Sound Reinforcement Market in US - Industry Outlook and Forecast 2019-2024
The US sound reinforcement market is likely to reach around $3.16 billion by 2024, growing at a CAGR of approximately 3% during 2018–2024.
The growing convergence of Pro AV and IoT, the booming live industry music industry, strategic collaborations for product designs, changing corporate dynamics, and the rising adoption of sound reinforcement systems across educational institutes and government offices are expected to drive the US sound reinforcement market in coming years. Rapid urbanization and industrialization are two major factors that are driving the adoption of sound reinforcement systems in several sectors
Several new vendors are trying to enter the US sound reinforcement market by introducing innovative tools and devices. However, the existing consumer electronics vendors/traditional pro AV systems providers are not far behind. They are consistently enhancing their product portfolios. Hence, the introduction of upgrades is expected to drive market growth during the forecast period. Advancements in technology will help sound enhancement products to fare better in terms of usage, connectivity, design, sensor technology, and signal transmission during the forecast period.
The research report on the US sound reinforcement market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The study includes insights on market segmentation by products (microphones, pro speakers, audio/sound mixer, audio signal processor, power amplifiers, others), formats (digital and analog), distribution channels (online and retail), and end-users (large venues and events, corporates, educational institutes, government and military, and others).
With an intensifying competitive market, the corporate sector and institutional workplaces are increasingly adopting equipment such as Pro AV solutions to smoothen the flow of work activities.
The usage of sound reinforcement systems across educational institutes has witnessed considerable transformation over the years. Further, the development of innovative tools and technology to promote e-learning in classrooms is expected to fuel the growth of these devices in the educational sector. Having realized the high potential of AV systems, several vendors are partnering with educational institutes, which is expected to drive the US sound reinforcement market in coming years.
The study considers the present scenario of the US sound reinforcement market and its market dynamics for the period 2019−2024. The report covers a detailed overview of several market growth enablers, restraints, and trends. It covers both the demand and supply aspect of the market. It profiles and examines leading and prominent companies operating in the US sound reinforcement market.
US Sound Reinforcement Market: Segmentation
The market research report includes detailed market segmentation by products, distribution channels, formats, and end-users. The US sound reinforcement market by product can be segmented into microphones, pro speakers, audio/sound mixers, audio signal processors, power amplifiers, others. In 2018, the microphones segment led the market and is expected to grow at a CAGR of around 2.5% during the forecast period. The growth in the microphone industry is propelled by upgrades and replacements of the legacy system. Further, vendors are also exploring ways to implement IoT and AV technology in microphones, which allows the user to operate from remote areas. For instance, in 2014, Taylor University located in Indiana, US invested in Shure ULX-D digital wireless system for campus audio requirements. Pro speakers are the second largest market, and the US sound reinforcement market is witnessing increased adoption of pro speakers. Pro speakers are widely used in vertical markets such as corporates, live music events and festivals, public speaking, and broadcasting and recording studios. The sound mixers, audio signal processors, and audio power amplifiers segments are gaining momentum due to the growth in the music industry. With the increased music production and the growing market for nightclubs and DJ equipment, the demand for audio mixers is expected to grow in the US sound reinforcement market during the forecast period.
The US sound reinforcement market by format can be segmented into digital and analog segments. The digital segment captured more than half of the market in 2018 and is expected to grow at a CAGR of around 4.5%. The analog segment, on the other hand, is expected to grow at a CAGR of around 1.3% during the forecast period.
The US sound reinforcement market by distribution can be segmented into online and retail segments. In 2018, the retail segment contributed the highest market revenue globally. Although the trend of selling sound reinforcement products online and in OEM stores is growing, a significant share of product distribution in the market takes place through conventional pro audio and electronics stores/outlets. However, with the increasing penetration of the internet, the availability of high discounts and access to consumer reviews, the online distribution segment of the US sound reinforcement market is likely to increase during the forecast period.
The US sound reinforcement market by end-user can be segmented into large venues and events, corporates, educational institutes, government and military, hospitality, and others. The corporate sector is expected to remain the largest end-user segment in the sound reinforcement market, contributing a significant revenue share to the global market by 2024. Further, the geographical expansion of companies and integration of IoT in business workflow processes are other major factors, which have made corporates as the largest end-user. The corporate segment will grow due to the growing demand for AV conferencing solutions among organizations during the forecast period. The growing application of pro AV systems in the hospitality sector is also driving the demand for AV products.
Market Segmentation by Products
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