DUBLIN–(BUSINESS WIRE)–The “Sound Reinforcement Market – Global Outlook and Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
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%.
The sale of sound mixers, audio amplifiers, processors, and other related sound products affected due to the decline in the music industry in 2020. The music industry has faced a high decline due to music publishing’s resilience and social distancing measures. It bans large public gatherings, resulting in cancellations/postponements of live events and store closures.
Unlike the earphones and headphones market, the global music industry expects to decline significantly, reflecting the tremendous effect of the COVID-19 pandemic. The recorded music segment declined by around 8%, whereas the publishing market decreased by 4% in 2020.
However, the market is likely to rebound with ease in restrictions and lockdowns and the implementation of COVID-19 safety measures. The demand for sound reinforcement equipment has majorly been concentrated in developed countries such as the US, Japan, the UK, Germany, and France.
However, developing countries in APAC such as India and China are witnessing increased penetration of sound reinforcement devices and observing high demand for digital AV equipment. The shipment of these machines has increased globally due to the launch of new product models. Strong demand and increased end-user spending sentiments on music concerts and festivals worldwide are likely to boost the market’s growth.
INSIGHTS BY VENDORS
Audio-Technica, Bose, Harman International, MUSIC Group, Sennheiser, Shure, Sony, and Yamaha are the key leading vendors in the market.
Although the high-end market is concentrated, the market is moderately fragmented, with leading vendors accounting for 40% of the market share. High capital investments and rapid technological advances are the major factors hindering new vendors’ entry into the market.
However, vendors are focusing on developing digital solutions, which are likely to boost new vendors’ entry. Factors such as price and product quality are set to become significant competition factors among players to gain an edge over other vendors. Further, the growth of players in the market depends on financial condition, GDP growth, and industry development.
The following factors are likely to contribute to the sound reinforcement market during the forecast period:
Market Opportunities & Trends
Growing Convergence of PRO AV & IoT Emergence of Networked Audio Technology Growing Adoption in Educational Institutions Rising Number of Exhibitions, Conferences & Seminars Growing Popularity of Nightclubs & Bars In APAC Market Growth Enablers
Rising Demand from Corporates, Government & Institutions Growth in Live Performance & Music Industry Rising Number of Sports Events & Tournaments Growing Music Production & Recording Industry Market Restraints
Government Regulations – FCC Wireless Spectrum Auction Technical Hurdles Hamper Adoption of Wireless Microphones Acoustic Challenges Related to Pro Speakers Raw Material Price Volatility Affecting Vendor Margins Products
Microphones Pro Speakers Audio Mixers Audio Signal Processors Power Amplifiers Others End-users
Corporate Large Venues and Events Educational Institutions Government and Military Studio and Broadcasting Hospitality Others Format
Digital Analog/Non-digital Distribution
Retail AV System Integrators Pro Audio and Electronic Stores Pro Audio Dealers and Distributors Online Stores Prominent Vendors
Audio-Technica Bose HARMAN International (Samsung) MUSIC Group (MUSIC Tribe) Sennheiser Electronic Shure Sony Yamaha 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 Belden Beyerdynamic Blue Microphones Bowers & Wilkins (B&W) BOYA CAD Audio Carlson Audio Systems CELTO Acoustique CODA Audio CORDIAL Dynaudio D&B Audiotechnik Electro-Voice (EV) Extron Electronics 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 D.A.S. Audio For more information about this report visit https://www.researchandmarkets.com/r/z31sn5