These devices enable users to access HD quality video content on their HD-ready TV sets. Technologicallyadvanced TV sets and increased demand for smart TVs among the global population is gradually increasing the need to access innovative features. Manufacturers provides several variants including cable-based, IPTV, satellite, Digital Terrestrial Television( DTT) and Over the Top( OTT). In 2014, DTT is anticipated to remain the leading set-top box system over the forecast period, which accounted over 25 % of the global industry. Satellite system sends signals received by satellite version and converts it into analog format for viewing on TV sets. Consumers require the subscription to a particular satellite pay-TV operator to use satellite STBs.
Emergence of quality standards coupled with the computational capabilities of devices to meet increasing consumer expectations have resulted in the growth of STB market globally. Migration from DOCSIS 3.0 to advanced DSL standards including vectoring and G. fast coupled with the proliferation of technology, is anticipated to offer opportunities for market growth. Global STB industry was dominated by High Definition( HD) Set Top Box( STB) devices and is expected to replace the traditional Standard Definition( SD) devices from 2016 to 2024. HD devices are projected to constitute over 60 % of the overall industry revenue share in 2014.
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High-quality sound output and HD transmission devices provide high resolution( over 1080p) of video content transmission. Therefore, these technologies have gained increased preference among TV users over the past few years. Service providers are introducing 3D and Ultra HD( UHD) STB devices compatible with 4K and 3D televisions and are gaining momentum in the market. North America is anticipated to experience growing demand for Internet Protocol TV( IPTV) STBs on account of rising high-speed broadband infrastructural support and the customizable features it offers to its users. In line with the energy efficiency concerns, producers are inventing new methods to add a lower sleep type mode that is available in several consumer electronics similar personal computers.
The regional market for STBs is expected to grow at a CAGR nearly 2.5 % from 2016 to 2024 primarily driven by the rise in the sales of low-cost cable, DTT and satellite DTT. The Asia Pacific STB industry is expected experience rapid growth owing to encouraging government mandates and growing consumer adoption in the region. Increase in the overall sales of such products has resulted from declining prices of TV sets. Key market players include Amazon, ADB, Cisco, Echostar, Coship, Huawei, Samsung, HUMAX, Technicolor and Skyworth. Vendors are focusing on product differentiation and integrating supplementary features in their products.
Market Segmentation