The set-top box market is predicted to achieve a valuation of approximately US$ 33.4 billion by 2022, with a steady compound annual growth rate (CAGR) of 5.6% expected between 2022 and 2032. By the conclusion of 2032, the market for set-top boxes is estimated to reach around US$ 57.7 billion, signifying substantial growth.
Over the next few years, it is projected that the availability of high-definition channels and on-demand video content would increase, supporting the growth of the set-top box industry. TV viewership patterns are being positively impacted by technological developments in the set-top box industry, such as support for 4K and 8K content and the inclusion of smart home services in STBs.
Established firms’ new UHD and OTT boxes will also contribute to the market’s expansion. Government initiatives to speed up the digitalization of TV services, particularly in Latin America and Asia, and the Pacific, will significantly increase the set-top box market.
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The market for traditional television setup boxes is declining as internet video streaming becomes more and more common on mobile devices like computers, tablets, and smartphones. The India Brand Equity Foundation (IBEF) said that between March 2020 and July 2020, there was a 30% growth in the number of OTT users in India.
There is conjecture that the lower subscription costs of OTT platforms compared to TV channels, as well as their various features, including remote accessibility, may have an impact on the set-top box business.
Key Takeaways
- The demand for set-top boxes is predicted to expand globally as a result of the rapid development of the digital broadcasting sector and the widespread use of smart television.
- To stay competitive, major set-top box market players have introduced OTT set-top box devices to cater to the increasing demand for over-the-top (OTT) services, especially among millennials.
- The introduction of the brand new COVID-19 also had a constructive effect on the expansion of the STB industry. Between 2020 and 2021, the worldwide market for set-top boxes (STBs) expanded by 11% annually.
- The Chinese set-top box market is anticipated to hold a substantial share of 16.3% of the global market.
- Key businesses are feeling pressure to provide set-top boxes with higher definition as demand for high-definition television increases among the younger demographic.
- The need for HD setup boxes is predicted to increase with the release of 4K-high resolution Android customized set-top boxes in major markets like the United States, India, and Australia.
- The need for set-top boxes will increase in the next years, especially in emerging economies like India, China, and Malaysia. As more people share their lives on social media, there has been a rise in the need for high-resolution videos.
- The US set-top box market is expected to grow at a rate of 5.4% throughout the forecast period.
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Competitive Landscape
- Companies such as
- Sagemcom Broadband SAS,
- Samsung Electronics,
- Sercomm Corporation,
- Shenzhen SEI Robotics Co., Ltd.,
- Skyworth Digital Co., Ltd.,
- Sumitomo Electric Industries, Ltd.,
- Technicolor SA,
- TechniSat Digifocus, and
- HUMAX Co., Ltd.
The leading companies in the set-top box industry are set-top box market WIe teaming up to advance the state of the art and boost sales of set-top boxes. Skyworth Digital Co., Ltd., and Amino Technologies plc are two examples of companies working to enhance their STB services.
The COVID-19 pandemic of 2020 and 2021 was devastating to the economy. A considerable slowdown in new setup box installations occurred as a result of numerous difficulties faced by the business, such as the restriction of social movements and the product shortage brought on by the prohibition on transportation.
The pandemic had a devastating financial impact on set-top box markets leaders like Broadband SAS, Mybox Technologies Pvt Ltd., Kaon Media Co., Ltd., and TechniSat Digital GmbH. But after the pandemic, the set-top box market should see stable demand as people transfer their attention to better TV viewing experiences.
Recent Developments
Videocon D2H introduced its voice-enabled and internet-enabled Android set-top box with Alexa kit in March 2020. The device runs on the Android 9 operating system and provides access to over-the-top (OTT) content.
Tata Sky Binge+, an android-enabled DTH set-top box with features and 4K programming, was released in December 2019. This updated model operates on the 1.8GHz Broadcom BCM72604 B CPU and runs on the Android 9 operating system.
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Set-Top Box Market By Segmentation
By Product:
- Cable Set-Top Boxes
- Satellite Set-Top Boxes
- IPTV Set-Top Boxes
- OTT (Over the Top) Devices
By Video Quality:
- Standard-Definition Set-Top Boxes
- High-Definition Set-Top Boxes
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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