Global Smart Textile Market was valued US$ 802.3 Mn in 2019 and is expected to reach US$ 8139.2 Mn by 2027 at a CAGR of 33.6% during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Uptrend in Wearable Electronics Fueling the Growth of Smart Textiles Market. Also miniaturization of electronic components, rising popularity of gadgets with advanced functions and rapid growth of low-cost smart wireless sensor networks are the key factors for growth of global smart textile market. Growing end users of smart textiles in wearable and multi-featured and hybrid end user mobile devices provides significant opportunities for this market. However high cost and lack of exhaustive standards and regulations hamper the global smart textile market. Technical difficulties related to the integration of electronics and textiles and product protection and thermal consideration are the challenges for global smart textile market.
From end user segment, sports and fitness sector is expected to exhibit high growth during the forecast period. The demand for smart textiles in sports and fitness is estimated to lead, growing at the highest CAGR during the forecast period. The important sector for end users of smart textiles is military and defense. From smart shirts that record heart rates to intelligent bands that track physical activities, smart textiles in the form of fitness checking devices has demand from health-conscious people.
Textile sensors form a massive and significant sub-segment of smart textiles. This is because sensing ability is the most necessary characteristic of any smart textile product. Smart textiles End Users in Healthcare, sports, military, and automotive sectors, where sensing and observing are used and only be made more effective if integrated with textiles. Therefore, sensing functions have grown quickly in the smart textile market and the same trend is expected to continue during the forecast period.
The North America was the largest market for the smart textiles in 2014. However, the market in Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The reason behind this is rapid growth is technological advancement, growing industries, and growing demands from consumer electronics and medical End Users. This ultimately boost the growth of the smart textiles market.
The global smart textiles is a developed market with considerable number of tier 1 players operating into the market. The market is primarily driven by flourishing demand from apparel, advanced textiles, military clothing and sports equipment industry. The market is greatly concentrated by the presence of number large players yet, Wear AG, Google Inc., and Outlast Technologies LLC are the key manufacturers in this market. Almost all of these market participants are majorly adopting the expansion and product launch tactics to strengthen their market position.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments by technology, process, end user and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Textile market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
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Scope of Global Smart Textile Market
Global Smart Textile Market, By Function
• Energy Harvesting
Global Smart Textile Market, By End User
• Military & Defense
• Sport & Fitness
Global Smart Textile Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Smart Textile Market
• Interactive Wear AG,
• Google Inc,
• AiQ Smart Clothing,
• Clothing+ Textronics, Inc.
• Outlast Technologies LLC
• Sensoria Inc
• Thermosoft International Corporation
• Ohmatex ApS
• DuPont de Nemours & Co
• Koninklijke Ten Cate NV
• Texas Instruments Inc
• Schoeller Textiles AG
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