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Television Broadcasting Market Trends, Market Share, Size, Growth Status And Forecast To 2033
Television Broadcasting Market Trends
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According to The Business Research Company's, The television broadcasting market size has grown strongly in recent years. It will grow from $290.38 billion in 2023 to $308.58 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to increase in tv show budgets by studios, increase in popularity of audio and video broadcasting, and rise in disposable income.
The television broadcasting market size is expected to see strong growth in the next few years. It will grow to $387.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to increasing popularity of internet of things (iot), increasing use of tvs, growing television viewership and subscription to ott subscribers, urbanization demanding high quality content, and technology development. Major trends in the forecast period include widening their consumer reach and increasing their revenue through mergers, focus on digital transformation, focus on interactive, data-driven, and dynamic content, and consider expansion in over-the-top (ott) delivery.
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Market Drivers and Trends:
The rising demand for television sets contributes to the growth of the television broadcasting market. Television is a prominent medium for the transmission of information, news, and entertainment. Therefore, an increase in demand for television sets increases the demand for television broadcasting. For instance, in March 2023, according to TCL Technology, a China-based manufacturing company for mobile phones, televisions, washing machines, and other electronics, TCL's TV division shipped 23.8 million units in 2022, defying the overall decreasing trend. Hence, the rise in demand for television sets will support the growth of the market.
Major companies operating in the television broadcasting market are focusing on strategic collaborations such as Nippon TV Holdings Inc.'s collaboration with the Walt Disney Company (Japan) Ltd. to better meet the needs of their existing consumers. This agreement represents a huge step forward for both firms. Nippon TV is a prominent broadcaster and content creator in Japan, whereas Disney is one of the world's greatest entertainment conglomerates. Both firms will benefit from the relationship by reaching new audiences and strengthening their positions in the Japanese and worldwide entertainment marketplaces. For instance, in March 2022, Nippon TV Holdings Inc., a Japan-based broadcasting holding company, announced a collaboration with the Walt Disney Company (Japan) Ltd. The agreement encompasses the co-production of regional language content on Disney+ for both Japanese and worldwide audiences, as well as the availability of both businesses' content on the platforms they both operate. The Walt Disney Company (Japan) Ltd. is a Japan-based entertainment and media company.
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Major Key Players of the Market:
ABB Ltd, Schneider Electric, Siemens AG, Mitsubishi Electric Corporation, Eaton Corporation Inc, Hitachi Ltd., Toshiba Corporation, Hyundai Electric & Energy Systems Co. Ltd., Larsen & Toubro Limited, Havells India Limited, LS ELECTRIC Co. Ltd., Hyosung Heavy Industries, Meidensha, Nissin Electric, Shihlin Electric, CHEM, Fortune Electric, Anchor Electricals Pvt Ltd, Havells India Ltd, CG Power and Industrial Solutions Limited, Orecco Electric, Tamco, Tenaga Switchgear, GE T&D India Ltd, Bharat Heavy Electrical Limited, Legrand India Private Limited, Industrial Solutions Limited, Fuji Electric, Lucy Electric, Twyver Switchgear, SwitchGear Company NV, Alan Electrical Limited, Electroshield Samara, Alstom, IZVA LLC, SIVAR, S&C Electric Company, Powell Industries, G&W Electric, Noja Power, Abunayyan Holding Company, BMC Manufacturing, TIEPCO, Wahah Electric Supply Company of Saudi Arabia Ltd. (WESCOSA), KFB Holding Group, Afcon, Matelec Group, Egyptian German Electrical Manufacturing Co.
Television Broadcasting Market 2024 Key Insights:
• The television broadcasting market size is expected to see strong growth in the next few years. It will grow to $387.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Rising Television Set Demand Fuels Growth In The Television Broadcasting Market
• Strategic Collaborations Redefining The Landscape Of Television Broadcasting: Nippon Tv And Disney Forge New Alliances
• North America was the largest region in the television broadcasting market in 2023
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