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 report by Grand View
Research : 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: https://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
o U.S.
o Canada
·
Europe
o Germany
o UK
·
Asia Pacific
o China
o India
o Japan
·
Latin America
o Brazil
·
Middle East & Africa
Access press release
by Grand View Research: https://www.grandviewresearch.com/press-release/global-smart-textiles-industry
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.
For more information:
http://www.grandviewresearch.com
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