Broadcast equipment market set for significant growth, reaching $7.32B by 2030

The global broadcast equipment market is projected to achieve a value of $7.32 billion by the year 2030, expanding at a compound annual growth rate (CAGR) of 4.8% during the forecast period of 2023 to 2030. This growth is primarily driven by the ongoing expansion of digital broadcasting and an increasing demand for ultra-high-definition and 4K content production and transmission.

SkyQuest’s latest research report highlights several key factors contributing to the market’s expansion, including the burgeoning growth of over-the-top (OTT) and streaming services, heightened investments in sports broadcasting and live events and the demand for advanced production and post-production equipment to meet changing consumer preferences.

Innovations such as virtual production, augmented reality (AR) technologies and the integration of artificial intelligence (AI) and machine learning in content analysis and recommendation systems are also playing a significant role in propelling the market forward. Additionally, the shift from standard-definition to high-definition and UHD broadcasting, coupled with the rise of mobile journalism and content creation are notable trends aiding in the market’s growth.

Key players in the broadcast equipment market, including Evertz, Harmonic, EVS, Grass Valley, Sony, Ross Video and Avid, among others, are continually innovating and expanding their product offerings to meet the evolving needs of the industry, the report notes. These companies are focused on developing solutions that support the increasing demand for live sports broadcasting and the growing popularity of OTT and video streaming platforms.

The report also notes the significant demand for switchers, crucial for live production and seamless content delivery, especially in the coverage of live events and sports broadcasts. Sports production has emerged as the leading application segment, driven by the ever-growing popularity of sports events and the demand for high-quality live coverage.

Regionally, North America stands out as one of the largest growing markets, attributed to the expansion of media and entertainment industries and the growing demand for high-quality content. China is also highlighted for its significant developments in the broadcast industry.

The broadcast equipment market is not without its challenges, however.

The transition to IP-based infrastructure requires substantial investment and expertise, posing temporary restraints on market growth. Despite these challenges, the industry’s outlook remains positive, with technological advancements and increasing demand for premium content setting the stage for continued growth and innovation. NewscastStudio