The global wireless microphone market is set to gain impetus from the increasing occurrences of live music events, such as Rock in Rio, Summerfest, and Sunburn across the world. This information is given by Fortune Business Insights in a report, titled, “Wireless Microphone Market Size, Share & Covid-19 Impact Analysis, By Type (Handheld, Bodypack, and Tabletop), By Frequency band (Ultra High Frequency (UHF), Very High Frequency (VHF), 2.4 GHz, and Others), By End-user (Corporate, Retail, Transportation, Education, Healthcare, Sports and Entertainment, Others), and Regional Forecast, 2020-2027.” The report further mentions that this 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.
The emergence of COVID-19 pandemic has severely impacted the global economy. It, in turn, has further affected a wide range of industries. This is causing huge losses for the manufacturers. However, we will be able to battle this grave situation soon with perseverance. Our reports will help you in finding the right path towards the success of your business.
Drivers & restraints-
Rising usage of wireless microphones by TV news reporters to boost growth
The demand for efficient and reliable sound systems with superior audio quality is increasing because of the increasing number of corporate gatherings, concerts, sports events, and festivals. TV news reporters are also looking for a way to respond to particular breaking news by going to the desired areas at any time of the day to provide the broadcasting studios with live reports. These microphones are the best-suited devices for these reporters as they offer a two-way wireless link between them and the cameramen. Therefore, talkback, wireless cameras, and radio microphones are experiencing high popularity in the media and entertainment industry. These are not only portable but are also flexible.
Migration of workers to their hometowns owing to COVID-19 will hamper growth
The outbreak of the 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.
Sports & entertainment segment to grow steadily backed by rising usage of wireless microphones
In terms of end-user, the market is divided into sports & entertainment, healthcare, education, transportation, retail, corporate, and others. Out of these, 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 microphones in sports events, concerts, and broadcasting events.
Presence of several industry giants to favor growth in North America
North America procured USD 0.68 billion in terms of revenue in 2019 on account of the presence of a large number of prominent companies in this region. Besides, the increasing popularity of broadcasting studios, sports tournaments, and music concerts would augment growth. Asia Pacific is anticipated to grow significantly backed by the rising adoption of 5G technology, connected devices, and Internet of Things (IoT) in this region. Europe would grow moderately because of the higher demand for wireless services from several countries. Fortune Business Insights