Report: 4K Set Top Market to Hit $3.65B by 2024

SAN FRANCISCO—All the buzz surrounding 4K TV could lead to a surge in the 4K Set Top Box (STB) market over the next few years. According to Grand View Research, a market research and consulting company, that surge could hit $3.65 billion by 2024 and cites increased demand for 4K content and growing sales for compatible 4K TVs and display devices as a key indicator.

New set top boxes with enhanced broadcast capabilities on Digital Video Broadcasting-Satellite standards have allowed content providers to offer more 4K content. Products like the Apple TV, Amazon’s Fire TV and Google’s Chrome cast media streaming devices have been able to stream video and provide OTT content over the Internet. The large scale presence of smart TVs has been one of the reasons for the growth in demand for these new set top boxes, according to Grand View.

However, the report does say that high initial and up gradation costs, as well as high subscription fees for 4K content, could provide a challenge to the expected industry growth over the forecasted period.

In addition to 4K set top boxes, Grand View also sees a growth in IPTVUHD set top boxes. The report says that IPTVUHD boxes contributed to more than 20 percent of the market revenue in 2014, and could see that rise over the projected eight years. Hybrid set top boxes, which help viewers access multiple TV delivery methods, could see a compound annual growth rate of 5 percent throughout the forecast period as well.

To read Grand View’s full report, click here.