Smart Textile Market - Uptrend in Wearable Electronics Industry Drives Growth
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In addition to that, a number of research and development activities are currently underway in order to improve and diversify the applications of smart textiles and consequently, the demand for the same is escalating.
According to this report, the demand in the global smart textiles market will increment at an exceptional CAGR of 30.8% during the forecast period of 2016 to 2024. The analysts of the report have estimated the opportunities in the global smart textiles market to translate into a revenue of US$7,730.0 mn by 2023, considerably up from its evaluated worth of merely US$700 mn in 2014.
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Smart textiles hold immense promise in the sector of wearable devices and are expected to be emerge as the primary vehicles for the wearable technology’s widespread use.
The use of wearable devices such as heart rate monitors, motion sensors, and pedometers is expected to see a significant rise in the next few years as the global consumer becomes increasingly aware about healthcare and personal wellbeing in general.
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