Report : Europe Set Top Box Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Cable, Satellite, IPTV, and Others) and Content Quality [Standard Definition (SD), High-Definition (HD), and 4K]
At 2.6% CAGR, the Europe Set Top Box Market is projected to be worth US$ 6,298.26 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe set top box market was valued at US$ 5,401.17 million in 2022 and is expected to reach US$ 6,298.26 million by 2028, registering an annual growth rate of 2.6% from 2022 to 2028. The technological transformations in set-top box and stringent government initiatives for mandating digitalization of cable TV are the critical factors attributed to the market expansion.
Technological advancements have led to the introduction of a wide variety of STBs exhibiting different characteristics. This has eventually led to fierce rivalry among the set-top box providers. Digital video capture is one of the most desired functionalities of set-top boxes as it allows audiences to record their favorite shows and watch them later as per their convenience. A standalone set-top box that allows viewers to transmit and record TV programs is an over-the-air digital video recorder (DVR) system. Apart from DVRs, subscription-based TV service providers also sell STBs to consumers. Companies are integrating features such as voice command with the help of technologies such as natural language processing (NLP) to simplify searching channels and shows. Interactive features such as video-on-demand and electronic program guide are also increasingly being incorporated in satellite STB units. In addition to basic features, the set-top box units also include a range of interactive and multimedia facilities directly via a consumer television device, such as internet browsing, email, and instant messaging. The DVR feature is also included in cable and satellite set-top boxes, enabling viewers to enjoy content at their convenience. Using MPEG-4.10 (H.264) and SMPTE 421 M (VC-1) allows more content sources and decreases the risk of early product obsolescence. Thus, the abovementioned technological advancements are contributing to the growth of the market. All STB tiers are becoming more advanced and enabling more and better use cases and experiences. enabling the end-user to utilize their STB devices more than before. For instance, the STB devices' integration of super-resolution. When upconverting video sources from lower resolution to 4K, super-resolution employs a combination of AI and conventional video processing techniques to produce a high-quality picture. This may even reach 8K for the most expensive set-top boxes. The set-top box market is predicted to be driven by this assessment of the STB devices' quality.
On the contrary, escalating demand for OTT platforms hurdles the growth of Europe set top box market.
Based on product, the Europe set top box market is segmented into cable, satellite, IPTV, and others. The cable segment held 41.2% market share in 2022, amassing US$ 2,226.67 million. It is projected to garner US$ 2,440.49 million by 2028 to expand at 1.5% CAGR during 2022–2028.
Based on content quality, the Europe set top box market is segmented into Standard Definition (SD), High-Definition (HD), and 4K. The Standard Definition (SD) segment held 44.0% market share in 2022, amassing US$ 2,375.87 million. It is projected to garner US$ 2,567.65 million by 2028 to expand at 1.3% CAGR during 2022–2028.
Based on country, the Europe set top box market is categorized into Germany, the UK, France, Italy, Russia, and the rest of Europe. Our regional analysis states that Germany captured 26.7% market share in 2022. It was assessed at US$ 1,443.70 million in 2022 and is likely to hit US$ 1,638.18 million by 2028, exhibiting a CAGR of 2.1% during the forecast period.
Key players dominating the Europe set top box market are Advanced Digital Broadcast; Altech UEC; Commscope Inc.; Huawei Technologies Co., Ltd.; Humax Holdings; Kaonmedia Co., Ltd.; Sagemcom; Shenzhen Cozhou Electronics Co., Ltd (Coship); Skyworth Group Co., Ltd.; Technicolor SA; and Zinwell Corporation, among others.
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