The global set-top box (STB) market will reach $29.78 billion by 2024 according to new research.
That’s almost double the value compared to 2015 ($17.14 billion).
The figures come from new research by Million Insights, who say the market growth is being driven by the increasing penetration of HD channels and Smart TVs with consumers.
Increased storage space and improved recording are also factors in the predicted rise in demand.
Million Insight predicts the global market is 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.