The global sound reinforcement market is expected to cross the $9 billion threshold by 2023, growing at a compound anual growth rate (CAGR) of 3.01% during the forecast period.
That's according to figures released this week in a report titled Sound Reinforcement Market - Global Outlook and Forecast 2018-2023.
The growth in the sound reinforcement market is being driven by an "exponential rise in the demand for digital equipment in APAC and the US and the launch of new product models".
The growing demand for sound reinforcement products and increased end-users' spending sentiments on music concerts and festivals worldwide have also contributed to leading manufacturers in the sound reinforcement market gaining a larger market share.
According to the report, other contributing factors include the booming commercial real estate, hospitality, corporate, and music markets in countries such as the US, the UK, Germany, Japan, China, and India, an increase in spending on consumer goods, restaurant, and concerts and the proliferation of wireless digital technology in various countries in APAC such as India and China and Latin American countries.
Continued the report: "Prominent players and emerging companies are investing in the development of innovative solutions with advanced features and focusing on product portfolio upgrades to gain a larger market share in the global sound reinforcement market. The replacement of sound equipment in government offices and premises, courtrooms, university campuses, nightclubs, restaurants, and other institutions will contribute to the revenue of the sound reinforcement market."