Professional Speaker Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The professional speaker market is expected to reach a CAGR of 3.2% over the forecast period (2021-2026). The audio and video(AV) industry is experiencing a shift from analog to digital medium. The convergence of IoT and the pro-AV industry is projected to give rise to sophisticated cabling solutions in the professional speakers market.

• The increasing number of sporting events is expected to contribute to the revenues of the global pro speaker market over the next few years. The growing need for effective sound reinforcement equipment such as pro speakers in sporting arenas and stadiums for communication purposes and announcements will attribute to the growth of the global market. The increasing investment in sports sponsorship in another factor the will boost the revenues in the professional speaker market. For instance, Major sporting events such as the FIFA World Cup in Qatar in 2022, and the Olympics in Tokyo in 2021 are expected to fuel the demand for pro speakers in the global market.
• With an increase in the competition, the corporate industry and institutions are increasingly adopting AV equipment to ease and manage the workflow at workplaces. Nowadays, the implementation of sound reinforcement equipment and video conferencing systems in the corporate sector has become a necessity. Therefore, vendors are introducing new range of products, which are in-lined with the current requirement which contributes to the growth of professional speakers.
• However, the market is severely affected by the coronavirus pandemic, particularly in the case of these products where the import of components, and raw materials, have a huge dependency on imports from China, due to which it has become difficult to maintain supply and prices according to the demand, particularly in T2 and T3 cities.

Scope of the Report

Professional speakers are loudspeakers in enclosures all controlled by a mixing console that makes live or pre-recorded sounds louder and may also distribute those sounds to a larger or more distant audience. The scope of the study for the professional speakers market landscape has considered the revenue generation by all the formats in the music industry across the world by the recording companies, publication companies, and streaming platforms. Also, the report has covered the trends in the industry like the top 10 artists and streaming platforms.

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Key Market Trends

Music Production and Recording Equipment to Boost the Growth of the Market

• Along with the rapidly growing internet penetration across the globe, the digital trend has also gracefully adopted by the music industry. The physical music revenue is continuously declining, and online streaming platforms like Spotify, Apple Music, Youtube Premium, and Tindle have taken traction over the years. According to the press release by Spotify, their paid subscribers worldwide have reached 108 million by the second quarter of 2019, with a growth of over 8% from the previous one. 
• This surge in the adoption of music will give rise to an increased number of music concerts and at the same time will increase the growth rate of music production and recording equipment. This will, in turn, provide growth opportunities for the professional speakers market.
• The companies in the music businesses are extensively making strategic partnerships with the music recording player advanced music streaming services. For instance, music-focused online service provider Napster has announced to enter into collaboration with Sony Music to launch its new 360 Reality Audio streaming format to consumer companies globally by 2020.
• The sound mixers, audio signal processors, and audio power amplifiers 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 United States and thus the region is witnessing increased adoption of professional speakers.

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