The global wireless microphone market size was USD 1.84 billion in 2019 and is projected to reach USD 3.60 billion by 2027, exhibiting a CAGR of 8.8% during the forecast period.
Wireless technology has created new opportunities for theaters to transform the conventional theatrical experience. Theatre sound has experienced a transformation owing to the increasing affordability, reliability, and availability of these type of microphones. Before the advent of wireless mics, complex boom-mounted arrays or cabled microphones were required for sound reinforcement for on-stage performers, thereby limiting their freedom of movement.
This Report Answers the Following Questions:
· Which companies are expected to generate the maximum revenue in the coming years?
· How will the organizations overcome the consequences of the COVID-19 pandemic?
· What are the market opportunities, challenges, and drivers?
· Which segment is likely to dominate the market in the near future?
The outbreak of COVID-19 pandemic has impacted the manufacturing processes negatively on a large scale. It has forced manufacturers to emphasize more on introducing new working opportunities, workforce safety protocols, manufacturing operations, and risk management. This pandemic has also caused the migration of workers to their hometowns on account of the rising uncertainties and loss of income. It is set to affect the workforce of certain companies extensively. These factors are expected to hamper the wireless microphone market growth in the near future.
In terms of end-user, the market is divided into sports & entertainment, healthcare, education, transportation, retail, corporate, and others. Out of these, the sports & entertainment generated 23.0% in 2019 in terms of wireless microphone market share. This is growth is attributable to the rising usage of cordless microphone in sports events, concerts, and broadcasting events.
All forms of programme making and special events (PMSE) are used on a large scale in the sports industry and outside broadcasts. The efficiency and reliability of wireless systems have led to much enhanced audio quality in coverage of live events. Also, live music continues to be an essential part of the entertainment industry. Events such as Sunburn, Summerfest, and Rock in Rio are some of the largest music festivals witnessed by millions of fans. Such large live events drive the demand for seamless, enhanced, and efficient high-quality sound incorporated with freedom of movement. These factors are expected to augment the wireless microphone market growth in the coming years.
