February 22 2021
Market Research Future published a research report on “Set Top Box Market Research Report - Global Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Research Future (MRFR) projects that global set-top box market will post a strong CAGR from 2017 to 2023 and reach valuation in excess of USD 26,600 million. Rapid adoption of set-top box across the globe is one the factors boosting the market growth. At the same time, improving satellite commination and lowered cost of broadcasting along with high affordability of set-top box has also helped create growth avenues for market players. In many countries set-top box is a mandatory to view television content. The arrival of smart TV and growing demand for over-the-top (OTT) services is also influencing the growth of global Set Top Box Market.
Some of the leading companies operating in the global set-top box market include Apple Inc., Samsung Group, EchoStar Corporation, Technicolor SA, Kaonmedia Co, Ltd., Huawei Technologies Co. Ltd., Sagemcom SAS, Vishay Intertechnology, Inc. ARRIS International plc., Skyworth Digital Holdings Limited and Google LLC.
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Set-Top Box Market – Segmentation
The segmental analysis of the market is conducted on the basis of product type, content quality, services and end-user.
By product type, the market has been segmented into internet protocol (IP) TV, satellite, digital terrestrial television, Over-the-top (OTT) content, cable and others. The satellite segment currently holds the largest market share and is expected to exhibit an impressive growth rate during the projected future. This is mainly owing to the increased usage of set-top box to power satellite TV installations. The cable segment holds the second spot and was valued at USD 3,582.9 Mn in 2017.
By content quality, the market has been segmented into high definition, standard definition and 4K. In 2017, the high definition (HD) segment commanded 41.5% share of the market and is projected to growth at 5.8% CAGR over 2023. High definition has become an important technological feature in set-top boxes owing to the growing preference for HD content. The 4K segment accounts for the second largest market share in terms of value. Additionally, the segment is expected to grow at the fastest CAGR during the forecast period.
By services, the market has been segmented into managed and interactive services. The managed services segment is further sub-segmented into testing, repairing and screening. The interactive services segment is further sub-segment into high-speed internet television, video conferencing and Video on Demand. The interactive services segment currently represent the largest market share and is expected to witness an above-average growth rate during the projected future. Meanwhile, the managed services segment expected to expand at moderate pace over 2023.
By end-user, the market has been segmented into commercial and residential segment. The residential segment commended for more than two-third share of the market in 2017. The is mainly owing to robust popularity of set-top box in the residential sector. The residential segment is expected to maintain its leading position beyond 2019.
Global Set-Top Box Market – Regional Analysis
Key regions covered in the report include Asia Pacific (APAC), North America, Europe, Latin America and the Middle East & Africa (MEA). Of these, Asia Pacific is currently the most attractive market for set-top box. The set-top box market in APAC is poise to growth at 8.8% CAGR during the forecast period. Rising popularity of technologies such as AR & VR, growing viewership and improving communication and infotainment infrastructure are some of the factors driving the market growth in APAC. Countries such as China and India present tremendous growth opportunities owing to presence of a high number of viewers. North America is second in the pecking order, with a market valuation of more than USD 5888 Mn. Advanced economies such the U.S and Canada are playing an important role in propelling market in the region. Further presence leading market players such as Arris International Plc., Apple Inc., Google LLC., EchoStar Corporation among other puts the region at a favorable position in the global set-top box market.
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