The demand for media-rich home entertainment services among consumers is increasing and is anticipated to fuel market growth. The growth is further fostered by favorable government initiatives, large-scale digitization programs, and mandatory installation of set-top boxes (STBs). Improved standard of living owing to increased purchasing power is positively impacting the industry growth.
The global 4K STB market size is projected to reach USD 7.18 billion by 2024, according to Grand View Research. The growing inclination of the global public toward ultra-high-definition (UHD) video viewing can be attributed as a major reason for the 4K STB market growth.
The initiatives undertaken by the Federal Communications Commission for supporting third-party STB manufacturers is paving the way for expansion of UHD STB industry. The market is anticipated to gain traction in Asia-Pacific owing to the strong presence of low-cost STB manufacturers, especially in countries such as Korea, Taiwan, and China.
The Asia-Pacific 4K STB market was valued at just over USD 50 million in 2015 and is projected to witness high growth over the next 8 years. India is poised to emerge as a lucrative market for UHD STBs with the country expected to witness a CAGR substantially higher than the regional average. Several DTH operators such as Tata Sky, Videocon, and Airtel have launched UHD STBs and are attempting to achieve a higher rural penetration with affordable regional packages.
The increasing penetration of 3-D and 4K TVs and escalating demand for large-screen displays are fueling the demand for UHD STBs. Smart features such â€¨as STB operability through voice commands given â€¨by remote control unit (RCU) is garnering high potential.
The computational capabilities of STBs in combination with the advent of quality standards to satiate growing customer expectations have culminated in the STB market growth.