Smart Textile Market was valued at $943 million in 2015, growing at a CAGR of 28.4% during the forecast period to reach $5,369 million by 2022.
According to a new report published by Allied Market Research, titled, Smart Textile Market by Function, and by End-User Industry - Global Opportunity Analysis and Industry Forecast, 2014 2022 the global smart textile market was valued at $943 million in 2015, growing at a CAGR of 28.4% during the forecast period to reach $5,369 million by 2022. In 2015, the military & defense segment accounted for one-fourth of the total share, in terms of revenue.
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The significant factors driving smart textile market growth include integration of wearables and smart textiles, increasing use of nanotechnology, and its application in smartphones & other sophisticated gadgets. The electronic components can be miniaturized and integrated with smart textiles, which help to monitor and regulate body temperature, monitor heartbeat, and protects body from outside radiations.
In addition, the application of nanotechnology is extended with the production of nanofibers. The use of nanofibers in the fabric is applied widely in the smart textile industry to enhance the performance and functionality of the textile.
It provides textiles with anti-bacterial, UV-protection, self-cleaning, water repellence property, maintaining the breathability, and tactile properties of the textiles.
High production cost, high toxic waste production, and lack of government policies encouraging smart textile are some factors that are expected to hinder the growth of the smart textile market while increasing research and development in the smart textile industry is acting as one of the major opportunities for the global smart textile market.
Key Findings of the Smart Textile Market:
- North America is expected to continue to lead the market during the forecast period followed by Europe.
- Military & defense end user segment generated the highest revenue and is projected to grow with a CAGR of 27.3% during the forecast period.
- Sports & fitness is the fastest growing end user segment in smart textile market registering a CAGR of 30.4% during the forecast period.
- Latin America accounted for more than one-third share of the LAMEA smart textile market in 2015.
- The Indian market is growing at a faster rate in Asia-Pacific smart textile market, registering a CAGR of 31.8% from 2016 to 2022.
- Germany accounted for more than one-fourth of share in the European smart textile market in 2015.
Asia-Pacific and Europe collectively contributed more than half of the share to the global smart textile market by revenue in 2015. Asian countries such as China, Japan, and India have transformed been into manufacturing hubs for smart textiles owing to low cost of labor and will be the fastest growing regional market for smart textiles.
Major players that operate in this market are DuPont de Nemours & Co., Koninklijke Ten Cate NV, Texas Instruments Inc., Google Inc., Gentherm Inc., Schoeller Textiles AG, Sensoria Inc., Textronics, Adidas, and Ohmatex.
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