The global smart textiles/smart fabrics market is expected to
reach USD 9.3 billion by 2024, according to a new study conducted by Grand View
Research, Inc. The growing penetration of smart phones enabled with Bluetooth
Low Energy (BLE) for connecting sensor-based devices to the Internet is
anticipated to fuel smart textiles market growth in the coming years. The
increasing adoption of smart textiles across numerous applications, including
sports & fitness and defense & military, are expected to be the key
driving force for the industry.
Defense & military was
observed to be the largest application, where it is used to protect the users
from environmental changes and exposure to enemy weapons. The decreasing prices
of electronic components are anticipated to make production cost-effective,
further contributing to the overall industry demand. Ensuring user friendliness
and the seamless integration of technology into the fabric is a key challenge
for the industry participants.
Browse full research report on Smart Textiles Market: http://www.grandviewresearch.com/industry-analysis/smart-textiles-industry
Further key findings from
the study suggest:
- The global smart textile industry was estimated to be
USD 544.7 million in 2015 and is projected to grow at a CAGR of more than
35% from 2016 to 2024. This is attributed to the growing usage of smart
textile in sports & fitness and medical applications, primarily due to
its water and stain resistance, UV protection, and anti-bacterial
properties, helping users stay protected.
- The protection and military application of smart
textiles is expected to remain the largest market segment over the next
eight years. The demand in sports and fitness applications is anticipated
to witness a significant growth since these fabrics increase the comfort
level of the user and eliminate the use of bulky equipment such as chest
straps. Medical applications accounted for over 7% (in terms of revenue)
of the total market in 2015; the segment is expected to grow faster than
the global average in the coming years. This is anticipated to be driven
by the need for enhancement in administering nursing care, drug delivery,
and other procedures.
- Smart fabric helps measure physiological parameters
such as temperature, heart rate, and blood pressure, among others.
Furthermore, this product is also used by those suffering from late-stage
dementia as it can help refresh their sense of self. The materials used
comprise Phase Changing Materials (PCM), nano fibers, conductive polymers,
and so on while primary components include sensors and actuators. Problems
concerning power supply are expected to drive the need for energy
harvesting in the near future.
- North America dominated the industry and accounted
for over 45% (in terms of revenue) of the global share in 2015. Asia
Pacific is expected to be the fastest growing regional market with an
estimated CAGR of over 38.5% from 2016 to 2024. Standardization is
anticipated to be critical for the industry to make the transition from
specialized products to commercialization.
- Industry stakeholders include a number of entities,
such as manufacturers of textiles and electronic components as well as
Original Equipment Manufacturers (OEMs) and system integrators. Research
and development activities as well as funding by government organizations
are expected to help the market players achieve product development and
innovation. The key companies operating in the market include Ohmatex ApS,
Tektronix. Inc., Clothing+, Adidas, Infineon Technologies, Weartech,
Fibertronic Limited, and Peratech Ltd.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/smart-textiles
Grand View Research has segmented the global smart
textiles market on the basis of product, application, and region:
Smart Textile Product Outlook (USD Million; 2014 - 2024)
- Passive
- Active
- Very
Smart
Smart Textile Application Outlook (USD Million; 2014 -
2024)
- Fashion
& Entertainment
- Sports
& Fitness
- Medical
- Transportation
- Protection
& Military
- Architecture
Smart Textile Regional Outlook (USD Million; 2014 - 2024)
- North
America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia
Pacific
- China
- India
- Japan
- Latin
America
- Brazil
- Middle
East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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