Dublin, Ireland (February 5, 2018)—The global sound reinforcement market will exceed $9 billion by 2023, according to a new report from Dublin-based Research and Markets.
The exponential rise in the demand for digital equipment in APAC (Asia-Pacific) and the US and the launch of new product models are driving the growth of the sound reinforcement market, according to the report, entitled "Sound Reinforcement Market - Global Outlook and Forecast 2018-2023."
“The growing demand for sound reinforcement products and increased end-users' spending sentiments on music concerts and festivals worldwide help leading vendors in the sound reinforcement market gain a larger market share,” states the report. Those vendors include Audio-Technica, Bose, Harman International, MUSIC Group, Sennheiser, Shure, Sony and Yamaha.
The booming commercial real estate, hospitality, corporate and music markets in countries such as the US, the UK, Germany, Japan, China and India will create investment opportunities for various companies in the sound reinforcement market, Research and Markets believes. The increasing spending on consumer goods, restaurant and concerts is boosting the entertainment industry and driving the demand for new sound equipment in the global market. The replacement of sound equipment in government offices and premises, courtrooms, university campuses, nightclubs, restaurants, and other institutions will contribute to sound reinforcement market revenue.
The proliferation of wireless digital technology in such APAC countries as India, China and Latin American is expected to propel the growth of the sound reinforcement market during the forecast period. By geography, APAC is the fastest growing segment in the global sound reinforcement market at a CAGR of 3.58% and is expected to generate revenue of more than $2,979 million during the forecast period. Countries such as Japan, Australia, China, and South Korea are the major revenue contributors in the sound reinforcement market in APAC.
The report finds that the microphone segment will dominate in the global sound reinforcement market, achieving an expected value of $3,043.2 million by 2023. Growth will be fueled by the exponential use of microphones in concerts, musical events, sporting tournaments and broadcasting studios across the globe, the report says.
By format, the digital equipment segment is expected to account for more than 58% of the total market share and to generate revenue of about $5,856 million during the forecast period. The increasing number of internet users and the growing number of connected devices will drive the growth of this market segment over the next few years, according to the report.
In terms of end-user segments, the report predicts that the corporate sector will occupy over 26% of the total market share, driven by the number of offices, geographic expansion of companies and integration of IoT (Internet of Things) in business workflow processes.
Research and Markets • www.researchandmarkets.com