The “Sound Reinforcement Market – Global Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global sound reinforcement market is expected to grow at a CAGR of 4.19% from 2022-2028.
Educational institutes are becoming one of the key end-users of pro AV 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.
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.
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.
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.
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 pro AV 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.
