USD 23.25 billion
Report ID: SQSG20D2016 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 64 | Figures: 75
Global Set-Up Box Market size was valued at USD 23.25 billion in 2021 and is poised to grow from USD 23.97 billion in 2022 to USD 30.53 billion by 2030, growing at a CAGR of 3% in the forecast period (2023-2030).
Positive market outlook for set-top boxes is being created by rising demand for advanced digital broadcasting to improve the viewing experience and various countries' supportive initiatives for the digital transition. During the anticipated timeframe, it is anticipated that the addition of high-definition channel support in STBs and the provision of numerous value-added services by DTH operators will generate significant set-up box market growth opportunities. Set-top box improvements like built-in voice assistant, enhanced sound quality, high-definition gaming support, and remote recording capability are helping to drive market growth. Participants in the market are concentrating on working together with DTH operators to improve the service capabilities of their STBs.
Increased OTT content streaming on laptops, tablets, and smartphones is somewhat affecting the demand for set-top boxes. Data from the India Brand Equity Foundation (IBEF) shows that there were 29 million subscribers in the Indian OTT market in July 2020, a 30% increase from March 2020. Furthermore, industry statistics are expected to be impacted by OTT platforms' lower subscription costs than TV channels and their variety of features, including remote accessibility. However, the development of smart TVs with OTT platform and high-definition gaming applications built in is a major factor influencing the set-top box market. Due to their greater flexibility compared to STBs, OTT smartphone applications are gaining popularity with consumers, which will challenge industry statistics. Numerous telco firms, including China Mobile, Airtel, Jio, and T-Mobile, offer TV services on smartphones at a price that is less expensive than that of DTH providers.
US Set-Up Box Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 23.25 billion
HD & Full HD
4K & above
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Global Set-up box Market is segmented based on the Product, Content Quality, and region. Based on the Product, the Market is segmented as IPTV, Satellite, Cable, DTT, OTT. Based on Content Quality, the Market is segmented as HD & Full HD, 4K & above. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Set-Up Box Market Analysis by Product
Based on the Product, the set-up box market is bifurcated into IPTV, Satellite, Cable, DTT, and OTT. The set-up box market share that belongs to cable is the largest with over 70 million units sold. In particular, the cable segment's dominance of the market over the past ten years has been made possible by the significant adoption of cable STBs in the developing countries of Asia Pacific. Demand for the product is also being fueled by government regulations requiring cable digitization as well as advantages provided by cable TV, like improved channel carrying capacity. Several cable service providers are upgrading their technology and service offerings as a result of realizing that cable TV continues to be the most well-liked medium for educating the public and disseminating messages. In contrast, as consumer choice has shifted in favor of technologically sophisticated content viewing platforms, cable TV has become less and less popular over the previous few years.
Set-Up Box Market Analysis by Content Quality
Based on Content Quality the set-up box market is segmented into HD & Full HD and 4K & above. With a revenue share of more than 87.43% during the projection period, the HD and Full HD segment is expected to dominate the market. This is mostly because of the benefits it offers, such as access to a wider choice of channels than the 4K alternative. Due to their advantages, including better sound and picture quality and exclusive channels, HD and Full HD STBs are gradually replacing traditional SD boxes. The availability of HD services enabled by smart TVs and 8K TV sets has gradually expanded due to the expansion in their sales, which is encouraging for the segment's growth throughout the forecast period. The market for 4K and higher resolutions is anticipated to expand significantly, with a CAGR of more than 7.8% over the forecast period. The growth can be attributed to the increase in interest in sharp, high-resolution content. The segment is anticipated to grow as a result of favorable regulatory conditions for the installation of set-top boxes and the extensive digitization initiatives being pursued in numerous nations. Government agencies in the United States, like the Federal Communications Commission (FCC), are pursuing beneficial initiatives to support the makers of third-party STBs, which is resulting in new growth opportunities for 4K STB manufacturers.
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Asia Pacific is expected to control the set-up box market share. The region's middle-class population in particular is increasingly consuming media and entertainment content, which is positive for the expansion of the local market. Over the projection period, product demand is likely to rise as consumers become more aware of technologically advanced products and their advantages over conventional set-top boxes in terms of quality, functionality, and cost-effectiveness. Prominent manufacturers like Kaon media Co. Ltd. and Huawei are aggressively incorporating the newest technology, such as Bluetooth, motion sensors, and Virtual Reality (VR), into their products as part of their efforts to strengthen their market positions. It is anticipated that the market for OTT media services will expand.
Given that the majority of households in the region already have these devices installed, the regional market in North America is comparatively saturated. However, due to features like customizable configurations and high-quality video and sound content transmission, the area is anticipated to be appealing for emerging Internet-based STBs, such as IPTV and OTT. Additionally, it is anticipated that the exponential growth will be fueled by the rising prominence of international OTT service providers in developing nations, such as Netflix, Star TV Network, and Amazon Prime Video.
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Set-Up Box Market Driver
Set-Up Box Market Restraint
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The Global Set-up box market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Set-Up Box Market Top Player's Company Profiles
Set-Up Box Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Set-up box Market Analysis, in terms of product, the market share that belongs to cable is the largest with over 70 million units sold. In particular, the cable segment's dominance of the market over the past ten years has been made possible by the significant adoption of cable STBs in the developing countries of Asia Pacific. In terms of quality, the HD and Full HD segment is expected to dominate the market. This is mostly because of the benefits it offers, such as access to a wider choice of channels than the 4K alternative.
|Market size value in 2021||USD 23.25 billion|
|Market size value in 2030||USD 23.97 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Set-Up Box Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Set-Up Box Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG20D2016