At 33.6% CAGR, Smart Textile Market Share & Forecast to 2025
Smart Textile Market is valued at USD 2.64 Billion in 2018 and expected to reach USD 20.09 Billion by 2025 with the CAGR of 33.6% over the forecast period.
Increase in standard of living, rising incomes, awareness of safety and environmentalism, advances in medical technology, expanding automotive sectors, and increased spending on healthcare factor drive the market growth.
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Scope of the Report:
Smart Textile are textiles that are able to sense and responds as per changes in their environment. Originally, textiles were made from natural animal or plant-based fibers. Later, the synthetic fibers were manufactured in laboratories which were stronger and more versatile. Last few years have witnessed the use of digital communications technology in textiles. The technology has reached the point where thin fibers which run through your smartphone and transmit data and can be woven into cloth textiles termed as smart textiles. Smart Textiles are divided into two classes such as passive and active smart textiles. According to their uses these Smart textiles are manufactured for medical, transportation, energy, protection, security communication and textile electronics.
Global Smart textile market report covers prominent players like Intelligent Clothing Ltd., International Fashion Machines, Inc., Interactive Wear AG, Vista Medical Ltd., Nike Inc., ONeill, Eleksen, Fibretronic Limited, ThermoSoft International, and Peratech Ltd. and Others.
Smart textile market report published by the Brandessence Market Research and Consulting Pvt. Ltd. provides the detail information about Smart textile market from various aspects. This repost consist of drivers, restrains, Opportunities which help the market to grow over the analysis period and recent trends which supports the growth of market. This repost consist of regional segmentation with type, technology, material and application.
Smart textile, or smart fabrics, is fabrics that enable digital mechanisms such as a battery and a light including small computers and electronics to be embedded in them. Smart textile is fabrics that have been developed new technologies that provide added features to the wearer. Aesthetic examples contain fabrics that light up and fabrics that can change color. Some of these fabrics collect energy from the environment by harnessing vibrations, sound or heat, reacting to these inputs. The color changing and lighting scheme can also work by implanting the fabric with electronics that can power it.
The increasing adoption of smart textile across numerous applications, including sports & fitness and defense & military are expected to be the key driving force for the industry. Increasing research and development in the smart textile market along with the rising demand in emerging economies such as India and China are acting as major opportunities in the global Smart textile market. However, high price of production is restraining the growth of the market. The emergence of nanotechnology and its growing demand in smart textile industry provides opportunities to the producers of smart textile.
Smart Textile Market Segmentation –
By Function - Energy harvesting, Sensing, Thermoelectricity, Luminescent, Others
By End-User Industry - Healthcare, Military and defense, Entertainment, Automotive, Sport and fitness
Increasing Integration of Electronic Components in Smart Textiles is driving the Market growth.
The demand for smart textile is mainly driven by increasing penetration of smartphones and other high-tech smart devices such as iPods. According to Rapidvalue Solutions, about 2.1 Billion smartphone users in the world and about 29.5% of the global population use smartphones. This is due to majority of new smartphones and laptops are equipped with Bluetooth Low Energy (BLE) technology which enables the connection of sensor-based devices to the internet through mobile phones. Moreover, incorporating nanotechnology into fabrics for helping to change or enhance the properties like electronic capability, fire resistance and monitoring and this textile has many applications in the health and military sectors. Advances in nanotechnology are expected to boost the market growth in forecast period. However, Compatibility issues and high-cost of production of these textiles are restraining the market growth.
North America is dominating the Smart Textile Market.
Geographically, North America region is dominating the Smart Textile Market. This is due to increasing demand and adoption for smart textiles in countries in this region. For instance, According to International Journal of Technology Diffusion, Wearable sports and fitness devices are forecast to generate $9.4 billion in worldwide revenue by 2020. Also the advancements and technological innovations which are directed to the introduction of new products are driving to the growth of the smart textiles market in the region. According to United Nations Conference on Trade and Development, The number of IoT devices is expected to rise from 15 billion in 2015 to 50 billion by 2020, a third of these being computers, smartphones, televisions and mobile devices.
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