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.
Global Smart Textile Market: Snapshot
The rapid pace of technological advancements and phenomenal developments in biosensors, nanotechnology, textile technologies, miniaturized electronics, and new materials have been impacting the global smart textile market in positive ways. The global smart textiles market is also gaining popularity due to the benefits they offer over conventional materials. Growing interest of industries such as automotive, fashion, sports, and medical devices in improving their line of products is projected to offer the global smart textile market new avenues for growth.
The research report by Transparency Market Research offers a comprehensive outlook on the global smart textile market. With the help of primary and secondary research methodologies the publication offers an exact and an accurate assessment of the various factors projected to influence the trajectory of the global smart textile market.
Global Smart Textile Market: Drivers and Trends
The growing popularity of using textiles engineered with technologically advanced elements such as sensors or circuits has augmented the growth of the global smart textiles market. The market is projected to gain momentum in the coming years as end users are trying to use these textiles in a wide range of industries for gaining clarity on several functions. Furthermore, development of smart textiles with advanced features such as antibacterial properties, UV protection, and water and stain resistance are also projected to nurture market growth over the next few years.
Global Smart Textile Market: Segmentation
On the basis of application, the global smart textiles market is segmented into military and defense, healthcare, automotive, entertainment, sports and fitness, and others. The increasing adoption of smart textiles in design and development of wearable devices is expected to offer several lucrative opportunities to the overall market during the forecast period. Wearable devices such as motion sensors, heart rate monitors, pedometers, watches, and other fitness gear are expected to key consumers of smart textiles as integration of nanotechnology in textile has allowed the world to understand human body better.
Smart textiles will be used to gain deeper understanding of sports, stress levels, irregular heartbeats, and other factors in the near future. Not only will these materials be used to improve the way sports are played but also to offer effective intervention to patients suffering from myriad diseases. Analysts expect that the smart textiles market in sports and fitness industry will rise at a CAGR of 33.1% between the forecast years of 2015 and 2023.
Global Smart Textile Market: Regional Outlook
In terms of geography, the global smart textile market is segmented into Asia Pacific, Europe, North America, and Rest of the World. North America has been leading the global market for the past few years. The North America smart textile market held a share of over 40% in the global market in 2014. Europe closely followed this with a share of about 30% in the global market in 2014. The high adoption rate of technology in the developed region and acceptance of improved products are expected to aid these regions to achieve higher revenues in the coming years.
The emergence of sports and fitness sectors in these regions has also proven to be favorable to the growth of the market. Innovation of textiles and their adoption in the automotive industry across developed regions has also proven to be beneficial to the market.
Key Players Mentioned in the Report are:
The leading players operating in the global smart textile market are E.I. DuPont De Nemours and Co., Gentherm Inc., Koninklijke Ten Cate nv, and Texas Instruments Inc.