Broadcast Equipment Market Size

Broadcast Equipment Market Analysis

The Broadcast Equipment Market size is estimated at USD 5.23 billion in 2024, and is expected to reach USD 7.23 billion by 2029, growing at a CAGR of 6.70% during the forecast period (2024-2029).

• With the change in consumer preference from TV to digital media, it is becoming increasingly difficult but essential for broadcast media to remain pertinent. The landscape of broadcast television is undergoing significant changes, and there is a need to adapt in order to stay current.
• Over the last few decades, consumers' demand for better-quality video and audio has rapidly upgraded broadcast equipment products and technology. With content being produced in 4k and UHD formats, broadcasting in the identical format for enhanced viewing quality has resulted in IP live-production technology. This is significant for live production, where a premium is placed on flexible and efficient system control.
• Technological advancement has further driven broadcasters to provide UHD output to their premium users, fueling market growth. Moreover, the rise in digital channels and the increasing utilization of cutting-edge broadcasting devices, featuring 8K video quality for sports coverage and 4K quality for news coverage, contribute to the acceleration of market growth.
• The sports section is the biggest market for TV viewers worldwide, finding ways to deliver video content at scale. The increasing number of devices and formats presents several challenges for broadcasters, service providers, content owners, and rights holders. The rental sports broadcast equipment sector is another significant revenue generator for the broadcast equipment market. The increasing number of international sports tournaments drives the rental market for broadcast equipment.
• Moreover, the rising income, increasing purchases of consumer durables, and the increasing availability of fast and cheap internet will positively impact the market growth. As per IBEF, India, television is projected to constitute 40% of the Indian media market in 2024, trailed by digital advertising (12%), print media (13%), Cinema (9%), and the OTT & gaming industries (8%), advertising (12%), cinema (9%), and the OTT and gaming industries (8%). By 2025, it is anticipated that the quantity of linked intelligent televisions will reach around 40-50 million.
• The rapidly developing nature of digital audio and video formats and the need for open, domestic, or international agreement norms for generating and preserving digital video and audio are challenging the market's growth. Norms for digital audio and video formats and compression methods are evolving with every new advancement in digital technology.
• Notwithstanding the uncertainties of COVID-19, the market was well-positioned to benefit from an economic revival and the industry transition to IP and Cloud-based solutions. The industry has reached a stage where new habits and means of working have settled for most broadcast and media organizations. Cloud infrastructure is expected to support remote workflows and eliminate dependency on on-premises systems. For broadcasters, the pandemic has accelerated the adoption of distributed workflows for greater operational agility. Whether for remote production, remote collaboration, or remote operation, broadcast professionals leverage IP streaming technology to collaborate closely with their peers in real time.