According to latest research by Fact.MR, the global boom arms market is attributed to witness an impressive CAGR of more than 6.5% during the forecast period. The evolving demand from media & entertainment is more likely to provide plethora of opportunities to the manufacturer’s during the same period.
In addition to this, media & entrainment industry and commercial applications has accounted for convenient demand for the past few years and attributed to witness a positive growth trajectory in near future. Although the growth rate of boom arms market was declined by 10-15% in Q3 & Q4 of 2020 due to COVID-19 pandemic. But the historical market trend is projected to observe optimistic growth rate in terms of value and volume in the next couple of years.
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The Boom Arms is extensively been utilized in media and entrainment industry. The growth of media & entrainment industry is anticipate to drive the global market growth. This will lead to provide a spurt in sale during the assessment period.
The improving life style and rising per capita income across the globe is likely to surge the utilization for residential application such as festival and small parties. It is attributed to providing abundant number of opportunities to manufacturers.
The growing number of cinema production houses across the globe is predicted to surge the utilization of boom arms. It is projected to give a positive outlook to the sale during the period of forecast.
Additionally, the trend toward the social media has surged the activities related to live videos, live video streaming and web broadcasting. It is anticipated to drive the market growth during the assessment period.
In addition to this, the intensifying number of content makers on YouTube and singers across the globe, is anticipated to surge the demand for boom arm market. Since it enables to switch between multiple cameras, game consoles and computer system in very less amount of time.
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Media & entrainment industry has been impacted around the globe by COVID-19 pandemic. This has also hampered demand for boom arms. As the utilization of boom arms provides an ease to individuals for singing and video streaming. Moreover it is likely to filter the voice and provides a pleasant output. The historical trend of the market is projected to provide lucrative avenue to the manufacturers in the next couple of years. It will lead to providing abundant opportunities to manufacturers for cash flow generation during the period of forecast.
North America is considered to be one of the leading consumer of Boom Arms. Especially U.S. accounts for abundant number of end users in this region and holds the prominent market share in the global market. North America is poised to dominate the boom arms market and likely to hold more than 30% of market share during the assessment period.
The application in media & entrainment industry accounts for highest demand in North America due to improving life style and rising per capita income. The application in cinema production houses is attributed to be a foremost reason which generates noteworthy sale, poised to surge the deployment in upcoming years.
Europe holds the significant market share of Boom Arms. The commercial application has accounted for significant demand since past few years and the sale is likely to follow the historical pattern during the forecast period. Many countries in Europe such as Germany, Italy and France have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities in early 2020.
Europe’s sales was also impacted by the media and entrainment industry outlook in Q3 & Q4 of 2020. However, market trend is projected to show optimistic growth rate which is attributed to provide spurt in production by early 2022. Media & entrainment industry is attributed to generate magnificent demand in next couple of years in this region.
Some of the leading manufacturers of Boom Arms include-
Leading manufacturers have their own distribution channel. Manufacturers are more focused on to reorganize their distribution channel with the specialty stores, multi-brand stores and e-commerce platform. This will lead to surge the profit margin and likely to aid the organization to gain coverage across the globe.
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