Mumbai, Feb. 24: The Set Top Box (STB) market in India is reportedly said to grow at an annual growth rate of 29.3 percent by 2015, a new study has revealed.
A study by Frost and Sullivan has found that the total market consumption for STB was 23.52 M units in 2013 and is expected to reach volumes of 39.4 M units by next year.
The reason for the hike in the growth of the STB market is attributed to the introduction of High Definition (HD) channels and Smart TVs.
The Cable Television Networks (CTN) Amendment Bill 2011, which mandates digitization of TV broadcasts pan India by 2014, has provided the necessary thrust for driving growth of the STB market, both cable and satellite.
Director of Automation and Electronics Practices at Frost and Sullivan, Niju V, said that the cumulative demand of over 100 million STBs between 2013 and 2015 highlights the immense potential this market has.
Niju V further noted that the huge domestic demand indicated the need for increased indigenous manufacturing as currently the local production caters to only 30 percent of the demand.
It has been observed that digitization has opened up immense opportunities for domestic manufacturing to pick up and local production of STBs is projected to rise in the future as the Indian Government pushes consumers to switch over to digital TV before December 2014 as part of its cable TV digitization policy. (ANI)