According to a recent market analysis by Future Market Insights (FMI), the global sales of set-top boxes are expected to increase at a strong 9% CAGR between 2021 and 2031.
Sales of set-top boxes will continue to soar thanks to the rising popularity of smart technologies and gadgets, driving the market from US$ 28 billion in 2021 to US$ 46.09 billion in 2031.
The demand for high-definition (HD) set-top boxes is expected to increase as the number of smart televisions on the market increases globally. In light of this, FMI predicts that between 2020 and 2021, set-top box sales will increase by 11% annually.
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In addition, the worldwide set-top box industry is flourishing because of the growing popularity of over-the-top (OTT) platforms. In nations like India, China, and Japan, this behaviour is growing more widespread.
Manufacturers are launching set-top boxes in partnership with OTT platforms like Amazon Prime and Discovery+ to capitalise on this trend and gain a competitive edge. As a result, set-top box sales for OTT devices are anticipated to increase in the years to come.
Governments in several nations are also promoting the use of smart technologies and gadgets. For instance, India’s Cable Television Networks Act requires the use of set-top boxes to block the broadcast of unauthorised channels and give people improved television quality.
According to FMI, the North American set-top box market is likely to see significant growth in the United States. Rising IPTV set-top box demand and rising OTT platform popularity in the nation are both responsible for the growth.
Key Takeaways:
- In terms of product type, sales of OTT (over-the-top) set-top boxes are expected to total US$ 3.03 Bn in 2021.
- Based on video quality, the HD video quality segment is projected to top US$ 18.5 Bn by 2031.
- Sales of set-top boxes in the U.S. are estimated to remain high due to growing popularity of OTT device set-top boxes.
- North America set-top box market is projected to surpass US$ 4.2 Bn in 2021.
- India will emerge as a lucrative set-top box market, owing to government initiatives such as Make in India that are encouraging the adoption of smart technologies in rural areas.
- China is expected to account for a dominant share in the East Asia set-top box market, exhibiting an incremental opportunity of US$ 10.05 Bn by 2031.
- Japan and South Korea are expected to command 34% and 20% of the global set-top box market share in 202, respectively.
Prominent Drivers:
- Growing demand for features such as digital video recording is expected to propel sales of set-top boxes.
- Increasing preference for HD and 4K video quality support will continue boosting demand for IPTV set-top boxes.
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Competitive Landscape
Key players operating in the global set-top box market are investing in collaborations and partnerships to launch innovative products aligning with rapid technological advancements. This is anticipated to assist set-top box players in gaining a competitive edge in the market. For instance:
- In March 2021, Discovery+ announced its collaboration with JioFiber set-top box. Through this partnership, Discovery+ is offering quality content across 40+ genres to JioFiber users, including science, adventure, lifestyle, food, and animation.
- Broadcom launched a high-definition satellite set-top box with integrated MoCA® to deploy an interconnected entertainment environment featuring multi-room DVR supported by digital living network alliance.
Leading players operating in set-top box market profiled by FMI include:
- 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
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More Insights on FMI’s Set-Top Box Market
The latest market study on the set top box market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global set top box market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
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
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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 8-years.
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