Set Top Box (STB) Chipset Market Estimated To Witness Growth Due To Increasing Demand For Connected And Advanced Television
Set Top Box (STB) chipsets are integrated circuits used in television set-top boxes for functions like encoding, decoding, processing and security of audio-video signals. STB chipsets help enable features like digital video recording, video on demand, TV streaming and interactive program guides. They decode signals from a variety of sources including cable, satellite, IPTV and over-the-air broadcasts for display on television screens.
The global Set Top Box (STB) Chipset Market is estimated to be valued at US$ 3829.99 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for connected and advanced television is one of the key drivers boosting the Set Top Box (STB) Chipset Market. Connected TVs and digital media streamers allow users to access internet-based content and services like streaming apps, over-the-top (OTT) media services and smart home control on televisions. This has increased the adoption of streaming devices like Roku, Apple TV and Fire TV that require STB chipsets for functions like decoding video signals and running the device's operating system. The rise of multi-room streaming and supporting technologies like 4K resolution has further expanded the capabilities of modern televisions, driving the need for advanced and powerful STB chipsets. The increased penetration of smart televisions with built-in streaming functionality has also augmented demand for STB chipsets used in streaming devices and TV boxes. STB chipsets that support emerging technologies have helped television OEMs offer a rich experience to users, serving as another factor stimulating growth of the market.
SWOT Analysis
Strength: Set top box chipsets allow for an improved viewing experience through features like 4K resolution and HDR support. Integrating advanced chips allows for seamless streaming and switching between multiple content sources. Manufacturers are also developing more power-efficient and lower-cost chips to drive adoption.
Weakness: Frequent technology updates mean STB chipsets need regular upgrades to support new standards. This leads to added costs for manufacturers and consumers. Interoperability issues also arise when integrating chips from different vendors into a single set-top box.
Opportunity: The growth of multi-room DVR systems and shift to internet protocol television provide opportunities to deploy more STBs per household. Emerging markets in Asia Pacific and Latin America represent vast untapped potential as pay TV penetration increases.
Threats: Online streaming devices pose a threat as they provide similar content access through apps at lower price points. The popularity of streaming media players and smart TVs incorporating streaming capabilities internally could undermine demand for traditional set-top boxes. Security risks from outdated chipsets remaining unpatched for extended periods is another concern.
Key Takeaways
The Global Set Top Box (STB) Chipset Market Size is expected to witness high growth over the forecast period supported by rising pay TV subscriber growth in key regions. The global Set Top Box (STB) Chipset Market is estimated to be valued at US$ 3829.99 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.
North America currently dominates led by the widespread use of traditional cable and satellite systems. However, Asia Pacific is poised to be the fastest growing market with countries like India, Indonesia, and Vietnam expected to drive significant new subscriptions. North America will remain the largest market as cable TV penetration remains high in the US and Canada, though cord-cutting trends could impact growth.
Key players: Key players operating in the set top box chipset market are Broadcom Inc., STMicroelectronics, MediaTek Inc., Intel Corporation, AMD Inc., MStar Semiconductor, and Realtek Semiconductor. Broadcom and STMicroelectronics currently lead the market backed by their wide product portfolios and long-standing relationships with major OEMs.
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