Sellbyville, DE -- (SBWire) -- 10/31/2018 --GMI presents a most up-to-date research on "Smart And Interactive Textiles Market – Global Industry Analysis, Size, Share, By Product (Wearable Electronics, Chromic Materials [Photochromic Materials, Thermochromic Materials]), By Application (Industrial, Military & Defense, Medical & Healthcare, Retail & Consumer, Transportation) Growth Potential, Trends Statistics, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC) and Forecast 2017 – 2024".
Key market players are Toray Industries, DuPont, Sensoria, Inc, Koninklijke Ten Cate, Textronics, Inc, Globe Holding Company, Interactive Wear, Milliken & Company, Indorama Ventures, Schoeller Textil, D3O Lab, Outlast Technologies, EXO2 and AiQ Smart Clothing Inc.
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Smart And Interactive Textiles Market size crossed USD 2 billion in 2015 and is likely to grow at a CAGR of more than 14% by 2024.The smart and interactive textiles market growth will be attributed to the developments in the healthcare and automotive sector, in the coming years.
Continuous developments in disease prevention and treatment procedures have inspired doctors for using textiles equipped with sensor for superior results in the recent years. Smart fabrics are gaining popularity in applications such as wound dressing with bandages, pH sensors, hospital beds, gowns as well as bio-monitoring of neural, cardiovascular, respiratory and muscular activities. This portrays brighter growth aspects for the product demand in the forecast period.
The telehealth devices and services industry is likely to observe exponential growth with the CAGR over 50% in the coming years, driving the product market demand. Many developed economies have instigated telemonitoring programs with smart textiles particularly for cardiac patients to reduce the hospital readmission costs by consistent recording and monitoring the data using the clothing equipped with sensor.
Market retain price and higher cost of product manufacturing as compared to the conventional fabrics might act as a threat to the growth of smart and interactive textiles market in the near future. However, with integration of specialized actuators and sensors, the product bears vast technology orientation in order to deliver the desired applicability and hold brighter growth prospects.
Smart And Interactive Textiles Market is projected to exceed USD 6.5 billion according to this new research report.Wearable electronics are prevalent among the sports enthusiasts and tech-savvy population, owing to their unique features such as integration with actuators and sensors for monitoring the metabolism of athletes, soldiers, cardiac patients and even car and motorbike racers.
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Chromic materials segment is expected to boost the smart and interactive textiles market growth with their increasing popularity in the developed economies in the forecast period. Their unique capabilities to react to exterior stimuli like electricity, heat, light, pressure, as well as the absence or presence of certain gas and liquid media, will be the drivers to the product popularity by 2014.
The product market is probable to observe significant demand for a range of applications in medical & healthcare, transportation, military & defense, industrial and retail & consumer sectors. Also, few other demand prospects will be associated with segments including aircrafts, space activities, marine, automobiles, household applications, rail coaches, etc. Transportation sector is likely to be a significant segment among all, having over USD 1.5 billion revenue forecast by 2024. The growth is attributed to the rising concerns regarding passenger comfort and safety.
Medical & healthcare segment will generate a revenue nearly USD 450 million in forecast timespan. Increasing product acceptance for manufacturing self-cleaning gowns, smart hospital beds and smart dressings will be the major growth drivers for the product by 2024.
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Europe is expected to hold a share over one fifth of the smart and interactive textiles market by 2024, owing to the sluggish regional market growth. It is attributed to rapid advances in the application sectors in Asia Pacific and North America regions. Mounting military expenditures, mainly in the U.S., North Korea, and China will propel the growth in the forecast timeframe. Also, the tech-savvy populace of China, South Korea and Japan will further fuel the Asia Pacific product market growth.
Smart and Interactive Textiles Market Expanding at 14% CAGR Up to 2024: DuPont, Koninklijke Ten Cate, Toray Industries, Textronics, Inc, and Sensoria, Inc
Smart and interactive textiles market have been classified into wearable electronics, chromic materials, and others including geotextiles, self-cleaning textiles, anti-microbial textiles, etc.