The Europe Set Top Box Market would witness market growth of 3.3% CAGR during the forecast period (2021-2027).
Technological advancements have resulted in the production of a wide variety of STBs stocked with multiple features. Due to this, the competition among set-top-box manufacturers has become fierce. One of the most requested features is digital video recording, which allows viewers to watch and record their favourite shows. Furthermore, with 5G coming to the majority of countries, key market participants are incorporating advanced features to make STBs compatible with 5G networks.
The demand for higher picture resolution is driving the expansion of the set-top box market. This development has accompanied the rise in sales of high-definition televisions. Sales of 4K UHD TVs have increased significantly over the last few years. In fact, the sale of 4K televisions may trump all other televisions in the near future.
Set-top boxes are used in both the commercial and household sectors for a variety of reasons. In Europe, the commercial sector will significantly boost demand for set-top boxes. The hospitality industry in the region is undergoing significant infrastructural upgrades, which is boosting demand for set-top boxes in regional resorts and hotels. The sector is rapidly developing across numerous European countries, increasing demand for the commodity.
Due to the presence of entertainment key players such as Netflix, Amazon, Disney+, and BBC iPlayer in Europe, the set-top box business is expected to gain momentum in the near future. For amusement and leisure, an increasing number of individuals are turning to these video streaming leaders.
The Germany market dominated the Europe Set Top Box Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,656.5 Million by 2027. The UK market is anticipated to grow at a CAGR of 2.4% during (2021 - 2027). Additionally, The France market would display a CAGR of 4% during (2021 - 2027).
Based on Product, the market is segmented into Cable, Satellite, DTT, IPTV, and OTT. Based on Resolution, the market is segmented into HD & FHD, SD, 4K & Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Set Top Box Market Size will Hit $28.7 Billion by 2027, at a CAGR of 3.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LG CNS Co., Ltd., Advanced Digital Broadcast SA, Shenzhen Cozhou Electronics Co., Ltd., EchoStar Corporation, Kaonmedia Co., Ltd., Sagemcom Broadband SAS, Technicolor SA, CommScope Holding Company, Inc., Samsung Electronics Co., Ltd., and Huawei Technologies Co., Ltd.
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