Global Smart Textile Market to Exhibit 30.8% CAGR during 2015-2023 due to Growing Applications of Nanotechnology
According to a recent market research report published by Transparency Market Research, the global smart textiles market is anticipated to take a leap at a CAGR of 30.8% during the period between 2015 and 2023. The report, titled “Smart Textile Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” projects the global smart textiles market to stand at a valuation of US$7,730 mn by 2023. The overall market was worth US$700 mn in 2014.
Smart textile is integrated with electronic components and is widely used for various applications across health monitoring, health management, actuation and response, and communication. Smart textiles consist of components such as actuators, control units, sensors, and others. These textiles help to regulate body temperature, control muscle vibrations, and protect from environmental hazards such as radiation.
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The growing usage of nanotechnology in producing fabrics with special functionality such as water and stain resistant, UV protection, and anti-bacterial has boosted the growth of the global smart textile market. With the help of nano-materials, nano-biotechnology, and nano-electronics, electronic components are embedded into smart textiles. The growing demand for wearable electronics has further augmented the growth of the global smart textile market. Smart textiles include garments such as gloves and coats that are connected to trackers, smartphones, and other electronic devices.
On the basis of function, the report categorizes the global smart textiles market into sensing, energy harvesting, luminescent, thermoelectricity, and others. The sensing segment has witnessed significant demand lately. In terms of applications, the report segments the global smart textiles market into military and defense, healthcare, automotive, entertainment, sports and fitness, and others including architecture and fashion. The military and defense sector accounted for 28.7% of the market in 2014. The miniaturization of electronic component has led to increased demand for wearable technologies and smart textiles across all application segments. In 2014, the sensing segment accounted for share of 26.1% in the market.
The report studies the global smart textiles market across four key regions: Europe, North America, Asia Pacific, and Rest of the World. In 2014, North America was the leading region in the market and accounted for 40.1% of the overall market. The North America smart textiles market was followed by the markets in Europe and Asia Pacific. The U.S. and Canada are anticipated to contribute maximum revenue during the forecast period. Growing investment in research and development activities has propelled the growth of the market in North America.
Describing the competitive landscape, the report profiles some of the key players in the global smart textiles market such as LLC (U.S), Globe Manufacturing Company, Milliken & Company (U.S), E.I. DuPont De Nemours and Co.(U.S), Ohmatex ApS (Denmark), Texas Instruments Inc (U.S), Outlast Technologies LLC (U.S), Koninklijke Ten Cate nv (The Netherland), Gentherm Inc (U.S), Schoeller Technologies AG (Switzerland), and Noble Biomaterials Inc. (U.S). The report provides detailed information about the key players including their company overview, product portfolio, revenue, and recent developments.
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