Northbrook, IL 60062 -- (SBWire) -- 12/19/2022 --The global broadcast equipment market was valued at USD 4.6 billion in 2021 and is projected to reach USD 6.3 billion by 2027, registering a CAGR of 4.9% during the forecast period.
The rising demand for broadcast equipment is attributed to the increasing adaptation of high-definition (HD) content, evolution from analog to digital broadcasting, and access to on-demand content via OTT platforms.
Key Market Players
Cisco Systems, Inc. (US), Telefonaktiebolaget LM Ericsson (Sweden), CommScope (US), Evertz Microsystems, Ltd (Canada), Harmonic Inc. (US), EVS Broadcast Equipment (Belgium), Grass Valley (Black Dragon Capital) (Canada), Wellav Technologies Ltd (China), Clyde Broadcast (UK) are some of the key players in the broadcast equipment market.
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Driver: Heightened demand for encoders to support multiple formats
Encoders have become a necessity in the broadcasting industry for ensuring accuracy, precision, and control. They are combinational logic circuits that convert an active input signal into a coded output signal. Encoders used for media broadcasting support multiple formats such as audio and video or image data formats.
OTT services also deliver audio, video, and other media content over the internet without the involvement of cables. To offer better video quality to subscribers, broadcasting players are making use of video encoders. The rise in the adoption of OTT-based content viewing has fueled the demand for encoders in broadcasting. The launch of video encoders provides the sports, media & entertainment industry with a viable solution that allows remote production, remote operation, and live production in the cloud.
Opportunity: Implementation of AI-based technologies for broadcasting
Artificial intelligence (AI), in recent times, is playing a major role in strengthening and transforming industries across the world. From governmental bodies, large organizations to small online businesses, AI is used by multiple entities over multiple platforms. Broadcasting technologies incorporated with artificial intelligence are being used in the broadcasting workflow. It helps viewers to accurately and automatically grow productivity, efficiency, and creative opportunities during content production.
The broadcasting industry is utilizing AI for making visual content more interactive and interesting. Moreover, AI can be used in FM radio stations to monitor illegal broadcasting and record their frequency. Such factors are enhancing the use of AI-based technologies for broadcasting, which will drive the growth of the broadcasting equipment market.
The market for digital broadcasting segment is expected to grow with a higher CAGR during the forecast period
The digital broadcasting segment is expected to grow at a higher CAGR during the forecast period of the broadcast equipment market. Digital broadcasting is the practice of using digital signals rather than analog signals for broadcasting over radio frequency bands. It has gained widespread traction, especially in digital television such as digital terrestrial television and satellite television.
The encoder segment held the largest share of the broadcast equipment market in 2021
In 2021, the encoders segment held the largest share of the broadcast equipment market. Encoders are broadly used in digital broadcasting. Increasing demand for UHD content production and transmission has been recognized as one of the key factors that is driving the growth of the. Also, the rising number of digital channels is anticipated to offer major growth opportunities to emerging as well as established broadcast equipment ecosystem players in the near future.
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The television segment of broadcast equipment market hold the largest share of market in 2021
The television application segment accounted for the larger share of the broadcast equipment market in 2021 and is expected to grow at a higher rate and dominate the market during the forecast period. The growing demand for IPTV and digital terrestrial broadcasting services, along with the existing terrestrial broadcasting and the increasing satellite broadcasting, has led to the rise in the demand for television broadcasting.
Broadcast Equipment Market Size, Share, Trends and Industry Analysis 2027