Casting Devices Market - Global Forecasts from 2023 to 2028

The global casting devices market is expected to grow at a CAGR of 3.65% during the forecast period

Casting devices are pieces of hardware or software that let users stream or mirror material from their computers, tablets, or smartphones onto bigger displays, like TVs or projectors. These devices connect the source device and the casting device via wireless technology, such as Wi-Fi or Bluetooth. For a more immersive viewing experience, users may then choose media material, such as videos, images, or apps, and stream it directly to the larger screen. Google Chromecast, Apple TV, Roku Broadcasting Stick, and the Amazon Fire TV Stick are a few examples of casting devices that are widely used.

Market Drivers:

Rising use of smart televisions to drive the market

Since smart TVs combine the features of a traditional TV with those of a computer, users can access the internet and install apps in addition to viewing their favorite shows on them. the rapid uptake of smart TVs in emerging markets. The entertainment sector has made considerable strides thanks to the introduction of innovative innovations, including motion and speech recognition features in smart TVs. Marketers are benefiting from the growing popularity of smart TVs for advertising by expanding their customer base.

Rising technological developments

The global casting devices market size is predicted to be accelerated by the introduction of cutting-edge features like voice recognition in smart televisions and the creation of new technologies like 4K resolution.  Additionally, the market players' increasing investments present a wealth of additional chances for market expansion.

Rising demand for entertainment streaming services

During this projection period, the need for casting devices is anticipated to expand as video-on-demand (VoD) service use rises. Additionally, it is anticipated that changing consumer behavior and the increasing acceptance of casting devices would speed up market expansion. These are unmanaged, networked devices with the primary function of receiving and showing on-demand material from the Internet. The global casting devices market share is predicted to expand as consumers have more alternatives for how to watch content on desktops, cell phones, and tablets, as well as new technologies like 4K resolution and broadband connectivity become available.

High demand for lightweight metal

A rise in the demand for lightweight metals, which are used across a variety of industries, but mainly in the automobile sector. Casting machinery is in greater demand as more cars are put together. Additionally, an increase in manufacturing across all industries has a positive impact on the sale of casting equipment globally. These are the main elements that are anticipated to drive the casting equipment market throughout the course of the forecast.

Opportunities are being created in the market for casting equipment through simulation software like CAD

With the development of CAD software that optimizes casting design, new opportunities are opening in the global market for casting equipment. The adoption of CAD files to direct additive manufacturing programs, such as in the 3D printing of bound sand into ideally designed molds and cores, is one novel opportunity in the current cycle of casting equipment technology. These developments aid in making castings into cast structural elements for machines, vehicles, and other devices that are lighter and more functionally effective. It is also conceivable to hasten the design of a customized machine to maximize the earnings potential of its market niche by coordinating with these trends.

Market Restraints:

Casting Quality Defects as a Barrier to the Market for Casting Equipment

When materials are produced using casting equipment, quality flaws are probably going to occur. Additionally, there are internal defect concerns during the casting design phase, where metal flow is employed to identify and minimize the risk of internal defect induced by gas pockets during mold filling which is limiting the global casting devices market share.

North America expected to be the significant market for casting devices globally

The North American region is anticipated to lead the global casting devices market during the projected period. Due to the region's tech-savvy population, North America is anticipated to hold the greatest market share and dominate the casting devices market during the forecast period. Large multinational corporations are heavily concentrated in the area, which has a significant impact on the expansion of the market for casting equipment.

The popularity of VoD subscriptions in the region, along with the lucrative deals provided by the service providers to draw clients, and the rising demand for the content generated are primarily responsible for North America's supremacy in the industry under investigation.

Market Key Developments

• In September 2022, Google launched a cheaper version of its smart casting device, Chromecast. The new product launched has various capabilities including the Plug in and play feature. As per the company’s data, the new Chromecast with Google TV (HD) launched is available for US$29.99 in the US marketplace.
• In January 2022, Samsung Electronics, in its news release announced the launch of its MICRO LED, Neo QLED as well as Lifestyle TVs, incorporating next-generation picture quality and range of cutting-edge personalization options as well. The products launched have mirroring and casting functions as well.

Segmentation:

By Type

• Gaming Consoles
• Media Streamers
• Smart TVs

By Application

• Gaming Consoles
• Media Streamers
• Smart TVs

By End-User

• Commercial
• Residential

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Others