Professional Speaker Market Size By Investment Expected To Reach $ 2.5 Billion By 2027
CHICAGO, December 6, 2021 / PRNewswire / – In-depth analysis and data-driven insights into the impact of COVID-19 included in this report on the Professional Speakers Market.
Experts forecast that the professional speaker market is expected to grow at a CAGR of 4.06% during the period 2021-2027. The global professional speaker market is also expected to reach a unit delivery of over 3,635,000 units by 2027.
Highlights presented in the report:
- The rapidly changing technological environment will negatively affect suppliers, as customers expect continuous innovations and upgrades in professional audiovisual solutions. In 2021, North America was the largest market for professional speaker products, representing 32.51% and 32.84% respectively in terms of turnover and unit shipments. Thus, competition between players is intensified in the market.
- In 2021, the point source systems segment dominated the global professional speaker market with 37.92% and 37.87% share of revenue and unit shipments respectively. These speakers are economical and offer better sound consistency than multiple speaker designs.
- The digital segment accounted for 57.21% of the global professional speaker shipments and held the leading position in 2021. This segment will continue to experience growth in its market share during the forecast period. In terms of revenue, the analog segment accounted for a 42.57% share of the overall market revenue in 2021. Digital devices are experiencing increased market proliferation around the world.
- In 2021, the corporate segment dominated the market with 24.50% and 24.45% share of sales and unit deliveries, respectively. The business segment will grow due to the increasing demand for professional speakers and video conferencing solutions among businesses during the forecast period.
- The increase in live performances, the growing number of concerts and music festivals, and the increase in celebrity music tours will help this segment to gain market share during the forecast period.
- In 2021, North America was the largest market for professional speaker products, accounting for 32.51% and 32.84% respectively in terms of sales and unit shipments.
- The streaming music industry has remained resilient during the pandemic, growing by around 15-18%. The recorded music industry has grown by around 7-8% during the pandemic. This, in turn, has fueled the demand for professional speakers from studio and broadcast end users.
- Market Size and Forecast by Revenue | 2021-2027
- Market dynamics – Key trends, growth drivers, constraints and investment opportunities
- Market Segmentation – A detailed analysis by product, amplification, format, end user, distribution channel and geography
- Competitive Landscape – 7 key vendors and 24 other vendors featured in the report
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Professional Speakers Market – Segmentation
- Line Array speaker systems maintain constant sound levels from front to back of listening areas. A well-placed line array speaker system prevents sound from leaking out. These factors are driving their demand in live music events and large venues such as stadiums or gaming arenas. By unit shipment, the global line array speaker system market is expected to reach 1,147.52,000 units by 2027.
- The digital audio format is mainly preferred globally and represents a higher market share. During the forecast period, the digital segment is expected to increase its share due to the high number of connected devices and internet users around the world.
- Various governments promote the digitalization of technologies. In addition, the demand for pro audiovisual systems in the public sector is increasing due to the increasing demand in facilities such as courtrooms and other public service facilities.
- Over 95% of online retailers offering professional speaker systems at discounted prices rather than list prices which may be applicable in professional audio and electronics stores and other traditional distribution channels.
Professional Speakers Market by Product
- Point source
- Line network
Professional loudspeaker market by amplification method
- Passive speakers
- Amplified speakers
Professional Speakers Market by Format
Professional Loudspeakers Market by End Users
- Large rooms and events
- Educational institutes
- Government and military
- Studio and broadcast
Professional speakers market by distribution channel
Professional speakers market – Dynamic
Smart devices collect, analyze and share real-time data with suppliers to provide insight into end-user preferences. With the growing popularity of smart devices, investment in the professional speaker market is expected to increase during the forecast period. Wireless systems such as ZigBee, Bluetooth Smart and Power over Ethernet (PoE) are currently being integrated. In addition, various professional speaker equipment such as microphones and loudspeakers are becoming an integral part of college campuses. For example, the Imperial Valley College in California, USA, has designed active learning classrooms with laptops, documentation cameras and connections to share screens to enhance the learning experience. E-learning technology has created a buzz in the education industry, which in turn, creating a high demand for professional speakers in the market. All of these factors are expected to drive the demand for professional audiovisual solutions such as professional speaker equipment and video conferencing among others in the market in the coming years.
Key Drivers and Trends Fueling Market Growth:
- Growing convergence of Pro AV & IOT
- Growing demand from educational institutions
- Growing popularity of nightclubs and bars in APAC
- Growing number of sports events and tournaments
Professional speakers market – Geography
Penetration of professional AV systems remains at an all time high in the United States and Canada. Even if Japan and South Korea are mature markets for professional AV systems including professional speaker products, replacement of existing systems will fuel market growth in these regions. Urbanization in developing APAC countries is expected to boost retail sales and the growth of industries such as entertainment, broadcasting, hospitality, exhibition, healthcare, and restaurants.. The market for professional speakers in APAC is expected to reach $ 833.77 million by 2027. APAC is characterized by strong GDP growth and strong macroeconomic indicators. However, the adoption of professional speakers is mainly limited to urban areas and some level II cities. Japan home to some of the largest suppliers of professional speaker equipment such as Yamaha, Sony and Audio-Technica.
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Segmentation of the professional speakers market by geography
- North America
- South Korea
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- D&B Audiotechnik
- HARMAN International
- MUSIC Group (Music Tribe)
- Its strong
Other important suppliers
- Aeb Industrial (Db Technologies)
- Alcons Audio
- Audioprof International Group
- Bowers & Wilkins
- B&C speakers
- Carlson audio systems
- CELTO Acoustics
- CODA Audio
- Electro-Voice (EV)
- Extron Electronics
- HEDD | Heinz electrodynamic designs
- Hz sound systems
- inMusic brands
- Klipsch audio technologies
- Meyer Sound Laboratories
- Nady Systems
- Acoustic Pan
Explore our Consumer Goods and Retail Technology Profile to learn more about the industry.
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