Smart Textile Market to Expand at 30.8% CAGR Due to Increasing Demand in Military and Healthcare Sector
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. Although the sector is still in the very early stages of development, the possibilities of innovative smart textiles extending the overall usefulness and functionalities of common fabrics are immense.
In the future years, smart textiles are expected to find applications across several industries and an increasing number of companies will step in the market with their products. Rising interest from industries such as medical devices, fashion, entertainment, and defense is poised to encourage further development in smart textiles and increase investments aimed at future research and development activities.
Transparency Market Research states that 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.
Applications in Sports and Fitness Sector to Fuel Growth
Smart textiles hold immense promise in the sector of wearable devices and are expected to be emerge as the primary vehicles for the wearable technology’s widespread use. The use of wearable devices such as heart rate monitors, motion sensors, and pedometers is expected to see a significant rise in the next few years as the global consumer becomes increasingly aware about healthcare and personal wellbeing in general.
This trend will encourage the increased use of smart textiles across the sports and fitness domain. TMR analysts suggest that the smart textiles market across the sports and fitness industry will expand at a 33.1% over the period between 2015 and 2023.
The market is also expected to witness substantial traction across the healthcare and military and defense industries in the next few years. In 2014, the military and defense industry accounted for a share of over 28% in the global smart textiles market in terms of revenue. In the same year, the healthcare industry accounted for a share of over 18.5% in the market. Through 2023, the military and defense sector for smart textiles is expected to expand at nearly 30% CAGR, emerging as a major driver of the global market.
High Demand in Sports and Fitness Sector to Enable North America Smart Textile Market Take Top Spot
North America is presently the leading regional market for smart textiles, with more than 40% of the global market in 2014. The region is trailed by Europe, which accounted for a share of over 30% in the global market in the same years. These developed regions have traditionally remained at the forefront of adoption of new technologies owing to high disposable incomes of the population and high awareness about technological advancements.
The market for smart textiles in North America is expected to witness significant expansion in the future years as well. Demand will be driven most prominently driven by favorable developments across the sports and fitness sector and high demand for innovative textiles in the automotive industry. Revenue-wise, the sports and fitness sector in the North America smart textiles market will expand at about 32% CAGR through 2023.