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Set-Top Box Market Projected to Witness Skyrocketing Growth with Accelerating CAGR of 9% through 2031 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
6 min read
Future Market Insights Global and Consulting Pvt. Ltd.
The rising internet and broadband penetration and the growing preference for HD channels and on-demand video services are the factors expected to drive the market growth. Transitions across the digital TV arena have played a vital role in transforming the customers’ attitude towards the consumption of media content over the internet and television.
NEWARK, Del, July 19, 2022 (GLOBE NEWSWIRE) -- Set-top box market will register year-on-year growth at 11%, with the overall valuation expected to reach US$ 28 Bn in 2021. As per the study, demand for set-top boxes is expected to rise at a 9% CAGR between 2021 and 2031.
Growing demand for high-definition videos and powerful interfaces with advanced technology will propel the sales of high-definition set-top boxes, as per FMI. The set-top box market will represent over 10% of sales in the global digital broadcasting industry.
Future Market Insights estimates that the global set-top box market to expand at a robust 9% CAGR between 2021 and 2031. The overall sales of set-top boxes are expected to reach US$ 46.09 Bn by the end of 2031.
Owing to the rapid advancements in the digital broadcasting industry and increased penetration of smart television is expected to propel the demand for set-top boxes all over the world.
The growing popularity of over-the-top (OTT) platforms, especially among millennials, has compelled the key players to introduce OTT set-top box devices to gain a competitive edge.
The onset of the novel COVID-19 also positively impacted the growth of the STB market. The global set-top box (STB) market registered year-on-year growth of 11% between 2020 and 2021.
Increasing demand for high-definition quality videos among the younger generation is compelling key players to introduce set-top boxes with higher definition.
The introduction of 4K-high resolution android customized set-top boxes, especially across the U.S., India, and Australia, is expected to propel the demand for HD set-top boxes.
Emerging economies such as India, China, and Malaysia also will accelerate the demand for set-top boxes over the coming years. With the increasing penetration of social media platforms and demand for high-definition video quality.
Competitive Landscape
Humax Co. Ltd., Huawei Technologies Co. Ltd., Kaonmedia Co. Ltd., Technicolor SA, ADB (Advanced Digital Broadcast) SA, Sagemcom SAS, Samsung Electronics Co. Ltd., ARRIS Group Inc., EchoStar Corporation, Texas Instrument, Broadcom are some of the key companies profiled in the full version of the report.
Key players operating in the global set-top box (STB) market are collaborating with international and local digital broadcasting channels, offering lucrative offers to woo consumers. Also, some of the players are launching HD set-up boxes with advanced features such as integrated OTT platforms to gain a competitive edge.
Rapid urbanization in the country and rising technological advancements are increasing the adoption of smart technologies across India. Government initiatives such as Make in India support the economy of the country and are propelling the adoption of smart television and smartphones even in rural areas.
India's set-top box market witnessed robust growth in the last few years. FMI estimates the increasing penetration of OTT (over-the-top) platforms and smart devices to drive the sales of STBs in the country.
China is expected to be the most attractive market in the Asia Pacific excluding Japan during the forecast period. As per FMI, APEJ set-top box (STB) market is expected to exhibit incremental opportunity of US$ 10.05 Bn by the end of 2031.
The U.S. is expected to be one of the key producers in the global set-top box market. Growth in the region is primarily attributable to the increasing demand for IPTV set-top boxes and the growing popularity of OTT platforms in the country.
North America is expected to remain at the forefront of the technology and digital broadcasting industries. The decline of pay-TV services in the U.S. compelled the players to introduce set-top box free IPTV services.
The technology segment of FMI offers a distinct and pinpoint analysis of the latest technology used in every industry. This elaborate coverage extends from revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, trends, and pricing analysis. Our research studies serve as referencing market guidelines for industrial manufacturers channel partners and government bodies
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
