Set-top Boxes Market Size Worth $25.87 Billion by 2030 – Growing Consumption of OTT Content

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The growing trend of associating the ownership of smart TVs with social status in society has garnered popularity in the market. The global set-top boxes market is growing at a CAGR of 3.63% from 2022 to 2030. Market players deliver affordable channel packages and viewer subscriptions, providing positive growth prospects in the forecast period. The Asia Pacific currently dominates the set-top boxes market due to the growing consumer demand for durable in the region attributed to its massive demographic.

Newark, Nov. 08, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global set-top boxes market is expected to grow from USD 18.76 billion in 2021 to USD 25.87 billion by 2030, at a CAGR of 3.63% during the forecast period 2022-2030.

The demand for consumer durables has increased as the population’s disposable income has increased. The increased demand for set-top boxes is aided by low costs, all-channel packages, personalization, and pay-per-view-like features. Set-top boxes provide affordable access to high-quality worldwide content, contributing to the enrichment of the globalized consumer world and boosting the global set-top boxes industry. The worldwide set-top boxes industry will be fueled by a rising population, rising disposable income, customizable services, and the regular release of engaging content. Advanced set-top boxes have more features than traditional set-top boxes due to their technologically advanced hardware and software. Integration with live television recording, parental control, universal remote controls, and an electronic programming guide is among them. The services offering customization of channels according to the subjective taste of the consumer will also aid in market expansion during the forecast period. The increasing availability of material for every genre, taste, language, and preference on OTT platforms accessible via smart connected devices like computers and phones may limit the market growth. The increasing popularity of smart TV sets that do not employ set-top boxes will challenge the market’s growth. Product innovations offering access to OTT channels like Netflix, Amazon, and Disney Hotstar with the set-top boxes will help overcome the challenges of the global market.

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Competitive Strategy

To enhance their market position in the global Set-top boxes market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• In India, Huawei announced its entry into the cloud-based content delivery network in December 2020. The product resources and operations are aided by strong local talent, which has been developed to meet any consumer requirement appropriate for local needs, propelling the Digital India program.

Market Growth & Trends

The market for set-top boxes will grow as the population’s disposable income rises, resulting in increased demand for television entertainment. During the projected period, the incorporation of advanced features such as voice assistant, fire stick, internet connection, electronic program guide, parental controls, and live TV recording, among others, will add to the growing demand for set-top boxes. Market participants’ increased adoption of new features, business strategies, sales, and marketing campaigns to extend their market share in the highly segmented set-top boxes market will also fuel the global set-top boxes market. The demand for set-top boxes from educational institutions, hospitals, hotels, restaurants, office spaces, and other commercial units has increased to reach the pre-pandemic level of business. The growth of the commercial sector will contribute significantly to the development of the market.

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Key Findings

• In 2021, the satellite segment dominated the market with the largest market share of 38% and market revenue of 7.12 billion.

The product type segment is divided into cable, digital terrestrial television (DTT), satellite, over-the-top (OTT), & hybrid. In 2021, the satellite segment dominated the market with the largest market share of 38% and market revenue of 7.12 billion.

• The high-definition (HD) segment is expected to grow at the fastest CAGR of 5.15% over the forecast period.

The resolution segment is divided into the standard definition (SD), high definition (HD), ultra-high definition (UHD), & 4K and above. Over the forecast period, the cloud segment is expected to grow at the fastest CAGR of 5.15%.

• The commercial segment is expected to grow at the fastest CAGR of 4.92% over the forecast period.

The end-user segment is divided into residential and commercial. Over the forecast period, the commercial segment is expected to grow at the fastest CAGR of 4.92%.

• In 2021, the offline segment accounted for the largest share of the market, with 68% and a market revenue of 12.75 billion.

The sales channel segment is divided into online and offline. In 2021, the offline segment accounted for the largest share of the market, with 68% and a market revenue of 12.75 billion.

Regional Segment Analysis of the Set-Top Boxes Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Among all regions, the Asia Pacific region emerged as the largest market for the global set-top boxes market, with around 37.16% and 6.97 billion of the market revenue in 2021. The Asia Pacific region is expected to dominate the market during the forecast period. The set-top boxes market in the Asia Pacific has been expanding rapidly. The increasing presence of significant market players in China and India to cater to the growing content consumption from the residential and commercial sectors of the region is contributing to its growth. The large consumer market also encourages significant market players to adopt innovative service options like customized packages with a wide variety of options at equally affordable prices.

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Key players operating in the global set-top boxes market are:

• Samsung Electronics Ltd.
• Huawei Technologies Ltd.
• HUMAX
• Skyworth Group
• Advanced Digital Broadcast
• ARRIS International
• CISCO Systems Inc.
• Technicolor
• EchoStar Corporation
• SAGEMCOM

This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global set-top boxes market based on the below-mentioned segments:

Global Set-Top Boxes Market by Product Type:

• Cable
• Digital Terrestrial Television (DTT)
• Satellite
• Over-The-Top (OTT)
• Hybrid

Global Set-Top Boxes Market by Resolution:

• Standard Definition (SD)
• High Definition (HD)
• Ultra-High Definition (UHD)
• 4K And Above

Global Set-Top Boxes Market by End User:

• Residential
• Commercial

Global Set-Top Boxes Market by Sales Channel:

• Offline
• Online

About the report:

The global Set-top boxes market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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