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Set top Boxes Market to Register Exponential Growth across Emerging Economies
Set-Top Boxes Market (By Type - Cable Set-Top Boxes, Satellite Set-Top Boxes, IPTV Set-Top Boxes and HBB Set-Top Boxes; By Video Quality - Standard Definition Set-Top Boxes and High Definition Set-Top Boxes) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022
Published 27 October 2015
Spurt in market opportunities across Asia Pacific and Latin America is likely to boost the global set-top boxes market. A set-top box (STB), also known as a set-top unit (STU), is an information appliance device. It comprises display output connects, TV-tuner input, and an external signal source. These devices connect the television with an external signal source that receives digital or analog signals. The device then transforms the signal into video content, which is displayed on television screens using satellite, IPTV, or a cable.
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What Drives the Global Set-top Boxes Market?
The advent of cable television and satellite TV can be traced back to the early 1990s, when consumers were introduced to the world of high-definition picture and digital sound. Over the years, the technology has greatly advanced. Earlier users had access only to a few private channels, but modern-day users not only enjoy access to an unfathomable volume of channels but they can also choose and customize their subscription package to include only their favorite pay channels. This new trend has been ushered by the advent of set top boxes.
Impelled by the latest technological advances, the global set top box market has become dynamic and versatile. It offers a myriad benefits to customers, such as pause, record, and store functionalities alongside easy deployment options. The picture quality is greatly enhanced with the introduction of HD or high-definition TVs, and users can also enjoy having multiple television sets at home using the set-top box unit, which is a major advantage propelling the global set-top boxes market.
High Demand for Digitized Television to Boost Global Set-top Boxes Market
The launch of HD channels and smart television has increased the demand for digital television services, which in turn will boost the set top box (STB) market. Touted as one of the hallmark products in the consumer electronics segment, the set top box market is poised to register unprecedented growth worldwide, especially across emerging economies of Asia Pacific and Latin America.
Mass digitization across China and India and increased migration to set-top boxes will give an incredible boost to the set-top boxes market in Asia Pacific. To address the hike in demand, the set-top boxes market will have to look beyond domestic manufacture. Nevertheless, digitization has triggered impressive opportunities for domestic production across regional markets to pace up.
Digital television has received immense support from governments in countries such as India. Favorable government initiatives encouraging the switch to digital television in the country have bolstered the market for set-top boxes in Asia Pacific. Moreover, the increase in local manufacturing of set-top boxes is likely to eliminate supply chain challenges and significantly bring down the cost incurred by service providers.
Set-top Boxes to Face Operational Challenges
In the matters of hindrances to the market, the DTH industry and STB market is plagued by serious operational challenges. The industry is compelled to oblige to multiple tax schedules, such as the entertainment tax, license fee, service tax, and VAT. This often hampers the market’s growth prospects. In developed countries, the set-top boxes market had to go through the economic slowdown, owing to which its growth rate has plummeted in the past couple of years.
Increased R&D and Technological Advances to Boost Future Market Opportunities
Economic conditions have demonstrated a considerable improvement since the 2008-09 recession, with an increasing number of new manufacturers emerging in the global STB market. Thus, the market operations have expanded and competition has increased. Moreover, ongoing technological developments and research efforts to offer better picture and sound quality through set top boxes is expected to boost growth opportunities for the industry in the near future.
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