Global Sound Reinforcement Market Grows Steadily at a CAGR of 3.34%

Introduction

A sound reinforcement system integrates a variety of equipment, including microphones, professional speakers, audio mixers, audio signal processors, and power amplifiers. This system is specifically built and engineered to capture, improve, and intensify the live or pre-recorded sound and then disperse it across a wide area to a group of listeners. Its objective is to transmit enhanced sound to a larger or remote audience while maintaining the original audio quality and ensuring that the music is not projected into places where it is not being listened to.

Market Dynamics

Rising Number of Exhibitions, Conferences, and Seminars Drives the Global Market

The growing number of international exhibitions, conferences, and seminars will drive global demand for professional audiovisual solutions and sound reinforcement equipment. Exhibitions are now a full-fledged marketing tool, essential for exhibiting abilities and artwork, presenting items, spurring innovations, honing strategy, and obtaining information. Approximately 4.1 million businesses worldwide participate in trade shows, attracting an additional 283 million visitors each year.

Furthermore, on average, there are 30,840 shows worldwide each year in a range of industries. Historically, the free flow of cash, products, and people has led to corporate prosperity, which has propelled the growth of the worldwide exhibitions market. Companies in developing economies and emerging markets are anticipated to expand internationally and quickly progress in new industries in the upcoming years. This will cause B2B marketing spending in particular markets to soar and open up new revenue streams for the industry.

Growing Demand from Corporates, Governments, and Institutions Creates Tremendous Opportunities

The growing need for audio and visual technology in government buildings, institutional workspaces, and business settings drives the global sound reinforcement market. AV technology is being increasingly adopted in the commercial sector and institutional workplaces to enhance the working environment and optimize workflow in a more competitive market. Within a corporate environment, the integration of sound reinforcement equipment, including microphones, speakers, and other related devices, as well as video conferencing systems, has become imperative. Globalization has resulted in the dissolution of worldwide barriers, prompting international corporations and conglomerates to consistently pursue pro-AV (audiovisual) solutions to streamline their daily operations.

Regional Analysis

North America is the most significant global sound reinforcement market shareholder and is anticipated to exhibit a CAGR of 2.94% during the forecast period. The robust purchasing power of millennials and baby boomers, escalating music festival participation, surging smartphone utilization, inclination towards innovative technologies, and increasing urbanization are all factors fueling the expansion of the North American industry. The United States is a crucial market for professional audiovisual systems, sound reinforcement systems, and solutions in the region.

Moreover, the market is predominantly shaped by millennials, generally called the "digital generation." They possess advanced technological skills, most of which are heavily dependent on smartphones. Concert organizers in the US are exerting significant effort to sell the concept of concerts and live performances to millennials. This demographic has displayed limited enthusiasm for attending concerts, as they tend to prioritize spending on adventurous experiences rather than purchasing tickets to music shows.

Key Highlights

• The global sound reinforcement market was valued at USD 8.30 billion in 2022. It is estimated to reach USD 11.15 billion by 2031, growing at a CAGR of 3.34% during the forecast period (2023–2031).
• Based on product, the global sound reinforcement market is bifurcated into microphones, pro speakers, audio mixers, audio signal processors, power amplifiers, and others. The microphones segment owns the largest market share and is projected to exhibit a CAGR of 3.56% over the forecast period.
• Based on end-users, the global sound reinforcement market is bifurcated into corporates, large venues and events, educational institutions, government and military, studio and broadcasting, hospitality, and others. The corporate segment dominates the global market and is projected to exhibit a CAGR of 3.61% over the forecast period.
• Based on the format, the global sound reinforcement market is divided into digital, analog/non-digital. The digital segment is the largest revenue contributor to the market and is anticipated to exhibit a CAGR of 3.54% throughout the forecast period.
• Based on distribution, the global sound reinforcement market is divided into retail (AV system integrators, pro audio and electronic stores, pro audio dealers and distributors) and online stores. The online stores segment is the largest revenue contributor to the market.
• North America is the most significant global sound reinforcement market shareholder and is anticipated to exhibit a CAGR of 2.94% during the forecast period.

Competitive Players

Competitive Players

The key global sound reinforcement market players are Audio-Technica, Bose, Music Group, Sennheiser, Shure, Sony, Harman International (acquired by Samsung), ADK Microphone, AEB Industriale (DB Technologies), Alcons Audio, and Yamaha.

Recent Developments

Market News

• In June 2023, Audio-Technica, a global leader in professional and personal audio technology, introduced the AT2020USB-XP Cardioid Condenser USB Microphone. The microphone provides users additional digital control with onboard automatic gain control. This feature allows users to maintain a constant microphone output level regardless of how loudly or softly they speak or sing.
• In June 2023, Audio-Technica, a global leader in professional and personal audio technology, introduced the AT2040USB Hypercardioid Dynamic Podcast Microphone. Taking cues from the renowned BP40 professional broadcast microphone, the new AT2040USB microphone features a dynamic design for excellent voice capture with added USB functionality.

Segmentation

Global Sound Reinforcement Market: Segmentation

By Products

• Microphones
• Wireless
• Handheld
• Clip-On
• Others
• Wired
• Pro Speakers

By Product

• Pont Source
• Line Array
• Subwoofers
• Others

By Amplification

• Powered
• Passive
• Audio Mixers
• Powered
• Non - Powered
• Audio Signal Processors
• Digital
• Analog
• Power Amplifiers
• Digital
• Analog
• Others

By End-Users 

• Corporates
• Large Venues and Events
• Educational Institutions
• Government and Military
• Studio and Broadcasting
• Hospitality 
• Others

By Format

• Digital
• Analog/Non-digital

By Distribution

• Retail
• AV System Integrators
• Pro Audio and Electronic Stores
• Pro Audio Dealers and Distributors
• Online Stores

By Regions

• North America 
• Europe
• Asia-Pacific
• Latin America 
• The Middle East and Africa