Future Growth Potential for the Set-Top Box Market

In order to demodulate the incoming broadcast signal into audio and visual content that can be recorded, played again, and captured, the set-top box incorporates a digital demodulator. Almost all set-top box producers incorporate integrated circuits (IC) in their products for home entertainment.

According to a research report by Astute Analytica, the Global Set-top Box Market value was US$ 23.1 billion in 2022 and is expected to reach US$ 28.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 2.9% over the projection period from 2023 to 2031.

The rising demand for high-definition channels among consumers is one of the major drivers of the set-top box market's expansion. An increase in internet penetration, an increase in the incorporation of motion sensors into STBs, an increase in the demand for televisions, and an increase in disposable income are additional significant market-driving drivers.

The modernization of production techniques, technological improvements, and the market's demand for R&D will all increase growth in the set-top box market.

The Rise in Asia Pacific Demand

India is a sizable market for set-top boxes and is on the verge of digitizing its cable TV system, which involves a statewide upgrading of cable boxes and a flourishing direct-to-home satellite sector. Of all the regions, APAC had the fastest-expanding market.

For instance, by the third quarter of 2019, which concluded in September, India had approximately 69.30 million customers. The Telecom Regulatory Authority of India (TRAI) said that the nation had the most subscribers in 2019.

The Set-Top Box Market in North America is thought to be fairly developed, with intense competition between the major competitors. Businesses in North America are constantly searching for fresh features to include in their set-top boxes, such as gateway capabilities, security, and improved HD capability, in order to get a competitive edge.

Originally published at Set-Top Box Market on April 17, 2023.

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