Smart and Interactive Textiles Market for Industrial, Military and Defense, Medical and Healthcare, Retail and Consumer, Transportation and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
Albany, NY -- (SBWIRE) -- 06/03/2015 -- Smart and interactive textiles, more commonly known as smart fabrics or wearable textiles, are advanced products that bear the electronic components to sense and react to external stimuli. The sensors incorporated in these fabrics help in heat management, actuation and response, health monitoring, and communication. In 2013, the global smart and interactive textiles market stood at US$1.53 billion and is projected to touch US$3.82 billion by the end of 2020 in terms of demand. The market is expected to grow substantially at a 14.0% CAGR from 2014 to 2020.
Tremendous growth in demand from the medical and healthcare sector and the transportation industry are the major factors expected to boost demand for smart and interactive textiles in the near future. Moreover, the rising demand from sports and fitness applications and rising number of research and development initiatives for product development and technological advancement are fueling the growth of this market. However, the soaring cost of these textiles is a major restraining factor that can hamper the growth of this market across the globe.
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Industrial Application Segment to Lead Global Market Growing at 17.3% CAGR
On the basis of application, the global smart and interactive textiles market has been segmented into military and defense, retail and consumer, healthcare and medical, transportation, industrial, and others. The others segment comprises household and space applications.In 2013, the transportation segment dominated the global smart and interactive textiles market, accounting for around 38% of the market. Some of the recent applications of smart and interactive textiles in the automotive industry, such as the functioning of steering wheels, heating of seats, measuring heart rate, and smart seat belts, offer huge growth potential for this market in the coming years. On the other hand, the industrial application segment is estimated to dominate the market in the coming years, exhibiting a significant 17.3% CAGR from 2014 to 2020. The rise of this segment can be attributed to growing industrial activities such as supply chain management and logistics in developing nations of Asia Pacific. Other major applications of smart and interactive textiles in the industrial segment comprise several protection devices in manufacturing facilities and personal protective equipment.
Asia Pacific to Lead Global Smart and Interactive Textiles Market
The global smart and interactive textiles market has been segmented on the basis of geography into Asia Pacific, Europe, North America, and the Rest of the World. In 2013, Europe stood at US$632.0 million and held the largest share of the global smart and interactive textiles market owing to the strong presence of several industries such as healthcare, military, and transportation. Europe was followed by North America in the geographical hierarchy of the global smart and interactive textiles market. Nevertheless, the Asia Pacific market is expected to grow rapidly, exhibiting a 20.2% CAGR between 2014 and 2020, thanks largely to the increased industrial activities in China.
Some of the prominent players in the extremely fragmented smart and interactive textiles market are Outlast Technologies Inc., E. I. du Pont de Nemours and Company, Interactive Wear AG, Textronics Inc, Fibertronic Ltd., Globe Manufacturing Company, LLC, and Toray Industries Inc.
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