Smart Textile Market by Function (Energy Harvesting, Sensing, Thermoelectricity, Luminescent, and Others) and End User (Healthcare, Military & Defense, Entertainment, Automotive, Sport & Fitness) - Global Opportunity Analysis and Industry Forecast, 2014 -

According to a new report published by Allied Market Research, titled, Smart Textile Market by Function, and by End-User Industry - Global Opportunity Analysis and Industry Forecast, 2014 2022 the global smart textile market was valued at $943 million in 2015, growing at a CAGR of 28.4% during the forecast period to reach $5,369 million by 2022. In 2015, the military & defense segment accounted for one-fourth of the total share, in terms of revenue.

The significant factors driving smart textile market growth include integration of wearables and smart textiles, increasing use of nanotechnology, and its application in smartphones & other sophisticated gadgets. The electronic components can be miniaturized and integrated with smart textiles, which help to monitor and regulate body temperature, monitor heartbeat, and protects body from outside radiations. In addition, the application of nanotechnology is extended with the production of nanofibers. The use of nanofibers in the fabric is applied widely in the smart textile industry to enhance the performance and functionality of the textile.

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Integration of smart textiles & wearables, use of nanotechnology in textiles, applications in smartphones, wearables in healthcare sector, and application in the military, defense & sports sector are the major factors that drive the smart textile market across the globe. Increasing research and development in the smart textile market along with the growing demand in emerging economies such as India and China are acting as major opportunities in the global smart textile market.

North America was the highest revenue-generating region in 2015, which is expected to grow at CAGR of 27.9% during 2016 to 2022. Moreover, North America is expected to maintain its dominant position over the forecast period. Europe and Asia-Pacific are the second and third leading regions for smart textile market respectively.

The global smart textile market is segmented based on function, application, and geography. On the basis of function the smart textile market is categorized into energy harvesting, sensing, thermoelectricity, luminescent, and others, which include weaving, knitting, and braiding. On the basis of application, the smart textile market is bifurcated into healthcare, military and defense, entertainment, automotive, sport and fitness, and others. Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and LAMEA.

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At present, military & defense, healthcare, and entertainment segments have witnessed large-scale adoption of smart textiles due to increasing demand for functional and superior properties products. Automotive and sports & fitness are other popular segments in the global smart textile market. The rapid growth of smart textiles in the end user application is expected in subsequent years due to rise in demand for higher quality fabrics. These segments have a potential to generate high returns due to expected rise in the adoption of high-end fabrics.

Increasing adoption of smart textiles in the military and defense and entertainment sectors are expected to rise and have been identified as some of the lucrative targets for investment. As compared to other segments, these segments possess larger market size by value. Other emerging end user applications such as healthcare, automotive, sport & fitness, and others are expected to witness good growth in the coming years. However, these applications currently possess moderate market size in terms of value.

Analyst Review:

Smart textiles are fabrics that are manufactured to include technologies that provide the wearer with increased functionality. Smart textile reacts to different stimuli such as mechanical, electrical, thermal, and chemical, and adapt as per the changes. Technological advancements in the textile industry such as nanotechnology, biosensors, and miniaturized electronics are bringing about a major change in the overall growth dynamics of the global smart textile market.

So far, the major sector for applications of smart textiles has been military & defense. Smart textiles are sensitive to light & temperature and help to deflect the infrared radiation, which increases the effectiveness and safety of the military forces in extreme conditions. The demand for smart textiles in sports & fitness will lead, growing at the highest CAGR during the forecast period. Smart textiles work in integration with sophisticated electronics devices such as fitness belts and watches to monitor health and body vitals in real time, which helps to improve the health and performance of individuals. Moreover, increasing global population has created the demand for improved healthcare and medical facilities that are aiming to use smart textiles for faster patient recovery.

Increasing use of nanotechnology has helped in the creation of smart textile at a microscopic level, which provides a lightweight option as against heavy batteries integrated in garments. Further research & development and advancement in nanotechnology will help to develop smart textiles with innovative features such as battery charger, global positioning systems (GPS), personal physiological status, wireless weapons, heads-up display, chemical & biological threat detectors, and others.

Asian countries such as China, Japan, and India have transformed been into manufacturing hubs for smart textiles owing to low cost of labor and will be the fastest growing regional market for smart textiles. The market for smart textile is concentrated in North America and Europe and this trend is going to ramp up the market demand coupled with innovative technologies.

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