What component is responsible for dynamics ?

The loudspeaker is the largest offender in reducing or expanding dynamic range.

Listen to some Klipschorns.

Then there's both macro and micro dynamics to take into account. Brute force macro dynamics are one thing, and you can find that with efficient speakers for the most part. But those micro dynamics are what truly raises a good system to great territory, and that means finesse in the entire audio chain.

The horn component.

The Speaker