Smart Textile Market
Smart Textile Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Press Release :
Rapid advancements in textile technologies, nanotechnology, biosensors, new materials, and miniaturized electronics are bringing about a major change to the overall growth dynamics of the global market for smart textiles. Although the sector is still in the very early stages of development, the possibilities of innovative smart textiles extending the overall usefulness and functionalities of common fabrics are immense.
In the future years, smart textiles are expected to find applications across several industries and an increasing number of companies will step in the market with their products. Rising interest from industries such as medical devices, fashion, entertainment, and defense is poised to encourage further development in smart textiles and increase investments aimed at future research and development activities.
Transparency Market Research states that the global smart textiles market held an opportunity of US$700 mn in 2014. The market is expected to exhibit an excellent CAGR of 30.8% CAGR through 2023 and rise to a valuation of US$7,730.0 mn by 2023.
Applications in Sports and Fitness Sector to Fuel Growth
Smart textiles hold immense promise in the sector of wearable devices and are expected to be emerge as the primary vehicles for the wearable technology’s widespread use. The use of wearable devices such as heart rate monitors, motion sensors, and pedometers is expected to see a significant rise in the next few years as the global consumer becomes increasingly aware about healthcare and personal wellbeing in general.
This trend will encourage the increased use of smart textiles across the sports and fitness domain. TMR analysts suggest that the smart textiles market across the sports and fitness industry will expand at a 33.1% over the period between 2015 and 2023.
The market is also expected to witness substantial traction across the healthcare and military and defense industries in the next few years. In 2014, the military and defense industry accounted for a share of over 28% in the global smart textiles market in terms of revenue. In the same year, the healthcare industry accounted for a share of over 18.5% in the market. Through 2023, the military and defense sector for smart textiles is expected to expand at nearly 30% CAGR, emerging as a major driver of the global market.
High Demand in Sports and Fitness Sector to Enable North America Smart Textile Market Take Top Spot
North America is presently the leading regional market for smart textiles, with more than 40% of the global market in 2014. The region is trailed by Europe, which accounted for a share of over 30% in the global market in the same years. These developed regions have traditionally remained at the forefront of adoption of new technologies owing to high disposable incomes of the population and high awareness about technological advancements.
The market for smart textiles in North America is expected to witness significant expansion in the future years as well. Demand will be driven most prominently driven by favorable developments across the sports and fitness sector and high demand for innovative textiles in the automotive industry. Revenue-wise, the sports and fitness sector in the North America smart textiles market will expand at about 32% CAGR through 2023.
Increasing Demand for Wearable Technology such as Sensors to Propel Smart Textile Market
Quick progressions in textile advances, nanotechnology, biosensors, new materials, and scaled down gadgets are achieving a significant change to the general development elements of the worldwide market for smart textiles. Albeit the area is as yet in the beginning phases of improvement, the prospects of inventive smart textiles broadening the general handiness and functionalities of normal textures are colossal.
Smart textiles hold gigantic guarantee in the area of wearable gadgets and are relied upon to be arise as the essential vehicles for the wearable innovation's inescapable use. The utilization of wearable gadgets, for example, pulse screens, movement sensors, and pedometers is relied upon to see a critical ascent in the following not many years as the worldwide shopper turns out to be progressively mindful about medical services and individual prosperity when all is said in done.
Later on years, smart textiles are required to discover applications across a few ventures and an expanding number of organizations will step in the market with their items. Rising revenue from ventures like clinical gadgets, design, diversion, and guard is ready to support further advancement in smart textiles and increment speculations focused on future innovative work exercises.
The developing inclination for wearable innovation, for example, sensors and different sorts of electronic gadgets are the key elements liable for the developing interest for smart textiles. The rising utilization of wearable innovation that is broadly utilized in pulse sensors and in different sensors to check wellness will likewise go about as a distinct advantage for the smart textile market. Huge utilization of these advances is relied upon to change the manner in which individual wellbeing is observed.
The combination of wearable innovation at a huge scope and quick headways in the textile assembling are projected to upset the worldwide smart textile market soon. A portion of the other factor factors adding to the development of this market are the expanding way of life, rising discretionary cashflow, and developing spending in the clinical innovation and medical services. Scaling down of electronic parts, accessibility of modern devices, and ease of smart remote sensors have developed the interest for smart textiles broadly and will enlarge the development of the market in coming years.
Global Smart Textile Market: Overview
Smart textiles can be understood as enhanced fabrics that are produced in a way to integrate with technology and provides multiple functionalities to the wearer. The abilities of these smart textiles to sense and react to changing environmental conditions such as mechanical, thermal, magnetic, chemical, and others makes them highly useful for various purposes for the industry players pertaining to healthcare, sports and fitness, military and defense, and others. In addition to that, a number of research and development activities are currently underway in order to improve and diversify the applications of smart textiles and consequently, the demand for the same is escalating. According to this report, the demand in the global smart textiles market will increment at an exceptional CAGR of 30.8% during the forecast period of 2016 to 2024. The analysts of the report have estimated the opportunities in the global smart textiles market to translate into a revenue of US$7,730.0 mn by 2023, considerably up from its evaluated worth of merely US$700 mn in 2014.
This report on the global smart textile market is a business intelligence tool developed by professional research analysts who are experts in the field of textile and understand the technology as well as the commerce of it. Beginning with a crisp executive summary of the current condition of the market, the report provides comprehensive assessment of dynamics such as trends, drivers, and challengers, segments the market on the basis of function and application, gauges the potential of demand that can be expected from various regions and countries during the forecast period, and finishes off with a featured section on the competitive landscape, wherein a number of leading players have been profiled for their market shares and product portfolio. Some of the targeted audiences of this report on the global smart textiles market are manufacturers of smart textiles, end users who can benefit from the knowledge of latest technological advancements, technology investors, and government and financial institutions.
Global Smart Textile Market: Trends and Opportunities
Uptrend in wearable electronics industry, miniaturization of electronic components, increasing popularity of sophisticated gadgets with advanced functions, rapid growth of low-cost smart wireless sensor networks, accelerated demand from the sports sector as it strongly helps in improving player’s performance, and growing demand from the healthcare industry are some of the key factors driving the demand in the global smart textile market. On the other hand, high cost of production, constraints pertaining to the integration of electronic components into textiles, the lack of exhaustive standards and regulations, and issues regarding product protection and thermal consideration are holding the market from attaining its true potential. Nevertheless, the vendors of this market stand to gain new opportunities from growing application of smart textiles in wearable, multi-featured and hybrid application in mobile devices, and the development of key enabling technologies.
Global Smart Textile Market: Geographical Outlook
North America, backed by the technology-savvy country of the U.S., is currently the most lucrative region in terms of demand in the global smart textile market. North America provided for more than 40% of the total demand for smart textiles in 2014, followed by Europe, which accounted for 30% of the total demand.
Global Smart Textile Market: Competitive Landscape
Koninklijke Ten Cate nv, E.I. DuPont De Nemours and Co., Texas Instruments Inc., and Gentherm Inc. are some of the key companies ahead of the curve in the global smart textiles market, reserving nearly the half of the shares, with E.I. DuPont De Nemours and Co. held the leading position as of 2014.