Global set-top box market expected to almost double over next six years

The global set-top box (STB) market will reach $29.78 billion by 2024 according to new research from Million Insights. That’s almost double the value compared to 2015 ($17.14 billion).

The new figures suggest the market growth is being driven by the increasing penetration of HD channels and Smart TVs from consumers.

Increased storage space and improved recording are also factors in the predicted rise in demand.

Million Insight predicts the global market will “present considerable opportunities for market growth” between now and 2024, with the rise of products including, 4K UHD TVs, 3D smart interactive TVs and OLED TVs.

It suggests the regional market for STBs is expected to grow at a CAGR of nearly 2.5 per cent from 2016 to 2024 primarily driven by the rise in the sales of low-cost cable, DTT and satellite DTT.

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Source: TVB Europe