(I-BusinessNews.Com, July 17, 2021 ) Wireless Microphone Market size was valued at $301.4 million in 2020 and is expected to grow at a CAGR of 8.3% during forecast period 2021-2026 owing to increasing adoption of wireless microphones in education, corporate, sports and entertainment events sector. The shift to cordless microphones with radio transmitter from the conventional wired type due to connectivity advantages and competitive price wireless devices over the wired ones is also set to drive the wireless microphone market for the period.The Wireless Microphone market is also driven by factors such as increasing demand from educational institutions due to higher productivity of students and demands from online performing artists. Rising adoption of commercial microphones due to rapid technological advancements as well growth of consumer electronics industry.
Wireless Microphone Market Segment Analysis – By Product
Handheld holds the major share in Wireless Microphone market. Clip-on wireless microphone market is analyzed to witness the highest growth during 2021-2026 at 9.9% owing to the growing adoption of these products in education, hospitality and sporting events. As per recent IndustryARC estimates, the global Sport Event Ticketing e-Services revenue is set to surpass $40 billion by 2025 with the U.S. to continue its dominance over the market during the forecast period 2021-2026. The growing investment of government bodies among the developing economies, towards their domestic sports sectors is set to open up new opportunities for various equipment and devices used for live broadcasting during the events which includes wireless microphones as well.
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Wireless Microphone Market Segment Analysis – By Technology
Radio frequency based wireless microphones are analyzed to be the major shareholder of the market in 2020 at 74% owing to the earlier penetration of the technology and ease of use of the products. However, technologies such as 2.4GHz wireless microphone and UHF microphones are analyzed to witness significant growth during 2021-2026 owing to the lower losses and accommodation of more number of channels in these products
Wireless Microphone Market Segment Analysis – By Geography
North America dominated the wireless microphone market with a share of 36.7%, followed by Europe and APAC in 2020. The U.S. held the largest share accounting to 45% of the global Sport Event Ticketing E-services market in 2019 followed by U.K. and China. The broad base of sports event industry in the country with significant spending in the sports vertical is set to drive the market for various devices and equipment used for audio acquisition including the wireless microphones. APAC wireless microphone market is estimated to witness the highest growth rate during 2021-2026 owing to the increasing investment in the education sector for modernization of institutes, school, and colleges and so on. Apart from this, the rise in the sporting events and government initiatives to boost the hospitality sector is also set to assist the market growth during 2021-2026.
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Wireless Microphone Market Drivers
Growing attraction towards Live Events
There has been significant rise in the number of audience attending live sporting events and other events globally which is further creating a demand for various audio and video recording devices as new purchases as well as stock upgrade for live recording and broadcasting. The paradigm shift to the online ticketing system for these events has been a major factor attracting more spectators to such events. As per recent IndustryARC estimates, the global event ticketing market valued close to $70 billion in 2019. This is set to drive the wireless microphone market growth during the forecast period 2021-2026.
Favorable Growth in Entertainment Sector
The entertainment sector has been analyzed to witness a significant buoyant force with the explosive growth of the Video-on-Demand services along with growing penetration of 4G across the globe. The Global Video-on-Demand market is set to surpass, $88 billion by 2026 growing at rate of close to CAGR 7% during the period 2021-2026. The access to high speed data access and the number of smartphone users is resulting in significant increase in the demand of the entertainment video content. This is availing a promising traction to the entertainment industry with the audiencesÂ keen interest to short films, TV series and so on. The demand for rich content is thereby creating a market pull for various for various audio and video capture devices or equipment, including wireless microphone.
Wireless Microphone Market Challenges
Explosive Growth of Smartphones and Other Wireless Devices
The explosive growth of smartphones and other wireless devices have negative impact on the spectrum allocation resulting to the short of the same. Owing to this there are certain interference in the signals causing connection faults. With the buoying growth of IoT devices, the 2.4 GHz spectrum is also set to witness prominent shortage which can negatively impact the wireless microphone market growth during 2021-2026
Product launches, acquisitions and R&D activities are the key strategies adopted by players in the Wireless Microphone market. The market of Wireless Microphone top 10 companies are Lewitt Gmbh, Akg Acoustic Gmbh, Audio-Technica Corporation, Blue, Lewitt Gmbh, Samson Technology Corp, Sennheiser Electronic Gmbh Co, Shure Incorporated, Saramonic, Sony Corporation, Logitech, and Yamaha Corporation.
In July, 2019, Logitech had acquired the Blue Microphone for $117 million, for entering into the high fidelity audio equipment market. Acquisition of the companies for the development of new products set to increase the wireless microphone mrket share of major companies.
In September 2019, Saramonic, a professional audio equipment manufacturer had launched Saramonic Blink 500 system, a 2.4GHz wireless clip-on lavalier microphone system. Development of new products set to drive the wireless microphone market growth
North America dominates the Wireless Microphone market owing to increasing spectators for live events and increasing subscription purchases for video on demand services respectively is analyzed to drive the wireless microphone market demand.
Clip-on wireless microphone market to experience significant growth owing to the rising demand from entertainment, sporting event and education sector.
High adoption of Wi-Fi bands owing to its lower loses and less interference with uncompromised performance in corporate and entertainment sector is driving the market growth.
Growing adoption of wireless lavalier microphones for public speaking applications in order to allow hands free operation set to drive the wireless microphone market growth.
Related Reports :
A. Microphone Market
B. Commercial Microphone Market
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