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According to The Insight Partners’ research, the Set Top Box Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product and Content Quality,” the set top box market is expected to grow from US$ 20,855.1 million in 2022 to US$ 25,535.9 million by 2028; it is estimated to grow at a CAGR of 3.4% from 2022 to 2028.

Major advances in digital technology, coupled with a rise in the adoption of broadband services, are driving the APAC set top box market share in a global market. In addition, the set top box market growth is positively influenced by the introduction of motion sensors and cameras into STBs. 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.

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Due to the 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 rely 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 the rising customer demand. The demand for set-top box services in APAC has benefited from rapid internet adoption. The installation of set top boxes is now required by several local authorities in the area. Users will be able to enjoy the services of several DTH providers without switching set top boxes because of these systems’ interoperability features. This will improve the services provided by cable TV providers. In addition, the increasing disposable income among the population is expected to fuel the growth of the set top box market growth during the forecast period.

In 2021, the demand for 4K content increased as more people began binge streaming, while a rise in the popularity of hybrid video has raised the need for hybrid set top boxes. Such developments are expected to recover the market in Asia Pacific. In June 2022, Skyworth Digital announced its partnership with Bhimavaram Community Network (BCN) as the supplier of Asia’s first 4K RDK IPTV box with access to BCN’s digital entertainment offerings in response to the growth in demand. The need for OTT and video on demand (VoD) is growing in tandem with the expansion of high-speed technologies. Additionally, as more and more OTT competitors enter the market, users have more alternatives to choose their preferred content.

In 2021, China held the largest market share. With more than 378 million TV households and multichannel penetration of 48%, or more than 180 million homes, China is the world’s largest television market. Within five years, digital penetration is expected to hit about 70% of cable homes. The average viewer watches TV for less than three hours a day, a trend that has been steady for four years (176 minutes, or around 21 hours a week). Thus, the rising demand among the population for both local and international channels to be telecasted by satellite broadcasting methods is expected to influence the adoption of set top boxes across the region. China, the world’s manufacturing center, has seen a significant decline in the production of set top boxes during the pandemic. To lessen the impact on the market, the cable companies in the area are taking a number of steps. After deciding to use Google’s Android TV Operator Tier as the new box’s operating system, SKY teamed up with Kaonmedia in November 2021 to design and construct a new hybrid set-top box. Wyplay, Irdeto, and Kaonmedia have been chosen by SKY as partners to develop the software and hardware for the Sky Box.

The set top box market size is segmented based on product, content quality, and geography. Based on product, the analysis is categorized into cable, satellite, IPTV, and others. By content quality, the set top box market size is segmented into standard definition, high-definition, and 4K. In terms of geography, the set top box market analysis is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.

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Based on geography, the global set top box market size is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. APAC accounted for the largest set top box market share in in 2021 followed by Europe and North America. APAC is also expected to grow at the highest CAGR during the forecast period.

In North America, one of the key market drivers is the rise in digital entertainment penetration among rural and urban populations. Increased consumer awareness of rapid technological advances and the comparison between efficiency, characteristics, pricing, and benefits have been seen in the region, particularly among the urban population. The arrival of major STB vendors in countries such as the US and Canada has positively affected the regional market growth. Moreover, the increasing prominence of global OTT service providers, such as Netflix, Star TV Network, and Amazon Prime Video, is expected to accelerate growth exponentially in developing countries.

The List of Companies – Set-Top Box Market

Humax, Technicolor, Huawei, Sagemcom, and Coship are among the key set top box market players. In addition, several other important set top box market players were studied and analyzed during this study to get a holistic view of the global set top box market and its ecosystem.

In 2022, Technicolor Connected Home received the Wi-Fi Alliance’s Wi-Fi 6E device certification for its CGM4981 gateway. With this certification, the company’s network service provider (NSP) customers around the globe can offer subscribers the coverage, reliability, and performance associated with Wi-Fi 6E standard.

In 2021, Kaonmedia and 3 Screen Solutions (3SS) jointly announced the completion of their hybrid set-top box integration for Nordic pay-TV giant Allente. The partnership was announced in October 2020.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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