Global broadcast equipment markets set for sustained lucrative growth

Driven by the adoption of digital broadcasting technologies, the proliferation of over-the-top (OTT) platforms, and increasing investments in advanced broadcasting infrastructure, the global broadcast equipment market is set for a period of sustained growth.

According to a new report by Transparency Market Research, the global broadcast equipment market’s value is expected to grow from US$5.3 billion in 2023 to US$9.3 billion, expanding at a compound annual growth rate (CAGR) of 5.1% during the forecast period.

Transparency Market Research identified the following factors driving the growth of the global broadcast equipment market:

1.   Growing demand for high-quality content: Consumers increasingly expect high-definition (HD) and ultra-high-definition (UHD) content, prompting broadcasters to invest in cutting-edge equipment.

2.   Rise of OTT platforms: The burgeoning popularity of OTT services, such as Netflix and Hulu, is spurring demand for advanced broadcasting infrastructure to handle high-volume data transmission.

3.   5G integration: The advent of 5G networks is expected to revolutionise broadcasting by enabling faster and more reliable transmission, supporting live-streaming and real-time communication applications.

4.   Shift to IP-based broadcasting: Broadcasters are adopting IP-based workflows to streamline operations and reduce costs, further boosting the market for digital broadcasting equipment.

The Asia-Pacific region is expected to be the fastest-growing region, fuelled by expanding media consumption, urbanisation, and government initiatives to digitise broadcast systems.

However, like all regions, the APAC industry faces challenges such as high initial investments.  Upgrading legacy systems to state-of-the-art digital broadcasting equipment requires substantial capital, which can hinder adoption among smaller players.

Regulatory compliance can also be challenging, with having to adhere to varying regulatory standards across regions adding complexity to the market landscape. However, Transparency Market Research is confident that the growing penetration of the internet in emerging economies and advancements in cloud-based broadcasting solutions are expected to create lucrative prospects for market players.