices collect, analyze, and share real-time data with vendors to give insights into end-user preferences. Companies across the globe are increasing their spending on IoT for seamless delivery of customer experience by using IoT to deliver proactive services. Various studies indicate that the budgets remain low for investment in IoT in various companies across industries. However, with the growing popularity of smart devices, the investment is expected to increase during the forecast period.
Key Drivers and Trends fueling Market Growth:
• Emergence of Networked Audio Technology
• Growing Adoption in Educational Institutions
• Rising Demand from Corporates, Government & Institutions
• Rising Number of Sports Events & Tournaments
Sound Reinforcement Market – Geography
In H1 2020, the US recorded music market revenue grew by around 5.6% to reach $6 billion. Streaming music also grew to around 85% of the market in terms of retail value. In terms of wholesale value, streaming music revenue grew by around 5.1% to reach $4 billion. The music industry witnessed certain fluctuations due to retail store closures, tour cancellations, and other impacts of Covid-19. The impact on the music industry has directly impacted the sound reinforcement market as the demand for products such as microphones sound mixers, audio amplifiers, and others declined. The live music industry suffered the most during the COVID-19 pandemic due to social distancing norms. For instance, Live Nation, a leading live entertainment company, experienced a 98% YoY revenue decline in Q2 2020, driven by global concert shutdowns. The live industry has lost around $9 billion during COVID-19 due to cancellations or postponement of concerts and lockdown measures in North America.
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Sound Reinforcement Market by Geography
• North America
• South Korea
• Latin America
• Rest of Latin America
• Middle East & Africa
• South Africa
• Saudi Arabia
• Rest of the Middle East & Africa
• HARMAN International (Samsung)
• MUSIC Group (MUSIC Tribe)
• Sennheiser Electronic
Other Prominent Vendors
• ADK Microphones
• AEB Industriale (DB Technologies)
• Alcons Audio
• Galaxy Audio
• Apex Audio
• Biamp Systems
• Audio Engineering Associates (AEA)
• AUDIX Microphones
• Beijing 797 Audio
• Blue Microphones
• Bowers & Wilkins (B&W)
• CAD Audio
• Carlson Audio Systems
• CELTO Acoustique
• CODA Audio
• D&B Audiotechnik
• Electro-Voice (EV)
• Extron Electronics
• GTD Audio
• HEDD | Heinz Electrodynamic Designs
• Heil Sound
• Hz Sound Systems
• InMusic Brands
• Klipsch Audio Technologies
• Liberty AV
• LOUD Audio
• MIPRO Electronics
• MXL By Marshall Electronics
• Nady Systems
• Pan Acoustics
• Powersoft Audio
• Pyle Pro
• Samson Technologies
• SE Electronics International
• Southwire Company
• Stewart Audio
• D.A.S. Audio
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