|02-11-2019 05:41 PM CET - IT, New Media & Software||
Smart Textile Market to Garner $5,369 Million - Comprehensive and Competitive Analysis of Leading Market Players - DuPont de Nemours & Co., Koninklijke Ten Cate NV, Texas Instruments Inc., Google Inc., Gentherm Inc., Schoeller Textiles AG, Sensoria Inc.,
Press release from: Allied Market Research
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.
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.
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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 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. It provides textiles with anti-bacterial, UV-protection, self-cleaning, water repellence property, maintaining the breathability, and tactile properties of the textiles.
High production cost, high toxic waste production, and lack of government policies encouraging smart textile are some factors that are expected to hinder the growth of the smart textile market while increasing research and development in the smart textile industry is acting as one of the major opportunities for the global smart textile market.
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Asia-Pacific and Europe collectively contributed more than half of the share to the global smart textile market by revenue in 2015. 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.
Major players that operate in this market are DuPont de Nemours & Co., Koninklijke Ten Cate NV, Texas Instruments Inc., Google Inc., Gentherm Inc., Schoeller Textiles AG, Sensoria Inc., Textronics, Adidas, and Ohmatex.
Key Findings of the Smart Textile Market:
• North America is expected to continue to lead the market during the forecast period followed by Europe.
• Military & defense end user segment generated the highest revenue and is projected to grow with a CAGR of 27.3% during the forecast period.
• Sports & fitness is the fastest growing end user segment in smart textile market registering a CAGR of 30.4% during the forecast period.
• Latin America accounted for more than one-third share of the LAMEA smart textile market in 2015.
• The Indian market is growing at a faster rate in Asia-Pacific smart textile market, registering a CAGR of 31.8% from 2016 to 2022.
• Germany accounted for more than one-fourth of share in the European smart textile market in 2015.
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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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