As live events return in force, the professional amplifiers market continues to see strong levels of recovery. There remain some significant challenges for the industry, however revenues are on track to reach new heights over the coming years. A new report from Futuresource Consulting sets the scene for full recovery and investigates the future opportunity for professional power amplifiers across a range of applications.
A Catalog of Challenges
From component and packaging material shortages, to supply chain disruptions due to factory fires, droughts, blackouts, freight problems and pandemic lockdowns, the professional amplifier segment has had a rough ride. And because pro audio competes with home electronics and personal devices for components and supply chain prioritization, the challenge has intensified.
At the same time, many manufacturers have seen significant fluctuations in demand, making planning and procurement even more difficult to handle. The result of all these issues has been rising prices, reduced margins and extreme lead times on orders.
Although supply chains have seen improvement as of late, moving into 2022 and beyond there remain concerns that raw material supplies will be impacted significantly by the war in Ukraine. Adding to this, high inflation and likely economic recessions in key nations will also play a part in hindering recovery.
Growth Opportunities Shining Through
“But it’s not all been one hot mess,” says James Kirby, senior market analyst, Futuresource Consulting. “As theatres, music venues and houses of worship have seen demand return, this has driven fantastic recovery for installed live sound equipment. And as people venture beyond their living rooms again, many venues are eager to set themselves apart and draw crowds back in force. Audio plays a large part in this push.
“Retail was also one of the areas which returned at a faster pace following the pandemic. Now, in many nations, clothing stores and other important AV applications have shown high levels of recovery.”
“Moving forwards the amplifiers market will continue to show strong recovery across a range of applications. Despite the adverse economic conditions, the market is still expected to reach near full pace in 2023, driven by high levels of event demand and continued growth in key commercial audio applications.”
A Successful Future for Pro Amplifiers
Futuresource expects the pro amplifier market to fully recover in 2024, exceeding 2019’s market value by some way. The firm also reports a 2021 to 2026 value CAGR upwards of 10%, with volume experiencing a CAGR of above 5% over the same period.
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