Global broadcast equipment market to hit $6.88bn by 2028
By Felicia Nwosu
The Broadcast Equipment Market size is estimated to reach USD 6.88 billion by 2028, growing at a CAGR of 5.91% during the forecast period (2023-2028), according to a projection.
The estimated growth is hinged on key factors such as technological advancements in digital equipment, installing IoT, AI, and cloud-based platforms driving the broadcast equipment market growth.
Globally, there is no doubt that over the last few decades, consumers’ demand for better-quality video and audio have rapidly upgraded broadcast equipment products and technology. Though it was previously expected to gain USD 5.16 billion in 2023, the rapidly evolving nature of digital audio and video formats and the need for open, national, or international consensus standards for creating and preserving digital audio and video are challenging the market’s growth.
This is according to a recent report released by Mordor Intelligence. The report revealed several industry dynamics responsible for driving the growth of the broadcast equipment market growth. It noted that the fact that today’s consumers are shifting from television to digital media, staying relevant in broadcast media is challenging but necessary for long-term viability.
According to Mordor, these include technological advancement which has further driven broadcasters to provide UHD output to their premium users, fueling the market growth. Also, the rise of D2C streaming platforms has created a need for equipment that can support seamless streaming, on-demand content delivery, and personalized viewer experiences. These factors are fueling the market growth.
It also added that the increase in the number of digital channels and the growing adoption of advanced broadcasting equipment, the sports section is the biggest market for TV viewers worldwide, finding ways to deliver video content at scale with 8K video quality in sports coverage and 4K quality in news coverage, provide impetus to market growth.
The research report further identified the impact of Covid-19 from being a strong influencer in boosting the growth of the broadcast equipment market with the introduction of several opportunities into the scene. It affirmed that with the impact of COVID-19, the market is well-positioned to benefit from an economic revival and the industry transition to IP and Cloud-based solutions. This includes conferencing tools like Zoom popped up globally, allowing users to conduct virtual business meetings effectively.
The report added: “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 remote production, remote collaboration, or remote operation, broadcast professionals leverage IP streaming technology to collaborate closely with their peers in real time.”
The industry is characterized with the challenge of a high rate of cyber-attacks which has continued to inflict significant harm on a company, both in terms of financial losses and damage to its reputation. These attacks, the report stated, can potentially compromise users’ data, including valuable content and sensitive information on a broadcasting operator’s channel.
Another platform, known as the Observatory of Economic Complexity, OEC, in its own report disclosed that in 2021, Broadcasting Equipment were the world’s 5th most traded product, with a total trade of $473billion. It said between 2020 and 2021 that the exports of Broadcasting Equipment grew by 14.6%, from $413B to $473B, with Trade in Broadcasting Equipment representing 2.25% of total world trade.
Its latest data also showed that between 2020 and 2021, the exports of Broadcasting Equipment grew the fastest in China ($26.3B), Vietnam ($9.2B), Mexico, ($4.75b), Austria ($2.69b), and India ($1.94b). The data indicated that between 2020 and 2021, the fastest growing importers of Broadcasting Equipment were the United States ($19.1B), Hong Kong ($10.5B), Mexico ($5.28B), United Arab Emirates ($4.51B), and Slovakia ($2.35B).
The competitive rivalry between various firms in the broadcast equipment market depends on price, product, or market share, along with the intensity with which they compete.
It reeled out some prominent major players who are shakers and movers in the segment and these include Cisco Systems Inc., Telefonaktiebolaget LM Ericsson, Harmonic Inc., Evs Broadcast Equipment Sa, and Grass Valley.
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