Dublin, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The "Global Casting Devices Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
With the constant evolution of streaming technology and the increasing demand for home entertainment, the global casting devices market is poised to experience substantial growth. According to the latest market research, this industry is expected to see a significant expansion at a CAGR of 3.65% from 2023 to 2028.
This growth is largely attributed to the rise in smart television usage, technological advancements in casting devices, and the soaring demand for video-on-demand (VoD) streaming services.
The integration of innovative features such as voice recognition into smart TVs, the advent of 4K resolution technology, as well as increased investments by market players are driving the market forward. Furthermore, the shift in consumer behavior towards streaming on larger screens and the advancements in broadband connectivity are expected to further bolster the global casting devices market size.
North America is trending as the significant player in the casting devices landscape. This is due to a combination of factors, including the region's readiness to adopt new technologies, the presence of key industry players, and the region’s high adoption rate of VoD subscription services. Moreover, consumer preferences for content on demand and various service providers’ offers are enhancing this dominance within the market.
Market Opportunities and Restraints
The demand for lightweight metals, notably within the automotive industry, is another factor contributing to the market growth, as casting devices play a vital role in vehicle manufacturing. Meanwhile, the emergence of simulation software, like Computer-Aided Design (CAD), is generating new opportunities in the casting devices domain by facilitating optimized designs, which in turn, could lead to innovations in machining and the overall functionality of casting equipment.
However, quality defects in casting processes are posing challenges that may hinder market growth. These defects become potential barriers to the otherwise piece of equipment seeking to deliver precision and efficiency.
Recent Market Developments
- In September 2022, the launch of a new affordable Chromecast by Google was witnessed, featuring plug and play capabilities, contributing to the versatility of casting device options for consumers.
- In January 2022, Samsung Electronics announced the introduction of its MICRO LED, Neo QLED, and Lifestyle TVs, all of which boast mirroring and casting features to elevate the user experience further.
The global casting devices market report also provides a detailed segmentation based on Type, Application, End-User, and Geography, furnishing an in-depth analysis for market stakeholders.
Report Segmentation:
By Type
- Gaming Consoles
- Media Streamers
- Smart TVs
By Application
- Gaming Consoles
- Media Streamers
- Smart TVs
By End-User
- Commercial
- Residential
Companies Mentioned
- ASUSTeK Computer Inc.
- Honeywell International, Inc.
- Accenture
- Samsung
- Google Inc
- Panasonic Corporation
- Koninklijke Philips N.V.
- Fujitsu
- Apple Inc
- AnyCast
- Microsoft Inc.,
- Ignite Technologies
- Cisco Systems, Inc
For more information about this report visit https://www.researchandmarkets.com/r/nh82ew
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
