Smart Textile for Military Market 2016-2022 / Growth, Emerging Trends, Forecast And Key Players Are BAE systems, Intelligent Textiles Ltd., Textronics And Lockheed Martin Corp.
Smart textiles are also capable of health monitoring, ballistic protection, and inducing technological applications like global positioning system (GPS) system and other sensors. The smart textiles market in military is expected to register compound annual growth rate of XX% in the forecast period till 2022.
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Ever present race for modernization among the developing countries in their armed forces is the major driver for the Smart Textile Market for Military. No country wants their soldiers to lack in terms of advanced equipments. If the next war ever happens it will see soldiers with almost equal firepower, the only factor that will decide victory will be the protective vest worn by survivors
High costs of the product and lack of exhaustive standards and regulations are the restraints that are faced by this market.
There are a lot of opportunities for this market, some of them are growing application for smart textiles in wearables and also the development of key enabling technologies. As the technologies used also keeps on developing further it again presents a lot of opportunities.
Technical difficulties related to integration of Electronics and Textiles is the major challenge faced by this market.
The market for GlobalSmart Textiles for MilitaryMarket is segmented by two categories, they are
1) By Purpose
Protection & Mobility
2) By Type
Asia Pacific market will become the largest market for these vests, but North America, Europe and South America will be major investors. The reason for it that the Indian Army, the second largest in the world needs XX million modular bullet proof jackets, and is open for tenders for the next 10 years. This offers a great market opportunity for military textile vendors.
Also if India succeeds in acquiring smart vests for its soldiers, then the surrounding countries will also be in a race to procure the same due to a power battle in the region.Asia Pacific market lacks the technology and funds to mass produce such vests due to developing economies, but cheaper labour and lower taxes can be boon for such ventures in Asia Pacific.
The major players of this market are as follows:
Globe Manufacturing Company, BAE systems, Intelligent Textiles Ltd., Textronics, Lockheed Martin Corp., Gentherm Inc., Schoeller Technologies AG, Texas Instruments Inc., E.I. DuPont De Nemours and Co., Milliken & Company, Outlast Technologies LLC, Noble Biomaterials Inc.
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