Set Top Box Market Size Report & Overview 2022–2028

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)

Publication Month : Jul 2022

  • Report Code : TIPRE00008869
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 168
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[Research Report] The set top box market is projected to reach US$ 25,535.9 million by 2028 from US$ 20,855.1 million in 2022; it is expected to grow at a CAGR of 3.4% from 2022 to 2028.

Analyst Perspective:

The set-top box (STB) market has experienced significant growth and transformation in recent years. With the fast advancement of digital technology and the increasing demand for high-quality content, the market for STBs has expanded globally. One key market driver is the transition from analog to digital broadcasting. The need for STBs has surged as countries worldwide shift to digital TV signals. STBs play a vital role in decoding and converting these digital signals for television display, ensuring compatibility and improved picture quality. The rise of internet-based streaming services also influences the market. Streaming devices, such as Roku, Apple TV, and Amazon Fire TV, have gained popularity, allowing users to access a wide range of online content directly on their TVs. This trend has propelled the demand for STBs that support internet connectivity and offer seamless streaming experiences.

Additionally, the proliferation of high-definition (HD) and ultra-high-definition (UHD) content has fueled the need for advanced STBs capable of delivering superior picture and audio quality. With its advanced chipsets and solutions, Broadcom has catered to the evolving needs of consumers and service providers. Their set-top box products have gained recognition for their performance, reliability, and compatibility with various broadcasting technologies. Moreover, the over-the-top (OTT) services market has impacted the set-top box industry. OTT refers to content delivered directly to viewers via the internet, bypassing traditional broadcasting channels. As OTT platforms like Netflix and Amazon Prime Video gain popularity, consumers seek set-top boxes that integrate these services, allowing seamless access to online content on their televisions. While the set-top box market continues to flourish, the emergence of smart TVs with built-in streaming capabilities poses a potential challenge. Smart TVs offer integrated solutions by combining television and streaming services, potentially reducing the demand for separate set-top box devices. One can buy a set-top box from the market. Set-top boxes are widely available in electronic stores, department stores, and online platforms. You can visit a local electronics retailer or check online marketplaces to explore different brands, models, and features of set-top boxes. It's important to research and compare options to find a set-top box that suits your requirements and is compatible with the broadcasting services or streaming platforms you intend to use. Consider pricing, features, customer reviews, and after-sales support when purchasing. Broadcom set-top box market, offers a wide range of advanced and highly integrated solutions that enable seamless content delivery and enhanced user experiences for consumers worldwide. Major players in the market, including Broadcom, are developing advanced 4K STB solutions that support features like Ultra HD video playback, HDR and advanced audio codecs, catering to the growing consumer expectations for superior picture quality and immersive entertainment.

The set-top box gaming market has witnessed a significant surge in popularity, blending the worlds of entertainment and gaming seamlessly. These innovative devices offer a unique gaming experience by transforming traditional set-top boxes into gaming consoles, allowing users to enjoy various games on their television screens. Alongside this gaming revolution, the top box food industry has grown remarkably. Combining convenience and culinary delights, top-box food services have revolutionized how people enjoy home meals. With a few clicks, consumers can order gourmet meals or pre-packaged ingredients conveniently delivered to their doorsteps, offering a seamless and satisfying dining experience without stepping outside.

Market Overview:

A set-top box (STB) is a device that links to a television and permits users to access digital content. It is an intermediary between the TV and external sources such as cable, satellite, or internet streaming services. The STB decodes and displays digital signals, converting them into a format compatible with the television. It offers channel tuning, program guides, on-demand content, and interactive services. Set-top boxes have become essential for modern TV viewing, providing improved picture and sound quality, expanded content choices, and enhanced entertainment options. The set-top box (STB) market is a rapidly evolving industry crucial in delivering digital content and interactive television services. The market for set-top boxes has seen significant growth with the advent of Internet Protocol Television (IPTV) services. IPTV allows the transmission of television content over Internet protocol networks, providing viewers with a wider range of channels and on-demand content. The rise of IPTV set top box market has fueled the demand for set-top boxes that support this technology, enabling seamless streaming and interactive services. High-Definition (HD) set-top boxes have gained popularity among consumers seeking superior video quality. HD set-top boxes support high-resolution content, delivering sharper images and enhanced visual experiences. As consumers increasingly demand immersive viewing experiences, the demand for HD set-top boxes has grown steadily.

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Set Top Box Market: Strategic Insights

Market Size Value inUS$ 20,855.1 Million in 2022
Market Size Value byUS$ 25,535.9 Million by 2028
Growth rateCAGR of 3.4% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Market Driver:

Digitization of Televised Networks to Drive Growth of Set Top Box Market

The digitization of televised networks has been a significant driver in the growth of the set-top box (STB) market. As countries worldwide transition from analog to digital broadcasting, the need for STBs has increased significantly. One of the primary reasons for this growth is the improved efficiency and quality of digital signals. Digital broadcasting offers several advantages over analog, including better picture and sound quality, increased channel capacity, and interactive features. However, digital signals require specialized equipment to decode and display them on televisions, which is where STBs come into play. STBs are essential devices that receive, decode, and convert digital signals into a format compatible with television sets. They ensure seamless reception and display of digital content, allowing viewers to enjoy improved visual and audio experiences.

The transition to digital broadcasting has also opened up new avenues for content distribution. Digital signals enable broadcasters to offer a broader range of channels, interactive services, on-demand content, and high-definition programming. This expanded content landscape increases the demand for STBs as viewers seek devices to access and display these enhanced offerings. Moreover, digitization has paved the way for traditional broadcast and internet-based content convergence. Many STBs now incorporate internet connectivity, enabling users to access streaming services, online platforms, and interactive applications. This convergence has further fueled the demand for STBs as consumers look for devices seamlessly integrating broadcast and OTT content. The digitization of televised networks has also prompted regulatory mandates and initiatives in various countries, encouraging consumers to adopt digital TV services. Governments and broadcasting authorities have implemented policies to phase out analog broadcasting and promote the use of digital platforms. These initiatives create a favorable environment for STB manufacturers, as consumers need compatible devices to access digital content.

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Segmental Analysis:

Based on product, the analysis is categorized into:

  1. Cable
  2. Satellite
  3. IPTV
  4. Others

The cable segment held the largest share of the market in 2020, whereas the others segment is anticipated to register the highest CAGR in the market during the forecast period. The cables segment has been the dominant force in the set-top box (STB) market, primarily due to cable TV networks' widespread adoption and reliability. Cable STBs are crucial in receiving and decoding signals transmitted through coaxial cables, providing a seamless connection between the cable network and the television. The established infrastructure and bundled service offerings of cable operators have contributed to the continued dominance of the cables segment in the STB market.

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Regional Analysis:        

The Asia Pacific region emerged as the dominant force in the market. With its vast population, rapid economic growth, and increasing consumer demand, the region witnessed significant market expansion and captured a substantial market share. Several key factors contributed to the Asia Pacific region's dominance. The region's burgeoning population played a crucial role. With more than half of the world's population residing in Asia, it provided a massive consumer base for various industries. The growing middle class in China set top box market propelled the demand for goods and services, stimulating market growth across sectors. The rapid economic development in the region fueled market dominance. Countries like China, Japan, South Korea, and India experienced substantial GDP growth rates, creating favorable business environments. Rising disposable incomes, urbanization, and infrastructure development encouraged consumption and market expansion. Additionally, emerging economies like India and Southeast Asian nations embraced digital transformation, fostering the growth of e-commerce, fintech, and other digital industries. Furthermore, favorable government policies and initiatives were vital to the region's market dominance. Governments implemented measures to attract foreign investments, promote business-friendly regulations, and support domestic industries. These efforts created a conducive environment for companies to establish their presence and thrive in the region. The Asia Pacific region's dominance extended across various sectors. It emerged as a manufacturing hub, attracting global companies due to low labor costs and abundant resources.

The Indonesia set-top box market has witnessed notable development in recent years, driven by the increasing demand for digital television services and the transition from analog to digital broadcasting. As the most extensive economy in Southeast Asia with a population of over 270 million people, Indonesia presents a lucrative market for set-top box manufacturers and service providers. One of the primary factors contributing to the growth of the set-top box market in Indonesia is the government's initiative to switch from analog to digital television broadcasting.

In 2019, the Indonesian government set a target to complete the analog switch-off process by 2022, prompting consumers to adopt digital TV services and invest in set-top boxes capable of receiving digital signals. This transition has created a surge in demand for set-top boxes nationwide. These devices offer features such as high-definition video quality, interactive services, video-on-demand, and access to internet-based content, catering to the evolving preferences of Indonesian consumers. Another factor driving the set-top box market in Indonesia is the proliferation of over-the-top (OTT) services and video streaming platforms. With the growing popularity of platforms like Netflix, Disney+, and local providers such as iFlix and Vidio, consumers are looking for set-top boxes that can integrate these services and provide seamless access to online content. This trend has led to the development of hybrid set-top boxes that combine traditional broadcast services with internet-based streaming, offering a comprehensive entertainment solution to Indonesian consumers.

In terms of market competition, both local and international players are actively participating in the Indonesian set-top box market. Local manufacturers and distributors have emerged to cater to the increasing demand, capitalizing on their understanding of the domestic market and providing localized content options. International companies are also eyeing the Indonesian market, recognizing its growth potential and investing in partnerships with local content providers and broadcasters to offer a diverse range of programming. However, despite the positive growth prospects, the Indonesian set-top box market faces some challenges. Price sensitivity among consumers remains a key factor, particularly in a price-sensitive market like Indonesia. Affordability plays a crucial role in consumers' purchasing decisions, and manufacturers need to balance cost and features to cater to most Indonesian consumers.

The India set top box market has witnessed significant growth over the years, driven by various factors such as the rapid digitalization of cable and satellite television, the growing popularity of direct-to-home (DTH) services, and the increasing demand for high-definition and interactive TV experiences. India has a massive population of over 1.3 billion people, making it one of the largest consumer markets globally. The country's shift from analog to digital television has been instrumental in boosting the demand for set-top boxes. The Indian government initiated a digital cable set top box TV transition in 2012, mandating cable operators to switch to digital signals. This transition led to a surge in adopting set-top boxes across the country. The DTH segment has played a significant role in driving the growth of the set-top box market in India.

DTH services offer various channels and interactive features, allowing viewers to choose and customize their content preferences. Another factor contributing to the growth of the India set-top box market is the rise of Over-The-Top (OTT) platforms and video streaming services. This has led to the development of hybrid set-top boxes in India, which combine traditional broadcasting services with internet-based streaming, offering a comprehensive entertainment solution. The competition in the India set-top box market is intense, with domestic and international players vying for market share. Local manufacturers have emerged and gained prominence due to their understanding of Indian consumer preferences and cost-effective solutions.

Key Player Analysis:

The set top box market analysis consists of the players such as 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. Among the players in the set top box Sagemcom and Huawei Technologies Co. are the top two players owing to the diversified product portfolio offered.

Recent Developments:


Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the set top box market. A few recent key market developments are listed below:

  • In January 2022, Samsung Electronics Co., Ltd introduced its latest MICRO LED, Neo QLED, and Lifestyle TVs ahead of CES 2022. With advancements in the picture, sound quality, more screen size options, customizable accessories, and an upgraded interface, the 2022 screens bring the vision of ‘Screens Everywhere, Screens for All’ closer to reality with life-like images, immersive sound, and hyper-personalized experiences.
  • 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.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product and Content Quality

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

Which is the leading product type segment in the set top box market?

The cable segment led the set top box market by product type in 2022, whereas others segment is expected to grow at a fastest CAGR.

Which are the key players holding the major market share of the set top box market?

The key players holding the major market share of the set top box market are Humax, Technicolor, Huawei, Sagemcom, and Coship.

Which is the fastest growing regional market?

APAC is the fastest-growing regional market in the global set top box market during the forecast period from 2022 to 2028.

What are the driving factors impacting the global set top box market?

The driving factors impacting the set top box market are:
Technological Transformations in Set-Top Box
Stringent Government Initiatives for Mandating Digitalization of Cable TV

What is the estimated global market size for the Set Top Box Market in 2021?

The global set top box market is expected to be valued at US$ 20,855.1 million in 2022

What are the future trends in the set top box market?

Growing demand for integration of OTT platforms with set-top box is expected to create more futuristic demand for advanced set top box. This will further impact the market growth positively.

The List of Companies - Set-Top Box Market

  1. Advanced Digital Broadcast
  2. Commscope Inc.
  3. Shenzhen Cozhou Electronics Co., Ltd (Coship)
  4. Huawei Technologies Co., Ltd.
  5. Humax Holdings
  6. Kaonmedia Co., Ltd.
  7. Sagemcom
  8. Skyworth Group Co., Ltd.
  9. Zinwell Corporation
  10. Altech UEC
  11. Technicolor SA

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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