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: https://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
- 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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