Albany, NY -- (SBWIRE) -- 08/28/2018 -- The global smart textiles market is largely consolidated wherein top four players held close to 46% of the overall market in 2014, states Transparency Market Research (TMR) in a new report. Top companies to name in this market are E.l. DuPont De Nemours and Co., Gentherm Inc., Koninklijke Ten Cate nv, and Texas Instruments Inc. Despite being a clear leader holding more than 20% share in the market, E.l. DuPont De Nemours and Co., faces stiff competition from several small and mid-size specialty product manufacturing companies.
As per the TMR report, the global market for smart textiles is predicted to expand at a phenomenal 30.8% CAGR between 2015 and 2023, for the market to be worth US$7,730 mn by the end of 2023. The market pulled in a revenue of US$700 mn in 2014. In terms of application, vis-à-vis revenue, military and defense sector led the smart textiles market in 2014. The healthcare sector, on the other, is predicted to display declined share by 2023. Geography-wise, North America and Europe are presently the most promising regions for smart textiles. Demand for smart textile in these regions is driven by developments in sports and fitness sector and high demand for novel textiles in the automotive industry. Early adoption of advanced technology coupled with high disposable incomes are likely to keep these regions at the fore through the forecast period.
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Rising Demand for Wearable Technology Fuels Growth
The increasing popularity of textiles fitted with wearable technology components such as sensors and other types of electronic devices are key factors behind the gaining momentum of the smart textiles market over the past few years. Smart textiles embedded fitted with wearable technology components such as heart rate sensors hold immense potential to bring about a radical change in the way personal health is monitored.
Rapid advancements in textile manufacturing technologies and integration of technology-driven components are bringing about a major change in the growth trends of smart textiles market. Although the smart textiles market is still in nascent stage of development, the immense possibilities of applications of smart textiles are likely to offer new growth opportunities to this market.
In the future, smart textiles are predicted to find newer applications across a host of industries. This is likely to witness the entry of an increasing number of small companies with their products.
Integration of principles of nanotechnology in manufacturing processes in the textile industry also holds immense potential for the growth of this market. Smart textiles that display special features such as UV protection, water and strain resistance, and antibacterial properties are likely to have a significant impact on the overall development of smart textiles market.
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Substantial research and development initiatives from product manufacturers for newer textiles that are capable of being embedded with advanced technology is a trend that has come to the fore. This is stoking demand for smart textile from industries such as fashion, entertainment, and medical devices.
High Cost of Manufacturing Limits Adoption
On the downside, cost-intensive manufacturing processes and high cost of individual components make for overall high cost of smart textiles. This is limiting their adoption across several end-use industries.