In 2014, the Global Smart Textiles Market was evaluated around USD 0.72 billion and is expected to reach approximately USD 6.80 billion by 2022 while registering itself at a compound annual growth rate (CAGR) of 28.41% over the forecast period.
Key factors affecting on global Smart Textiles Market:
The growing popularity of advanced gadgets with diverse technologically advanced operations such as reacting and sensing to the surrounding is expected to boost the demand. The declining costs of manufacturing of fabrics and electronic components together with the electronics miniaturization are projected to fuel the market during the forecast years.
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Elements like sensor units, actuators, and controllers are integrated into these fabrics for appropriate performance. The smart textiles are utilized by the military professional for safety and protection purpose and by the customer as a clothing entity. The expansion was primarily driven by fitness & sports application.
These products have a massive growth potential due to their applicability over several sections like automotive, entertainment, and defense which consecutively expected to drive the industry growth over the forecast years.
The increase in demand can also be assigned to the advent of advanced fibers and conductive materials that are utilized to produce these fibers. Nanotechnology has assisted in the formation of these intelligent textiles at a microscopic level as well as in the army equipment & uniforms development.
Application Outlook and Trend Analysis of smart textiles market:
During the forecast period, the sports & fitness application section is projected to experience a major growth with a compound annual growth rate of 35%. Smart fabrics acquire the capability to react to stimulations produced from magnetic, thermal, mechanical, chemical, and electrical sources. With the abovementioned capabilities, it can function in incorporation with advanced electronics devices like fitness watches and belts to observe body and health vitals concurrently.
These products are utilized in applications like fashion &entertainment, architecture, transportation, military & security, and medical. In 2015, usage of these fabrics in military and defense segment reported for more than 25.5% of the overall market revenue.
The rising global population has produced the demand for enhanced medical and healthcare facilities which are directing the application of smart fabrics for rapid patient recovery. Also, the requirement for improvement of athletic performance is expected to impact the research & development activities in this market favorably.
Regional Outlook and Trend Analysis of smart textiles market:
North American market is anticipated to embrace a major global industry share over the projected period. This region reported over 45.5% of the global market during 2015. This can be assigned to the rising requirement for these products in the healthcare and transportation industry.
The low cost of labor and raw material in Asian countries, like India, China, and Japan has changed it into a production hub for these technologies. This has contributed to the reduction in the total smart fabrics production in the European regional market. Therefore, major vendors from the Asia Pacific regional market are tapping opportunities to insert such technologically sophisticated products as an element of their product portfolio.
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Some of the key questions answered by the report are:
What was the Smart Textiles Market size in 2012 and forecast from 2013 to 2022?
What will be the industry Smart Textiles Market growth from 2013 to 2022?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the Smart Textiles Market forecast?
What are the major segments leading the Smart Textiles Market growth and why?
Which are the leading players in the Smart Textiles Market and what are the major strategies adopted by them to sustain the Smart Textiles Market competition?
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