Set Top Box Market is expected to reach US$ 25,535.9 Million by 2028

PRESS RELEASE BY The Insight Partners 14 Jul 2022

Share this press on

According to our latest market study on “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.

Set Top Box Market Share – by Region, 2021

Set Top Box Market Share – by Region, 2021

Set Top Box Market Size Report & Overview 2022–2028

Download Free Sample

Set Top Box Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Cable, Satellite, IRTV, and Others), and Content Quality (Standard Definition (SD), High-Definition (HD), and 4K)

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.

Impact of COVID-19 Pandemic on Set Top Box Market

The sudden shutdown of all economic activities across all countries in the region due to the COVID-19 outbreak highly impacted the entertainment industry, not allowing them to telecast new episodes. This has influenced the huge population of developing countries like India and China to adopt OTT platforms for fresh entertainment and on-demand videos. For instance, Netflix and Disney+ Hotstar witnessed increase in the numbers of subscribers in India during 2020. Moreover, China being the manufacturing hub of the globe has experienced major downfall in the manufacturing of set top boxes during the pandemic. However, cable operators across the region are taking several initiatives to reduce the impact on the market. DTH providers have floated several deferred payment options to influence the adoption of the same in the region and are expected to increase the adoption by 7–8% post the pandemic era.

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.

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.

Contact Us

Phone: +1-646-491-9876
Email Id:

Download Free PDF Brochure