July 19, 2022 05:00 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, July 19, 2022 (GLOBE NEWSWIRE) -- Set-top box market will register year-on-year growth at 11%, with the overall valuation expected to reach US$ 28 Bn in 2021. As per the study, demand for set-top boxes is expected to rise at a 9% CAGR between 2021 and 2031.
Growing demand for high-definition videos and powerful interfaces with advanced technology will propel the sales of high-definition set-top boxes, as per FMI. The set-top box market will represent over 10% of sales in the global digital broadcasting industry.
Future Market Insights estimates that the global set-top box market to expand at a robust 9% CAGR between 2021 and 2031. The overall sales of set-top boxes are expected to reach US$ 46.09 Bn by the end of 2031.
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Humax Co. Ltd., Huawei Technologies Co. Ltd., Kaonmedia Co. Ltd., Technicolor SA, ADB (Advanced Digital Broadcast) SA, Sagemcom SAS, Samsung Electronics Co. Ltd., ARRIS Group Inc., EchoStar Corporation, Texas Instrument, Broadcom are some of the key companies profiled in the full version of the report.
Key players operating in the global set-top box (STB) market are collaborating with international and local digital broadcasting channels, offering lucrative offers to woo consumers. Also, some of the players are launching HD set-up boxes with advanced features such as integrated OTT platforms to gain a competitive edge.
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Set top box (STB) Market by Category
More Insights into the Set-Top Box Market
Rapid urbanization in the country and rising technological advancements are increasing the adoption of smart technologies across India. Government initiatives such as Make in India support the economy of the country and are propelling the adoption of smart television and smartphones even in rural areas.
India's set-top box market witnessed robust growth in the last few years. FMI estimates the increasing penetration of OTT (over-the-top) platforms and smart devices to drive the sales of STBs in the country.
China is expected to be the most attractive market in the Asia Pacific excluding Japan during the forecast period. As per FMI, APEJ set-top box (STB) market is expected to exhibit incremental opportunity of US$ 10.05 Bn by the end of 2031.
The U.S. is expected to be one of the key producers in the global set-top box market. Growth in the region is primarily attributable to the increasing demand for IPTV set-top boxes and the growing popularity of OTT platforms in the country.
North America is expected to remain at the forefront of the technology and digital broadcasting industries. The decline of pay-TV services in the U.S. compelled the players to introduce set-top box free IPTV services.
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Table of Content 1. Executive Summary
4. North America Set Top Box Market Analysis 2016–2020 and Forecast 2021–2031
4.4. Unit Shipment, Market Size (US$ Mn) By Country, 2016-2020
Click Here for Set-Top Box Market 298 pages TOC Report
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