A newly released study from the research company Reportlinker finds the global sound reinforcement market will grow at a 3 percent compound annual growth rate (CAGR) through 2024 when it will reach $9 billion.
Reportlinker states the global sound reinforcement market is in the midst of a surge in demand for equipment such as microphones, speakers, mixers, amplifiers and processors due to usage applications that include concerts, exhibitions and trade shows. Download the full report here.
The products are also used for applications that include education, sports and corporate environments, and because of the shift in consumer preference, concerts are a major reason fueling this increased demand.
Reportlinker says that manufacturers that include Shure, Sennheiser, Audio-Technica, Bose, Harman, Sony and Yamaha are gaining popularity by producing products that service multiple vertical markets.
Looking ahead over this period, Reportlinker estimates that future product developments in the area of wireless technologies and the growth of complementary digital technologies will help to drive venture capital funding.
Reportlinker Breaks Down Sound Reinforcement Market Segmentation
Sound reinforcement market product categories:
- professional speakers
- audio mixers
- audio signal processors
- power amplifiers
Standing out in terms of product sales, the microphone category is expected to grow at a CAGR of more than 2 percent by 2024. Technical developments will help to create more microphone sales opportunities in regions that include North America, Europe and the APAC region.
Sound reinforcement market end user categories:
- large venues and events
- educational institutions
- government and military
- studio and broadcasting
Reportlinker expects the corporate market to remain as the largest end user segment between now and 2024 and it is grouping commercial products such as video conferencing equipment with sound reinforcement products.
Moreover, professional AV systems in the hospitality market will help drive demand in that vertical, notes the research company.
The company also divides the sound reinforcement market up into digital and analog categories.
Dominating the global sound reinforcement market with more than a 58 percent market share, digital product usage will prosper through 2014 through their ability to leverage web and digital storage technologies.
In addition, Reportlinker divides sound reinforcement equipment into retail and online sales segments.
In 2018 the findings state the retail market produced the highest sales revenues. The research firm points out the trend of selling products online and in OEM (original equipment manufacturer) stores is increasing, but “a significant share” of the market’s sales come through conferential pro audio and electronics stores.