Set-Top Box Market to Grow at a CAGR of 3.0% to Hit US$ 24,530.2 million by 2027 - Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners

According to our latest market study on "Set-Top Box Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Product, Content Quality, and Geography," the set-top box market size is expected to grow from US$ 19,548.7 million in 2019 to US$ 24,530.2 million by 2027; it is estimated to witness market growth of 3.0% CAGR from 2020 to 2027.

Satellite TVs are among most significant applications of set-top boxes. The implementation of show-recording facility that allows viewers to record their shows in real-time and view them later, depending on their convenience is one of the key developments brought in satellite TVs. India is a major market for set-top boxes. In addition to a booming direct-to-home satellite market, the country is approaching the completion of its cable TV system digitization goal.

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Competitive Landscape: Set-Top Box Market: ADVANCED DIGITAL BROADCAST SA; ALTECH UEC; ARRIS INTERNATIONAL LIMITED (COMMSCOPE); COSHIP (SHENZHEN COZHOU ELECTRONICS CO., LTD.); HUAWEI TECHNOLOGIES CO., LTD; HUMAX CO., LTD.; KAONMEDIA CO., LTD.; SSAGEMCOM; SKYWORTH; and ZINWELL CORPORATION

The high demand for high-definition (HD) picture quality is influencing the growth of the set-top box market in the world. HD set-top boxes are equipped with both HD channels and standard (SD) channels. In March 2018, Dish TV India Limited announced the completion of its merger with Videocon D2h Limited. With this merger, they formed one of India's largest listed media companies, with a vow to reduce set-top box procurement costs. Thus, the launch of smart TVs and HD channels has led to a rise in digital TV watching, which, in turn, would fuel the growth of the set-top box market in the coming years.

The report profiles the key players in the industry, along with a detailed analysis of their individual positions against the global landscape. The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Set-Top Box market. The researcher provides an extensive analysis of the Set-Top Box market size, share, trends, overall earnings, gross revenue, and profit margin to accurately draw a forecast and provide expert insights to investors to keep them updated with the trends in the market.

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Presence of emerging economies and rise in adoption of advanced and sophisticated technologies are contributing to the overall growth of the APAC market. Australia, China, Japan, and India are the main contributors to the development of the set-top box market. To implement technologically advanced solutions across different sectors, including broadcasting industry, rapid technological developments, digitalization of economies, and adequate government support are contributing to the smooth evolution of economies from the developing stage to the developed stage.

Moreover, leading players are launching smart remotes using gesture control for running STBs. To detect hand movements, these remotes use ultrasonic sensors and infrared light-emitting diodes to relay decoded signals to the STB.
Market players also collaborate with content and internet service providers to raise STB sales in the countries. Due to rising adoption of various set-top boxes in countries, such as China and India, APAC is projected to become the largest market. A large portion of the Asian population tends to reply on TV cable and set-top boxes for their entertainment over the years.

The launch of Smart TVs and HD channels has contributed to a rise in digital TV viewing, which would eventually fuel the set-top box market growth. For instance, in March 2018, Dish TV India Limited announced that the merger of Videocon D2h Limited with Dish TV India Limited had been completed. With this acquisition, they formed one of India's largest listed media companies and vowed to reduce set-top box procurement costs. Mergers of this stature complement the growth of the industry and assist in rising customer demand. In addition, increasing disposal income among the population is expected to fuel the growth of the market over the forecast period.

Impact of COVID-19 Pandemic on Set-Top Box Market

The sudden closedown of all economic activities across the globe has highly impacted the entertainment industry by not allowing them to telecast new episodes. The crisis has influenced the huge population of the developing and developed countries to adopt OTT platforms for fresh entertainment content and on-demand videos. Moreover, China being the manufacturing hub of the globe has also experienced major downfall in the manufacturing of the set-top boxes during the pandemic. However, the cable operators across the region are taking several initiatives to reduce the impact on the market.

The set-top box market is segmented on the basis of product, content quality, and geography. Set-Top box market, by product, is segmented into cable, satellite, IRTV, and others. Based on content quality, the set-top box market is segmented into standard definition (SD), high-definition (HD), and 4K. On the basis of geography, the set-top box market size is primarily segregated into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). According to the set-top box market forecast analysis, APAC held the largest market share in 2019.

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Highlights of the report:
• A complete backdrop analysis, which includes an assessment of the parent market
• Important changes in market dynamics
• Market segmentation up to the second or third level
• Historical, current, and projected size of the market from the standpoint of both value and volume
• Reporting and evaluation of recent industry developments
• Market shares and strategies of key players
• Emerging niche segments and regional markets
• An objective assessment of the trajectory of the market
• Recommendations to companies for strengthening their foothold in the market

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