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 calculated to reach US$ 28 Bn by the end of 2021.
The market is being driven by rising OTT platform adoption and rising demand for high-definition video quality. Sales of set-top boxes will be fueled by technological developments in the digital broadcasting sector and the widespread usage of smart televisions. According to FMI, the worldwide set-top box market will have extraordinary year over year growth of 11% in 2021 due to the rising popularity of smart TVs like Android and Apple TV in countries like India, China, and Malaysia.
The rising popularity of OTT services like Netflix, HULU, Amazon Prime, and others is another factor contributing to the market’s expansion. The nature of the digital broadcasting industry has changed as a result of live streaming of sporting events and other entertainment channels.
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Therefore, important firms are working with these OTT platforms to take advantage of the trend toward OTT platforms as it grows. In light of this, by the end of 2031, the worldwide set-top box market will reach US$ 46.09 Bn.
Key Takeaways from FMI’s Set Top Box Market Study
- Sales of standard-definition set-top boxes are anticipated to reach US$ 5.4 Bn until 2031, despite the fact that high-definition set-top boxes will continue to rule the market in terms of visual quality.
- The satellite set-top boxes category will have a sizable worldwide market share until 2031, enabling growth at an 8.1 percent CAGR between 2021 and 2031. • The OTT devices segment is predicted to demonstrate the fastest growth, posting year-over-year growth of about 12.2 percent in 2021.
- By the end of 2031, the North American set-top box market is anticipated to reach more than US$ 9.9 billion, with the United States driving market expansion.
India and Australia are anticipated to rule the South Asia and Oceania set-top box market, accounting for approximately 34% of the East Asian market share in 2021.
Competitive Landscape
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.
Get Valuable Insights on Set Top Box Market
Future Market Insights, in its updated report, presents an exhaustive analysis on the global set top box market, covering historical demand data and forecast figures for the period between 2021 and 2031. The study divulges compelling insights on growth drivers and market potential in detailed segmentation basis of product (cable set-top boxes, satellite set-top boxes, IPTV set-top boxes, and OTT (over-the-top) devices) and video quality (standard-definition set-top boxes and high-definition set-top boxes) across seven major regions including North America, Latin America, Europe, Asia Pacific excluding Japan, Middle East & Africa, and Japan.
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Set top box (STB) Market by Category
Product:
- Cable Set-Top Boxes
- Satellite Set-Top Boxes
- IPTV Set-Top Boxes
- OTT (Over the Top) Devices
Video Quality:
- Standard-Definition Set-Top Boxes
- High-Definition Set-Top Boxes
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa
- Japan
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About Future Market Insights (FMI)
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.
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