Press release
Smart And Interactive Textiles Market to See 14% CAGR Growth to 2024
Market Study Report adds a new report Smart And Interactive Textiles Market Research Report for the period of 2016-2024 that shows the growth of the market is rising at a Steady CAGR to 2024.Smart And Interactive Textiles Market size will surpass USD 6.5 billion by 2024; according to a new research report.
Advancements in the healthcare sector will be a significant driving factor for the global smart and interactive textiles market growth in the forecast years. Smart fabrics are slowly being used in wound dressing with pH sensors, bandages, gowns, hospital beds along with bio-monitoring of cardiovascular, neural, muscular, and respiratory activities. Continuous developments in treatment and disease prevention procedures encourage doctors to use sensor equipped textiles for better results. Global telehealth devices and services market will witness an exponential growth with CAGR above 50% in the next few years, propelling the smart and interactive textiles market demand. Several developed economies have implemented telemonitoring programs with smart textiles for cardiac patients in order to reduce the hospital readmission cost by continuously monitoring and recording the data through their sensor equipped clothing.
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High product manufacturing cost and market retain price in comparison to conventional fabrics may pose a threat to smart and interactive textiles market growth in the forecast spell. The product is highly technology oriented with incorporation of specialized sensors and actuators to deliver its desired applicability. Product manufacturing required a collaboration between electronics, ICT, and textile sectors. Special treatment of fabric is required with materials such as silver nanocomposites, ceramics, etc. in order to inculcate the smart characteristics of the fiber, which increases the overall production cost, hampering the smart and interactive textiles market prospects.
Smart and interactive textiles market has been mainly segmented into chromic materials, wearable electronics, and others such as anti-microbial textiles, self-cleaning textiles, geotextiles, etc. on the basis of product types. Wearable electronics are popular among the tech-savvy and sports enthusiast population and will flourish at a significant rate in the coming years.
Chromic materials are designed to react to external stimuli such as heat, pressure, light, electricity, or even the presence or absence of certain liquid and gas media. This segment will likely augment the smart and interactive textiles market growth with its growing popularity among the households of the developed nations.
Smart and interactive textiles market applications include transportation, medical & healthcare, industrial, military & defense, retail & consumer, and others such as space activities, household applications, etc. Extensive product application in aircrafts, automobiles, ships, rail coaches, etc. to develop the aesthetic and safety characteristics makes transportation sector a significant application segment with a market revenue forecast at more than USD 1.5 billion in the year of 2024.
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In 2024, medical & healthcare application will likely generate a revenue close to USD 450 million for the overall smart and interactive textiles market and witnessing growth at a rapid pace in forecast years. Rising product acceptance in manufacturing smart dressings, self-cleaning gowns, and smart hospital beds will boost the growth during the forecast spell.
Europe will account for more than a fifth of the global smart and interactive textiles market in 2024 on the account of a sluggish growth owing to the rapid developments in the application sectors in the regions of North America and Asia Pacific. Growing military expenditures, particularly in the U.S., China, and North Korea, will boost the growth in these regions in the forecast spell. The tech-savvy population of China, Japan, and South Korea will further propel the Asia Pacific smart and interactive textiles market growth.
Notable smart and interactive textiles market players include DuPont, Toray Industries, Koninklijke Ten Cate, Sensoria, Inc, Textronics, Inc, Interactive Wear, Globe Holding Company, Milliken & Company, Schoeller Textil, Indorama Ventures, Outlast Technologies, AiQ Smart Clothing Inc, EXO2, and D3O Lab.
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