Set Top Box Market to Grow by 9% through 2031 Driven by Increasing Sales of Smart Television: FMI

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DUBAI, UAE, Nov. 30, 2021 /PRNewswire/ -- Global sales of set-top boxes are projected to grow at a robust 9% CAGR over the forecast period of 2021 and 2031, opines Future Market Insights (FMI) in a recent market analysis.  

Increasing adoption of smart technologies and devices will continue propelling sales of set-top boxes, pushing the market size from US$ 28 Bn in 2021 to US$ 46.09 Bn in 2031.  

Growing penetration of smart televisions across the globe is anticipated to spur the demand for high-definition (HD) set-top boxes. Against this backdrop, FMI has forecast sales of set-top boxes to grow by 11% year-over-year between 2020 and 2021.  

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Besides this, rising popularity of over-the-top (OTT) platforms is creating a conducive environment for growth in the global set-top box market. This trend is increasingly becoming prevalent in countries such as India, China, and Japan.  

To capitalize on this trend, manufacturers are launching set-top boxes in collaboration with OTT platforms such as Amazon Prime and Discovery+ to gain a competitive edge. As a result, sales of OTT device set-top boxes are expected to gain traction in the forthcoming years.  

Further, governments in various countries are encouraging the adoption of smart technologies and devices. For instance, the Cable Television Networks Act in India mandates the adoption of set-top boxes to prevent the broadcasting of illegal channels and provide a better video quality to residents living in rural areas.  

As per FMI, the U.S. is expected to emerge as a lucrative pocket in the North America set-top box market. Growth is attributable to rising demand for IPTV set-top boxes and increasing popularity of OTT platforms in the country.  

"Ongoing advancements in digital broadcasting technology are expected to create lucrative opportunities for players operating in the global set-top box market. In addition to this, growing popularity of OTT platforms through social media is expected to continue pushing sales of set-top boxes over the forecast period," says an FMI analyst.   

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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Key Questions Covered in Set Top Box Market Report  

• The report offers detailed insights into set top box market demand outlook for 2021-2031.
• The market study also highlights projected sales growth for set top box market between 2021 and 2031.
• Set top box market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Set top box market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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About Future Market Insights (FMI) 

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers. 

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SOURCE Future Market Insights