After two challenging years, the global professional loudspeaker market is presenting vigorous signs of recovery across a number of segments. A new report from Futuresource Consulting shows that the overall market achieved a value of $2.7 billion in 2022, and will break the $3 billion barrier this year, to exceed pre-pandemic levels.
“Last year we saw an upsurge of activity running through the entire pro audio landscape,” says Grant Youngman, Head of Pro Audio, Futuresource Consulting. “Innovation and growth pivoted around immersive audio formats, the integration of AI technologies, and the rise of wireless audio solutions.
“Meanwhile, mergers and acquisitions reshaped the industry, while sustainability became a key focus for manufacturers and consumers. Although supply chain issues have yet to be completely resolved, they are subsiding. All these signs point towards a myriad of opportunities for pro loudspeaker vendors as we move forward.”
The worldwide touring and rental market has been enjoying a triumphant return to live since 2022, with a wealth of blockbuster shows, festivals and tours shoehorned into the 2023 calendar.
New technologies in network transport, control and monitoring, as well as beam-forming, are being pioneered by multiple brands in this space. And while the segment is highly buoyant, there’s also a hint of caution, due to labour shortages and other logistical and cost-related challenges.
Portable sound is lagging behind the curve a little, and Futuresource expects it to overcome the pandemic aftershock in late 2023 or early 2024.
“While portable sound was hit with the same transportation and supply-side issues as other segments, these barriers have now morphed into uncertainties around the cost-of-living crisis and worries of recession,” says Youngman. “However, this lucrative market segment remains exciting and competitive. Keep an eye on advances in low-cost networking, lightweight power amplification and high-efficiency drivers, which continue to inject opportunity.”
Installed commercial is the lucrative centrepiece of the loudspeaker market, due to the high financial value of associated projects, and it continues to attract investment during the post-pandemic recovery. As theatres and performing arts centres rely on box office receipts to fund their growth, success in 2022 is fuelling a slew of projects in 2023 and beyond.
The installed leisure market exhibits less stability when compared to the commercial sector, yet still plays a significant role on the professional loudspeaker world stage.
Futuresource notes that 2022 witnessed mixed results, as fewer projects got underway, more were put on hold, and financing challenges combined with equipment supply delays put a strain on the market. Moving into 2023, there is cautious optimism in this area, and 2024 is expected to be a breakthrough year.
“Looking to the regions, the Americas accounts for the largest share of the market,” says Youngman. “Last year it accounted for 41% of global value, with APAC in second position, just a few percentage points ahead of EMEA. Regardless of geographical location, we’re seeing a bright future ahead for professional loudspeakers, with our forecasts pointing to a 5.4% CAGR rate for volume and 6.5% CAGR for value out to 2027.”
For further information on Futuresource Consulting’s professional loudspeaker report, as well as reports on the adjacent areas of microphones, mixing consoles, amplifiers, headphones and audio interfaces, please contact firstname.lastname@example.org
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