Wilmington, Delaware, United States, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global set-top boxes market was estimated to have acquired US$ 18.9 billion in 2021. It is anticipated to register a 6.4% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 35.2 billion.
The growing consumer preference for high-definition and 4K content, driven by the proliferation of streaming services and smart TVs, has led to a surge in demand for advanced STBs. These devices offer the necessary hardware and software support to deliver high-quality, immersive viewing experiences, including 4K resolution, HDR, and interactive features.
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The rise of Over-the-Top (OTT) and Internet Protocol Television (IPTV) services has driven the adoption of modern STBs. These devices act as gateways to access a variety of streaming and online content, allowing viewers to cut the cord on traditional cable or satellite services, contributing to the growth of the STB market.
Global Set-Top Boxes Market: Key Players
The set-top box market is fragmented globally, with a few major players controlling a sizable portion of the market. The following companies are well-known participants in the global set-top boxes market:
- Humax Co., Ltd.
- Huawei Technologies Co., Ltd.
- Technicolor SA
- ADB (Advanced Digital Broadcast) SA
- Apple, Inc.
- Samsung Electronics Co. Ltd.
- ARRIS Group, Inc.
- EchoStar Corporation
- Kaonmedia Co. Ltd.
- Sagemcom SAS
Key Findings of the Market Report
- One of the most significant set-top box kinds available is satellite TV.
- The introduction of the recording studio, which allows viewers to record shows in real-time and watch them later, is one of the advancements in satellite TV. Interactive capabilities like video on demand and computerized program guides are finding their way into satellite STB units more and more.
- Besides basic functions, STB devices are highly developed and offer a variety of interactive and multimedia communication tools directly via the user's television system, including email, Internet browsing, and instant messaging.
Market Trends for Set-Top Boxes
- Broadcasting HD and ultra-HD channels and offering a wider selection of channels are the two main benefits set-top box manufacturers have over traditional cable services.
- Customers will find set-top boxes more appealing in the near future as a result of the anticipated addition of highly interactive features and increasingly digitized set-top box services. This will be the primary incentive for all manufacturers of set-top boxes globally.
- Set-top box companies are focusing on HD services due to their widespread availability in developed nations. The upcoming release of high-end HEVC devices is anticipated to address service providers' data decoding issues with 4K video data transport. It is anticipated that HEVC-capable set-top boxes will accelerate 4K video recording, allowing users to enjoy fluid 4K performance in a highly competitive market.
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Global Market for Set-Top Boxes: Regional Outlook
Various reasons are propelling the growth of the set-top boxes market in different regions. These are:
- The rapid industrial advancement in numerous Asia Pacific nations enables consumers to possess adept purchasing abilities, hence offering a plethora of regional prospects for set-top box enterprises to expand. As the IT sector expands, better online service infrastructure is being developed, allowing customers to view essential videos at reasonable costs. Given the current trends, Asia Pacific may soon prove to be a very profitable region for set-top boxes.
- A sizable Internet user base already exists in China, Australia, and India. Asia Pacific is expected to exhibit a significantly quicker growth rate in the next years due to the region's increased use of IPTVs and smart TVs, as well as improved use of sophisticated Internet services.
Key developments in the global market are:
| Company | Year | Key Developments |
| GTPL Hathway Limited (GTPL) | 2022 |
|
| ZTE Corporation | 2022 |
|
Global Set-Top Boxes Market Segmentation
- Type
- Cable STB
- Satellite STB
- IPTV STB
- HBB STV
- Hybrid
- Resolution
- Standard Definition STB
- High-Definition STB
- HD & Full HD
- UHD (Ultra-High Definition)
- 4K & Above
- Technology
- Satellite / DTH
- IPTV
- Cable
- Other Types (DTT and OTT)
- Distribution Channel
- Online
- Company Website
- E-commerce Website
- Offline
- Direct
- Indirect
- Online
- Region
- North America
- Europe
- Asia Pacific
- MEA
- South America
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