Global Casting Devices Market – Industry Trends and Forecast to 2029

Market Analysis and Size

The global market for casting devices is anticipated to generate significant amounts of revenue over the forecast period. This forecast is predicated on the widespread use of casting devices for e-learning, web browsing and gaming. Consequently, these growth determinants aid the market to have a positive outlook during the forecasted timeline.

Global casting devices market was valued at USD 271.43 million in 2021 and is expected to reach USD 573.42 million by 2029, registering a CAGR of 9.80% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation

Market Definition

Casting is the process of sending media data, such as video and images, from a device, such as a mobile phone, tablet, or computer, to a television or linked TV device. Casting devices allow playing a specific file on TV while users conduct other tasks on their PC, tablet, or mobile device.

Casting Devices Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Rapidly increasing Usage of Smart TVs

Smart TVs enable users to access the internet and download apps in addition to watching their favorite shows since they mix the functions of a conventional TV with those of a computer. The high rate of smart TV adoption in developing markets. With the development of cutting-edge technologies, including gesture and speech recognition capabilities in smart TVs, the entertainment industry has seen significant advancements. According to the Consumer Technology Association, 32 percent of smart TVs will be in use globally by 2019. The increased use of smart TVs for advertising is assisting marketers in growing their clientele. According to Rhythmone, a provider of digital advertising technology, the number of smart TVs in use in the US climbed from 62 million in 2016 to 94.8 million in 2018. Consequently, the increasing utilization of smart TVs further boost the overall market’s growth rate.

Additionally, some of the key drivers driving the growth of the casting devices market are rising need for simple and affordable ways to access entertainment content with a lean-back experience, rising video-on-demand (VoD) service use, changing consumer behavior and technological advancements.

Opportunities

• Development of Technologies And Surging Investments

The development of new technologies like 4K resolution and advancement such as voice recognition features in smart televisions is estimated to generate lucrative opportunities for the market, which will further expand the casting devices market's growth rate in the future.  Additionally, the surging investments by the market players further offer numerous growth opportunities within the market.

Restraints/Challenges

• Availability Of Native Smart TV Apps

The rising availability of native smart TV apps are further projected to derail the overall market’s growth. These factors are further expected to obstruct market growth over the forecast period.

• Lack of Technical Knowledge

The market growth rate will be further slowed down by a shortage of qualified personnel or technological know-how, particularly in developing and underdeveloped economies. The dearth of technical knowledge is therefore estimated to be significant challenge for the casting devices market over the forecast period.

This casting devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the casting devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Casting Devices Market

The casting devices market was immensely impacted by the outbreak of COVID-19. The demand for casting devices has decreased due to the worldwide travel and transportation bans and the stoppage of manufacturing operations. It is currently impossible to estimate the challenge's true size and scope. The worldwide shutdown has created a stop in automobile and aircraft manufacture, which has significantly influenced the overall market situation for casting devicess. The oil and gas, automotive, and goods and manufacturing sectors are all experiencing a shutdown, which is causing a decline in income for the casting devices market. After lockdown limitations are released, casting device prices increase because of a lack of raw materials. This is expected to have a detrimental effect on the casting devices market's already disturbed demand-supply chain.

Recent Developments

• In May 2020, Climax Technology Co. Ltd. producer of wireless alarm systems, introduced the SVGS Series of shock, vibration, and glass break sensors, including the SVGS-3-F1, SVGS-3, SVGS-5-F1, and SVGS-5 with a battery life of around 4-5 years. These sensors' operational temperatures and humidity range are -100C to 450C and 85 percent, respectively. The portable wireless casting devices may be quickly and easily mounted on glass windows, doors, roofs, or safety boxes. It can detect a single significant shock event or a series of minor shock events.

Global Casting Devices Market Scope

The casting devices market is segmented on the basis of type, end-user and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Gaming Consoles
• Media Streamers
• Smart TVs

End-User

• Commercial
• Residential

Application

• E-Learning
• Web Browsing
• Gaming

Casting Devices Market Regional Analysis/Insights

The casting devices market is analyzed and market size insights and trends are provided by country, type, end-user and application as referenced above.

The countries covered in the casting devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the casting devices market because of the tech-savvy population within the region. Moreover, the high concentration of large multinational companies is further estimated to accelerate the expansion over the forecast period.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to increasing number of startup companies within the region. Moreover, the market’s growth in the region would be boosted by the lucrative agreements provided by service providers to draw clients and the rising demand for the content created.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Casting Devices Market Share Analysis

The casting devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to casting devices market.

Some of the major players operating in the casting devices market are

• ASUSTeK Computer Inc., (Taiwan)
• Honeywell International, Inc. (U.S.)
• Accenture (Ireland)
•  Samsung (South Korea)
• Google Inc., (U.S.)
• Panasonic Corporation (Japan)
• Koninklijke Philips N.V. (Netherlands)
• Fujitsu (Japan), Apple Inc., (U.S.)
• AnyCast (Australia)
• Microsoft Inc., (U.S.)
• Ignite Technologies (U.S.)
• Cisco Systems, Inc. (U.S.)

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