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 global 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)
- Very Smart
Smart Textile Application Outlook (USD Million; 2014 – 2024)
- Fashion & Entertainment
- Sports & Fitness
- Protection & Military
Smart Textile Regional Outlook (USD Million; 2014 – 2024)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Access press release of this research report by Grand View Research: http://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: www.grandviewresearch.com
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