In a recent published report, Kenneth Research has updated the market report for Global Sound Masking System Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Sound Masking System Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Global Sound Masking System Analysis – 2018-2027
Sound Masking, also called as white noise or pink noise, is referred to the acoustical treatment of an environment by the addition of sound generated by a speaker or any similar device. In simple terms, it can be called as a method for noise cancellation by reducing or eliminating perception of sound. The global sound masking system market is anticipated to record a CAGR of around 5% over the forecast period, i.e. 2019-2027. Factors such as the growing need for silence in most public buildings and public spaces and the growing advancement in sound technology systems which has led to the birth of sound masking systems, are anticipated to contribute significantly towards the growth of the global sound masking system market. Moreover, the global sound masking system market is driven primarily by the need for silent indoor premises, backed by the dynamic change in design observed in indoor premises, such as offices, hospitals, schools and temple among others, which are often believed to have a silent and peaceful environment owing to their purpose of work.
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The global sound masking system market consists of various segments that are segmented by type, by type of technology, by end user and by region. The offices segment, which is a sub-segment of the end user segment is anticipated to hold the largest market share of around 25% in the year 2027 on the back of open floor designs that are observed in modern offices, which is raising the need for the deployment of sound masking systems. Further, the offices segment is also anticipated to cross USD 54 million by the end of 2027 by growing at a CAGR of around 4% during the forecast period.
Based on region, the global sound masking system market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific, which had accounted for around 25% share in the year 2018, is estimated to witness the highest CAGR of around 5.80% over the forecast period, and is primarily driven by nations such as China, Japan and India, where China held the largest market share of around 22% in the year 2018.
Some of the affluent industry leaders in the global sound masking system market are Biamp Systems, Soft db, Lencore Acoustics Corp., Dukane AV, Pro Acoustics® LLC, K.R. Moeller Associates Ltd., Soundmask Global Pty. Ltd., MPS LLC and Vibra-Sonic Control.
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