The latest market report published by Credence Research, Inc. “Global Noise control system Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the global noise control system market was US$ 31.3 Bn in 2018 and expected to progress with CAGR of 5.7% from 2019 to 2027, reaching US$ 51.1 Bn in 2027.
“Growing inclination towards less noisy products, driving the market growth”
The growing customer preference towards less noisy products like washing machine, refrigerator, automobile, fans, A.C. among other consumer products have influenced the demand for noise control system. Moreover, increasing number of launches of these products have started fierce competition among manufacturers to be competitive in the market. This has positively impacted the market in terms of increase in investment in product innovation to lessen its noise.
Healthcare industry is one of the highest demanding industry in the global market. Stringent regulations of government to keep hospital premise and surrounding less noisy has increased the adoption of this system. In addition, industries where there is high decibel sound present such as manufacturing, mining and construction are also adopting noise control systems to improve employees’ work efficiency and thereby productivity of the company.
Furthermore, automotive sector is also upgrading its vehicle with advanced noise cancellation technologies. For instance, in November 2019, Hyundai Motors unveiled its road noise cancellation technology RANC, loaded with sensors and computing power. Overall, the global noise control system market expected to show a strong growth in the coming years.
The overall noise control system market is competitive in nature and it is growing at moderate rate. The market players are adopting strategies such as launching innovative & new products, agreements, partnership & collaboration, and investment in R&D to stay competitive in the market.
• In January 2020, Kinetics Noise Control, Inc. announced their acquisition by The Stephens Group, LLC (“The Stephens Group”). The new company, Catalyst Acoustics Group (“Catalyst Acoustics”), will serve as a platform for an elite group of acoustic, seismic, vibration and noise control companies that together offer the broadest portfolio of noise control solutions in the market.
• In March 2018, Faist expanded their distributor network to Czech Republic and another in Mexico. With the addition of two new countries, the company expecting to grow in the new market. Earlier the company successful implemented several distributors in China, Japan, United Kingdom, Spain, Turkey, and United States of America.
Key Market Movements:
• Based on product type, acoustic tiles segment captured the largest share in 2018. Subsequently, the same segment expected to dominate the market during the forecast period.
• Based on material, fiberglass segment captured the major share of the market in 2018 and the same segment expected to retain its major share upto 2027. Besides it, foam segment had 2nd largest market share in 2018.
• Based on application, industrial segment captured the major share of the global market in 2018. Subsequently, the same segment expected to keep its leading position from 2019 to 2027.
• Based on region, North America was the largest regional noise control system market in 2018. On the other hand, Asia Pacific region expected to drive the market growth with the highest CAGR of 6.3% from 2019 to 2027.
List of Companies Covered:
• YAMAHA Corp.
• Mitsubishi Electronics Corp.
• Saint Gobain
• Armstrong World Industries
• Knauf Gips KG
• Kinetics Noise Control
• Quietstone UK Ltd.
• Acoustical Surfaces, Inc.
• Noise Barriers
• FAIST | Umsetzung
• Nihon Onkyo
Browse the full report at https://www.credenceresearch.com/report/noise-control-system-market
The Global Noise Control System Market is Segmented into:
|Segmentation||By Product Type Segment (2017-2027; US$ Bn)|
|By Material Segment (2017-2027; US$ Bn)|
|By Application Segment (2017-2027; US$ Bn)|
|By Industry Vertical Segment (2017-2027; US$ Bn)|
|By Geography Segment (2017-2027; US$ Bn)|
*Complete segmentation list is on report page