Smart Textiles Market Rising interest from industries such as medical devices, and defense
The rapid pace of technological advancements and phenomenal developments in biosensors, nanotechnology, textile technologies, miniaturized electronics, and new materials have been impacting the global smart textile market in positive ways. The global smart textiles market is also gaining popularity due to the benefits they offer over conventional materials. Growing interest of industries such as automotive, fashion, sports, and medical devices in improving their line of products is projected to offer the global smart textile market new avenues for growth.
The research report by Transparency Market Research offers a comprehensive outlook on the global smart textile market. With the help of primary and secondary research methodologies the publication offers an exact and an accurate assessment of the various factors projected to influence the trajectory of the global smart textile market.
Global Smart Textile Market: Drivers and Trends
The growing popularity of using textiles engineered with technologically advanced elements such as sensors or circuits has augmented the growth of the global smart textiles market. The market is projected to gain momentum in the coming years as end users are trying to use these textiles in a wide range of industries for gaining clarity on several functions. Furthermore, development of smart textiles with advanced features such as antibacterial properties, UV protection, and water and stain resistance are also projected to nurture market growth over the next few years.
Global Smart Textile Market: Segmentation
On the basis of application, the global smart textiles market is segmented into military and defense, healthcare, automotive, entertainment, sports and fitness, and others. The increasing adoption of smart textiles in design and development of wearable devices is expected to offer several lucrative opportunities to the overall market during the forecast period. Wearable devices such as motion sensors, heart rate monitors, pedometers, watches, and other fitness gear are expected to key consumers of smart textiles as integration of nanotechnology in textile has allowed the world to understand human body better.
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Smart textiles will be used to gain deeper understanding of sports, stress levels, irregular heartbeats, and other factors in the near future. Not only will these materials be used to improve the way sports are played but also to offer effective intervention to patients suffering from myriad diseases. Analysts expect that the smart textiles market in sports and fitness industry will rise at a CAGR of 33.1% between the forecast years of 2015 and 2023.
Global Smart Textile Market: Regional Outlook
In terms of geography, the global smart textile market is segmented into Asia Pacific, Europe, North America, and Rest of the World. North America has been leading the global market for the past few years. The North America smart textile market held a share of over 40% in the global market in 2014. Europe closely followed this with a share of about 30% in the global market in 2014. The high adoption rate of technology in the developed region and acceptance of improved products are expected to aid these regions to achieve higher revenues in the coming years.
The emergence of sports and fitness sectors in these regions has also proven to be favorable to the growth of the market. Innovation of textiles and their adoption in the automotive industry across developed regions has also proven to be beneficial to the market.