Pune, India, July 31, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Set Top Box Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Content Quality, and Geography,” the set top box market is expected to grow from US$ 20.85 billion in 2022 to US$ 25.53 billion by 2028. The market for the set top box market is estimated to be growing at a CAGR of 3.4% during the year 2022 and 2028. The digitization of televised networks, and growing adoption rates of smart TVs and Internet-based STB devices. However, the increasing production cost might hinder the growth of the market.
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China's dominant position in the set-top box market can be attributed to several key factors. First and foremost, China has a strong manufacturing infrastructure and a vast pool of skilled labor, which enables the country to produce set-top boxes at a large scale and competitive prices. This has allowed Chinese manufacturers to effectively meet the global demand for set-top boxes. Another crucial factor is the Chinese government's support and favorable policies for the electronics industry. The government has implemented measures such as tax incentives, subsidies, and supportive regulations, which have encouraged the growth of domestic set-top box manufacturers. These policies have facilitated technology transfer, research and development, and the establishment of advanced production facilities in the country. China's robust supply chain ecosystem also significantly influences its success in the set-top box market. The country has a vast network of suppliers, ranging from component manufacturers to raw material providers. This extensive supply chain allows Chinese manufacturers to source necessary components and materials efficiently and at competitive prices, further contributing to their competitiveness in the global market.
Additionally, China's large domestic market has provided a substantial advantage to its set-top box manufacturers. With a population of over 1.4 billion, there is a significant domestic demand for digital entertainment and television services. This domestic demand is a valuable testing ground for new technologies and products, allowing Chinese manufacturers to refine their offerings and gain valuable insights before expanding to international markets. Furthermore, China's focus on innovation and technological advancements has contributed to its leadership in the set-top box market. The country has made significant investments in research and development, particularly in digital broadcasting, high-definition video, and internet connectivity. These investments have developed advanced set-top box technologies, enabling Chinese manufacturers to offer feature-rich and cutting-edge products to global consumers.
The United States set-top box market is a competitive and rapidly evolving industry that provides consumers access to television programming and streaming content. Set-top boxes interface the television and the broadcast signals, allowing users to receive and decode digital broadcasts. The market is characterized by various players, including traditional cable and satellite providers, emerging streaming services and device manufacturers. Over the years, there has been a shift towards internet-based streaming platforms, leading to the rise of streaming media players and smart TVs that offer built-in streaming capabilities. Additionally, the Federal Communications Commission (FCC) has implemented regulations to promote competition and consumer choice, such as the "Unlock the Box" initiative, which aims to open the market to third-party devices and applications. This dynamic landscape presents opportunities and challenges for companies operating in the United States set-top box market.
Growing Adoption Rates of Smart TVs and Internet-based STB Devices Provides Lucrative Opportunities for Global Set Top Box Market:
The rise in adoption rates of smart TVs and internet-based set-top box (STB) devices have created significant opportunities for the market. Smart TVs, with built-in internet connectivity and pre-installed streaming apps, offer a convenient and integrated solution for accessing digital content. However, several factors contribute to the continued demand for standalone STB devices. All consumers have yet to upgrade to smart TVs, and many still own traditional televisions without internet connectivity. For these users, standalone STB devices provide a cost-effective solution to access online streaming services, catch-up TV, and interactive features. By connecting these devices to their existing televisions, consumers can enjoy the benefits of internet-based content without investing in a new smart TV. Standalone STB devices offer additional functionalities and flexibility even for those who own smart TVs. These devices often support a wider range of streaming platforms, apps, and services compared to the pre-installed options on smart TVs. Users can choose from various STB devices available in the market that cater to their specific preferences and requirements, including features like 4K resolution, HDR support, and advanced audio capabilities. Furthermore, standalone STB devices are frequently upgraded and updated with the latest software and firmware, ensuring access to the latest features and content. The demand for high-definition video content is increasing, fueling a rapid expansion of the set-top box market worldwide. Revenues from the set-top box industry are also impacted by the growing popularity of OTT content and the expansion of free-to-air pay-tv services. Growing investments and research findings in the consumer electronics sector have a beneficial effect on market expansion. This agility and versatility make them an appealing option for tech-savvy consumers seeking the latest streaming technology advancements.
Additionally, internet-based STB devices often provide enhanced user interfaces, intuitive navigation, and customizable settings that may offer a more seamless and personalized streaming experience compared to built-in smart TV interfaces. These devices typically come with dedicated remote controls or mobile apps, allowing users to easily navigate menus, search for content, and control their viewing experience. Moreover, the portability of standalone STB devices adds to their appeal. Users can easily move these devices between TVs or take them on the go, enabling access to their preferred content across multiple locations or during travel. Technicolor is a renowned company that specializes in providing set-top box solutions for the media and entertainment industry. Their set-top boxes are devices that connect to televisions and enable access to various services such as cable or satellite TV, streaming platforms, and interactive features. Technicolor set-top boxes are known for their advanced technology, user-friendly interfaces, and compatibility with multiple content sources, making them a popular choice among consumers and service providers.
Global Set Top Box Market: Segmental Overview
Based on the product, the analysis is categorized into: Cable, Satellite, IPTV, and Others. The cable segment held the largest share of the market in 2021, whereas the other segment is anticipated to register the highest CAGR in the market during the forecast period. By content quality, the set-top box market size is segmented into Standard Definition, High-Definition, and 4K. The Standard Definition (SD) segment held the largest share of the set-top box market in 2021, whereas the HD segment is anticipated to register the highest CAGR in the market during the forecast period.
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Global Set Top Box Market Analysis: Competitive Landscape and Key Developments
Advanced Digital Broadcast; Commscope Inc.; Shenzhen Cozhou Electronics Co., Ltd (Coship); Huawei Technologies Co., Ltd.; Humax Holdings; Kaonmedia Co., Ltd.; Sagemcom; Skyworth Group Co., Ltd.; Zinwell Corporation; Altech UEC; and Technicolor SA are a few of the key companies operating in the set top box market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In March 2022, Technicolor Connected Home partnered with Bouygues Telecom, one of France’s prominent network service providers with over 26.2 million fixed and mobile subscribers, to develop and deploy a futureproof and premium Android 4K ultra-high-definition (UHD) STB integrated with best-in-class Wi-Fi that delivers video experiences to consumers throughout the French market.
In February 2022, ZTE Corporation, a primary international provider of telecommunications, enterprise, and consumer technology solutions for the mobile Internet, announced that it would launch a new-generation 5G media gateway set-top box (STB) ZXV10 B960GV1 powered by Android TV at the upcoming Mobile World Congress (MWC) 2022 in Barcelona, Spain.
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