The pro microphone market is expected to more than double in the next four years, according a new report by Futuresource Consulting.
MI Pro reports that the research predicts that from 2016 (where 4.6 million mics were sold) to 2021, the market would have grown by more than 50%.
However, Futuresource warned that falling prices are impacting on margins, and vendors “must focus on key sectors, technologies and geographies” to ensure profits remain healthy.
“It's clear from our research that microphone unit sales and revenues will continue to grow out to 2021 and beyond, but the rates of growth are declining,” said Chris McIntyre-Brown, associate director at Futuresource Consulting.
“We're starting to see signs of market maturation and saturation, particularly within live and broadcast markets, with key areas of the install market following close behind.”
Futuresource found that microphone replacements and upgrades are driving sales across all four product segments (consumer, install, live and broadcast), though technological innovation is creating additional sales opportunities within consumer and install sectors. This is particularly the case in north America, western Europe and parts of the Asia-Pacific region.
"Watch out for solid growth coming from the use of microphones in network environments," said McIntyre-Brown. "This is one of the most important trends in today's microphone market, and one worthy of exploration. With the worlds of AV and IT converging, microphones are connected to networks in a way similar to computers, allowing them to operate over longer distances."
In 2016, a little more than half of vendor revenues came from wireless microphones, with Futuresource forecasts showing this will rise to almost two-thirds by 2021.