Smart Textile Market Size Share 2015-2023: Rapid Advancements and Rising Demand for Wearable Technology
Rapid advancements in textile technologies, nanotechnology, biosensors, new materials, and miniaturized electronics are bringing about a major change to the overall growth dynamics of the global market for smart textiles.
Albany, NY -- (SBWire) -- 12/21/2017 --The global smart textiles market held an opportunity of US$700 mn in 2014. The market is expected to exhibit an excellent CAGR of 30.8% CAGR through 2023 and rise to a valuation of US$7,730.0 mn by 2023.
Smart textile is embedded with electronic components which are interconnected with each other, thereby offering particular size and flexibility. The smart textile consists of components like sensors, actuators, control unit and many more. The smart textile is used for different application which includes health management, health monitoring, communication and actuation and response. These textiles are used in areas such as sports and fitness, automotive, military and defense, health care, entertainment and many others. The smart textile also helps in regulating body temperature, helps in controlling muscle vibrations and also helps to resist wind. These textiles also protect for environmental hazards such as radiations.
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The market is primarily driven by the increasing usage of nanotechnology in these fabrics. It produces fabrics with special functionality including UV protection, water and stain resistant, anti bacterial and many more. This nanotechnology includes nanoelectronics, nano materials and nano biotechnology. Where in combination of nanotechnology the engineering of fabrics is done at a molecular scale. It helps in modifying the fabrics to much more desirable properties than original fabrics. The market is also driven by the rising demand of wearable technology. This is one of the most important factors driving the market at a global level. Due to miniaturization of electronic components it has been possible to integrate the electronic components in textiles, making them as a part of wearable.
The market is hindered due to high cost of production in smart textile market. The cost coupled with electronic devices and components further increase the price of these textiles. Due to high and excessive cost it has not scattered the market at this stage. Another major challenge faced by this industry is the incompatibility between the smart textile and electronic industry, as they have not worked strongly. Due to this factor it led to incompatible manufacturing practice between smart textile and electronics industries. More collaboration is required significantly to make some smart textile technology effective in the global market.
Increasing number of research and development in recent years is acting as one of the major opportunities in the global smart textile market. With the increasing research and development in smart textile, new innovative products are expected to be developed that are likely to create growth opportunities of this market. It also helps the existing technology to be improvised and necessary advancement is likely to be done.
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The analysis of smart textile market is done on a global level and provides forecast in terms of revenue (USD million) from 2015 to 2023. It identifies the restraints and drivers affecting the industry and analyzes their impact during the estimated period. Further, it recognizes the key opportunities for market growth in the next few years.
The smart textile market report is geographically segmented into North America, Europe, Asia-Pacific, and RoW (Rest of the World). These segments are predicted in terms of revenue (USD). The market has been segmented on the basis of functions including energy harvesting, sensing, thermo electricity, luminescent and others. These segments have also been estimated based on geography in terms of revenue (USD million).
The study includes market attractiveness analysis, where the applications are benchmarked based on growth rate, market scope, and general attractiveness. The report includes company market share analysis of various industry participants.
The key players have also been profiled based on the basis of company overview, business strategies, financial overview, and recent developments. Major market players in this market are Globe Manufacturing Company, LLC (U.S), E.I. DuPont De Nemours and Co. (U.S), Milliken & Company (U.S), Ohmatex ApS (Denmark), Outlast Technologies LLC (U.S), Texas Instruments Inc (U.S), Koninklijke Ten Cate nv (The Netherland), Schoeller Technologies AG (Switzerland), Gentherm Inc (U.S), Noble Biomaterials Inc. (U.S) among others.
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The smart textile market has been segmented as:
Global Smart Textile Market: By Function
Global Smart Textile Market: By Application
Military and defense
Sports and fitness
Global Smart Textile Market, by Geography:
Rest of Europe
Rest of Asia Pacific
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