Demand for broadcasting equipment is expected to top US$ 6.2 Bn in 2021. As per Persistence Market Research analysis, the market will register impressive growth at 9.4% CAGR from 2021 to 2031.
With growing need for media files over the Internet, there has been a rise in the demand for high-speed connectivity. Increasing investments in high-speed broadband infrastructure is one of the major factors driving market growth. With growing smart city initiatives, there has been a rise in the demand for connected devices, thereby driving demand for broadcasting equipment.
Most commonly used broadcasting products include dish antennas, amplifiers, switches, video servers, encoders, transmitters & repeaters, and modulators, among others. Furthermore, increasing demand for over-the-top (OTT) services in developing countries is further anticipated to drive sales of broadcasting equipment.
Key Takeaways from Market Study
North America was the leading market in 2020 in terms of value for broadcasting equipment. Over the coming years, South Asia and Pacific is expected to be a key market for sustainable revenue, with rising demand for broadcasting equipment in the region.
Video servers are expected to offer higher incremental opportunity during the forecast period, as demand for video broadcasting equipment is increasing significantly, owing to rise in demand for different forms of video-based entertainment.
There has been a rise in the demand for broadcasting equipment owing to increasing transitional activities from analog to digital broadcasting.
With growing popularity of digital broadcasting services, countries in Asia Pacific such as India, China, and Japan are expected to witness potential growth opportunities.
The market in the U.S. is projected to expand at a CAGR of 8.7% through 2031, and is expected to continue its dominance over the coming years.
China and India are expected to progress at an impressive CAGRs of 9.9% and 12.9%, respectively, through 2031.
COVID-19 Pandemic Impact Analysis
The COVID-19 pandemic outbreak has disrupted many industries, including the broadcasting equipment market. The spread of COVID-19 has affected industries in Europe, Asia, and North America, and partially in the Middle East, Africa, and Latin America. A lot of industry verticals have been affected during the pandemic.
However, there has been a positive impact on broadcasting equipment sales during this crisis. Increase in demand for the ultra–high–definition (UHD) content production and transmission from the urban as well as rural population is anticipated to drive market growth. However, factors such as higher cost of broadcasting equipment are anticipated to hamper market growth to some extent. PR Newswire