The global Smart Textile Market has been evaluated to have earned a market revenue of $1.7 billion in 2018 and anticipated to grow at a CAGR of 32.57% during the forecast period 2019-2025, as per the research report by IndustryARC. The technological advancements in textile industries is the key reason for the elevated sales of smart textiles. Technological advancements such as miniaturization of electronic components, development of nanotechnology, availability of wireless devices, and feasible integration of fabric-based sensors are propelling the growth of smart textile market. Furthermore, wide range of applications of smart textiles in various end-user industries and low cost of electronics such as wireless sensors, that are being used in smart textiles, are fuelling the growth of smart textile market.
The IndustryARC report titled “Smart Textile Market: By Type (Thermoelectric, Sensing, Energy Harvesting, Luminescent and Others); By Application (Fashion, Military, Medical, Sports and Fitness, Automotive and Others) – Forecast (2018 - 2023)” provides a thorough analysis of the notable aspects of the market including market drivers, market value chain, restraints, growth indicators, market trends, challenges, future outlook, and market insights.
Smart Textile Market: Leading Segments
North America held the prominent share in the global smart textile market with 44.3% of the total demand in 2018. The high economic status and standard of living in North America is gravitating the people towards preferring innovative fashion trends, sophisticated wearable, and smart fabrics. Additionally, increasing R&D activities for the development of innovative smart textiles, high funding from government organizations, and rising disposable income are the factors facilitating North America with highest market share.
Photovoltaics/electricity is the key application segment of the smart textile market, cited in the report. Photovoltaic elements are the prominent aspects of the smart textiles, which can generate electrical energy to power the sensors that are impregnated into fabrics. The photovoltaic textiles can be used for on-the-go charging of smartphones, tablets, and other portable electronic devices. Owing to the aforementioned features the smart textile market is gaining traction. Thus, the key application segment is anticipated to grow at an outstanding CAGR of 42.7% through to 2025.
Smart Textile Market Disruptive Trends
- Integration of nanotechnology and smart textiles is one of the factors disrupting the growth of smart textile market. Nanotechnology is facilitating the miniaturization of electronic components and in-turn helps in assimilation of electronics such as sensors, actuators, and control units in fabrics.
- Penetration of Bluetooth Low Energy (BLE) technology in smart textile industry is on rise. This technology provide wireless connectivity of wearable with mobile phones, and senses and displays using internet connection.
- Smart textiles are made easy by the utilisation of metal deposition technique. After many researches, a way to deposit metals such as silver, gold and platinum is developed. These metal deposits are used for inserting sensors, wireless components, and batteries into textiles.
Smart Textile Market: Competitive Landscape
The companies holding major shares in the global smart textile market are Schoeller Textiles, Textronics, Google, Intelligent Clothing, Gentherm, Sensoria, AiQ Smart Clohhing, Nanowear, Ohmatex, and Vista Medical. These companies are focusing on collaborating with local players to gain grounds over their competitors. Moreover, the companies are constantly investing in R&D activities to develop innovative products in reasonable cost and thereby building their brand name.
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What can you expect from the report?
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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