Northbrook, IL 60062 -- (SBWIRE) -- 11/27/2023 -- The global microphone market is expected to be valued at USD 2,454 million in 2023 and is projected to reach USD 3,526 million by 2028; it is expected to grow at a CAGR of 7.5% from 2023 to 2028.
Continuous advancements in audio technology, including noise cancellation, beamforming, and high-fidelity audio capture, are boosting the demand for high-quality microphones in various industries, such as broadcasting, recording, gaming, and telecommunication. The growing trend of intelligent home automation and voice-controlled systems creates a demand for microphones in-home devices such as smart speakers, security systems, thermostats, and lighting control systems.
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MEMS Microphones are expected to hold the highest market share during the forecast period
MEMS (Micro-Electro-Mechanical System) microphones are poised to experience the highest growth rate in the audio industry due to several key factors. MEMS microphones offer significant advantages over traditional electret condenser microphones in terms of size, power consumption, and durability. Their compact size allows for seamless integration into various electronic devices, including smartphones, wearables, and Internet of Things (IoT) devices. Additionally, MEMS microphones consume lower power, making them ideal for battery-powered applications and enabling extended device usage.
Industrial application for microphone market to hold the second highest market share
The increasing adoption of industrial automation and Internet of Things (IoT) technologies in manufacturing and industrial settings creates a demand for microphones. Microphones are used for audio sensing, voice control, and communication in smart factories, industrial robots, and automated systems. Microphones play a crucial role in industrial safety and security applications. They detect and monitor sounds such as alarms, sirens, machine malfunctions, and abnormal noise levels, ensuring a safe and secure working environment. These factors, along with advancements in microphone technology, increased focus on workplace safety and efficiency, and the need for intelligent industrial systems, drive the growth of the microphone market in the industrial sector.
Microphone market in Asia Pacific to hold the highest CAGR during the forecast period
The rise in disposable income and urbanization in many countries within the Asia Pacific region has fueled the demand for consumer electronics and audio equipment. As more people in the region can afford these devices, the market for microphones used in these products experiences significant growth.
The adoption of voice-enabled devices and applications is increasing in the Asia Pacific region. Smart speakers, virtual assistants, voice-controlled home automation systems, and voice recognition technology are gaining popularity. These devices and applications heavily rely on microphones for accurate voice capture and command recognition, leading to a growing microphone market.
Key Market Players
The microphone companies is dominated by players such as Knowles Electronics LLC (US), Goertek (China), AAC Technologies (China), TDK Corporation (Japan), Infineon Technologies (Germany), and others.