DUBLIN--(BUSINESS WIRE)--The "Sound Reinforcement Market in Europe - Industry Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The Europe sound reinforcement market is likely to reach around $2.24 billion by 2024, growing at a CAGR of approximately 3% during 2018-2024.
The emergence of networked audio technology, the rise in strategic partnership with artists, the increased demand from corporates, government offices, educational institutes, and the increasing number of sporting events and tourism are helping the Europe sound reinforcement market to grow significantly. Futuristic inventions in wireless digital technology and the growth in complementary digital technologies are likely to boost investors' confidence in the Europe sound reinforcement market. The market is expected to witness an increase in the VC (venture capital) funding during the forecast period.
Also, several vendors are constantly trying to upgrade their existing systems. Many startups are likely to enter the market with innovative solutions and advanced features while existing vendors will continue to enhance their product portfolio through upgrades. Hence, the introduction of upgrades is expected to drive market growth during the forecast period.
The Europe sound reinforcement market is witnessing enhancements due to the increased demand for audio and video equipment, especially from corporates, government offices, and institutional workplaces. With the intensifying competition, the corporate sector and institutional workplaces are increasingly adopting equipment such as microphones and speakers to ease and smooth workflow processes and activities. Further, the development of innovative tools and technologies to promote e-learning in classrooms is expected to fuel the growth of the Europe sound reinforcement market in coming years.
Europe Sound Reinforcement Market: Segmentation
The market research report includes detailed market segmentation by products, distribution channels, formats, and end-user. The Europe 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 2.23% during the forecast period.
Vendors are exploring ways to implement IoT (internet of things) and AV (audio-visual) technology in microphones, which will facilitate the user to operate from remote locations as well. Further, the increasing proliferation of IoT in the education sector is paving the way for vendors to explore sales opportunities in university campuses. Hence, digital enhancements in the microphone industry are expected to boost the Europe sound reinforcement market during the forecast period.
Pro speakers are another significant segment, and the Europe sound reinforcement market is witnessing the increased adoption of pro speakers. This can be attributed to the growing music industry, the increasing demand for PA systems, and the need to efficiently distribute sound in large venues such as worship places or stadiums. Further, vendors are investing for R&D to introduce wireless pro-speakers in the Europe sound reinforcement market. Sound mixers, audio signal processors, and audio power amplifiers segments are gaining momentum due to the growth in the music industry.
The Europe 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. The analog segment, on the other hand, is expected to grow at a CAGR of about 1% during the forecast period. The digital segment is expected to witness increased market growth in the coming year due to the rise in internet users and the growth in the number of connected devices.
The Europe sound reinforcement market by distribution can be segmented into online and retail segments. In 2018, the retail segment contributed to the highest market revenue. Several traditional pro AV equipment vendors have modified their product line to increase the visibility of multiple sound reinforcement systems in retail stores. HARMAN, Yamaha, Sennheiser, Shure, Audio-Technica, Sony, Bose, and MUSIC Group have established retail stores across Europe.
Further, the trend of selling sound reinforcement products through online and OEM stores is increasing. The Europe sound reinforcement market by end-user can be segmented into large venues and events, corporates, educational institutes, government and military, and others. The corporate sector is expected to remain the largest end-user segment in the sound reinforcement market and captured one-third of the market in 2018. The geographic expansion of companies, the growing number of offices, and the integration of IoT in business workflow processes are the major factors contributed to the segment growth. Restaurants, hotels, nightclubs, casinos, and cruise ships are other sectors that are increasingly incorporating modern-day pro AV systems to enhance the consumer experience.
Market Opportunities & Trends
- Growing Convergence of Pro AV and IoT
- Emergence of Networked Audio Technology
- Strategic Partnerships with Artists
- Growing Adoption in Educational Institutions
Market Growth Restraints
- Acoustical Challenges Related to Pro Speakers
- Technical Difficulties Hampering Adoption of Wireless Microphones
- Volatility in Raw Material Prices Affecting Vendor Margins
Market Growth Enabler
- Increased Demand from Corporate, Government, and Institutions
- Growing Live Performance and Music Industry
- Increasing Number of Sporting Events and Tournaments
- Growing Music Production and Recording Industry
- Business Overview
- Product Offerings
- Key Strengths
- Key Strategies
- Key Opportunities
- HARMAN International
- MUSIC Group (Music Tribe)
- Sennheiser Electronic
Other Prominent Vendors
- ADK Microphones
- Business Overview
- AEB Industriale (DB TECHNOLOGIES)
- Alcons Audio
- Ansr Audio
- Apex Audio
- Audio Engineering Associates
- Audix microphones
- Beijing 797 Audio
- Blue Microphones
- Bowers & Wilkins (B&W)
- CAD Audio
- Carlson Audio Systems
- Coda Audio
- Electro-Voice (EV)
- Extron Electronics
- GTD Audio
- HEDD - Heinz Electrodynamic Designs
- Hz Sound Systems
- Klipsch Audio Technologies
- Liberty AV
- LOUD Audio
- MIPRO Electronics
- MXL by Marshall Electronics
- Nady Systems
- Pan Acoustics
- Powersoft Audio
- Pyle Pro
- Samson Technologies
- sE Electronics
- Southwire Company
- Stewart Audio
For more information about this report visit https://www.researchandmarkets.com/r/bpj2y