The global broadcast equipment market was valued at USD 5.2 billion in 2023 and is estimated to reach USD 6.7 billion by 2028, registering a CAGR of 5.3% during the forecast period. Heightened demand for encoder to support multiple formats, and technological advancements in broadcasting equipment are the major driving factors for the growth of the broadcast equipment market.
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Based on type, the encoders are expected to dominate the broadcast equipment market from 2023 to 2028. The dominant position of the encoders segment can be attributed to the increasing prevalence of live broadcasting and remote production. As the demand for high-definition (HD) and ultra-high-definition (UHD) content continues to rise, encoders have become indispensable for delivering these superior viewing experiences. The adoption of advanced video codecs such as High-Efficiency Video Coding (HEVC) and H.264 has become widespread in order to achieve more efficient compression. Encoders have evolved to support these codecs, enabling broadcasters to offer higher-quality content while using lower bitrates.
Based on technology, digital broadcasting segment to grow fastest in broadcast equipment market during the forecast period. This market segment is primarily propelled by ongoing advancements in signal broadcasting worldwide and the increasing emphasis of television and radio broadcasting entities on digital broadcasting as opposed to analog methods. Many countries have enacted mandates for transitioning from analog to digital broadcasting standards, creating a substantial market for digital broadcasting equipment and services as broadcasters upgrade their infrastructure to align with regulatory requirements.
Based on application, the television segment held the largest share of the broadcast equipment market and this trend is projected to continue during the forecast period. This is due to the ongoing technological advancements in television display and the transmission of audio and video signals, a surge in the demand for high-definition content, and the increasing prevalence of major global sporting events like the Olympics and the World Cup, which draw massive television audiences.
Based on region, North America held the largest share of the broadcast equipment market, and a similar trend is likely to be observed during the forecast period. The increasing number of satellite and cable television channels and rapidly growing base of internet users has prompted broadcasters in the region to offer high-quality content to viewers. Also, the technological innovations are attracting the customers from across the world. Many North American broadcasters have expanded their reach globally, providing content to international audiences. They also have a substantial market for broadcast equipment in corporate settings, educational institutions, and government organizations. These factors are anticipated to offer major growth opportunities to emerging as well as established players in the broadcast equipment market In the region.
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Major players operating in the broadcast equipment market include Cisco Systems Inc., (US), Telefonaktiebolaget LM Ericsson (Sweden), CommScope (US), Evertz Microsystems, Ltd (Canada), Harmonic Inc. (US), EVS Broadcast Equipment (Belgium), Grass Valley (Canada), Wellav Technologies Ltd. (China), Eletec Broadcast Telecom S.A.R.L (France), and Clyde Broadcast (UK). These companies have reliable manufacturing facilities and strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. These companies have built a strong reputation for their products and services, with a well-established portfolio reflecting their industry expertise. Their market presence is robust, backed by strong business strategies that have enabled them to maintain a significant market share.