According to the report by Future Market Insights, the global set top box market will register growth at 9% CAGR between 2021 and 2031. Sales of set top box across the globe are estimated to reach US$ 28 Bn by the end of 2021.
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Increasing demand for high-definition video quality and growing popularity of over-the-top (OTT) platforms are boosting the market. Technological advancements in the digital broadcasting industry and adoption of smart television across the globe will drive the set-top box sales.
FMI estimated that the global set-top box market registered exceptional year-on-year growth of 11% in 2021 driven by the growing adoption of smart TV such as Android and Apple TV across India, China, and Malaysia.
Growth in the market also is attributed by the surging popularity for OTT platforms such as Netflix, HULU, Amazon Prime, and others. Live streaming of sports events and other entertainment channels have reshaped the face of digital broadcasting industry.
Hence, key players are collaborating with these OTT platforms to capitalize on growing trend of OTT platforms. Against this backdrop, the global set-top box market will surpass US$ 46.09 Bn by the end of 2031.
Key Takeaways from FMI’s Set Top Box Market Study
- In terms of video quality, while high-definition set-top boxes will dominate the market, sales of standard-definition set-top boxes are expected to reach US$ 5.4 Bn through 2031
- Based on product, OTT devices segment is expected to exhibit the highest growth, registering year-on-year growth of nearly 12.2% in 2021
- Satellite set-top boxes segment will account for substantial global market share through 2031, enabling growth at 8.1% CAGR between 2021 and 2031
- North America set-top box market is expected to surpass US$ 9.9 Bn by the end of 2031, with the U.S. leading the market growth
- Japan set-top box market will account for over 34% of East Asia market share in 2021
- India and Australia are expected to dominate the South Asia and Oceania set-top box market, respectively
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As per the study, Huawei, Arris, Skyworth, Technicolor, and Samsung Electronics are the top 5 players leading the global set-top box market. These players collectively account for over 45% of global market sales.
Leading players operating in the global set-top box market are focusing on product launches and collaboration with satellite providers and digital broadband companies to gain competitive edge.
. For instance:
- In April 2021, NAGRA, a Kuldeski Group company and the world’s leading independent provider of content protection and multiscreen television solutions collaborated and announced the launch of Android TV Set-top box.
- In September 2021, DTVKit collaborated with other leading players such as RDK, Mediatek, EKT and OBS to announce the launch of the Hybrid White Label set-top box.