Smart Textile Market Overview:
As per an IndustryARC report, the global temperature sensor market, which was valued at $56.02 billion in 2017, is anticipated to grow at a CAGR of more than 11.65% and reach $108.2 billion during the forecast period 2018 to 2023. Temperature sensors are used for sensing and calculating temperatures of the human body, water or for any other substance. Nanotechnology is being used to integrate temperature sensors with textiles, leading to development of smart textiles, also known as intelligent textiles. Smart textiles are fabrics embedded with innovative technologies, which offer additional functionalities to the person wearing it. These textiles monitor every movement of the wearer, provide vital information such as location, body temperature, blood pressure, heart rate; and react to environmental stimuli. Technological advancements, miniaturization of electronic components, increasing development of wireless devices, a wide range of applications across various end user industries, and cost-efficient sensors, are fuelling the growth of the smart textile market. The smart textile market had a global size of $24.37 billion in 2018, and is expected to grow at a CAGR of 4.32% during the forecast period.
North America held the highest share in the global smart textile market with almost 44.3% of total demand in 2018. Owing to the high economic status and standards of living among the people, the demand for innovative clothing trends, high-tech wearables, and high quality fabrics is increasing. Furthermore, increasing disposable incomes, high amounts of investments by private companies and funding from government organizations, and promotional activities, are other factors that have caused North America to hold the highest market share.
Smart Textile Market Growth Drivers:
· Minimization of Electronic Components:
Technological advancements in the electronic sector are paving the way for minimization of electronic components. The reduced size of components such as sensors, controls and batteries, facilitate easy integration of electronics with textiles.
· Increasing trend for sophisticated gadgets:
There is increasing popularity for high-tech gadgets with various advanced technological features such as sensing and reacting to environmental sources including mechanical, electrical, thermal, magnetic, and chemical, among tech-savvy customers. This is aiding smart textiles, which are embedded with the aforementioned technologies, in gaining traction.
· Adoption of Smart Textile in Various Industries:
Smart textiles are also finding application in apparel for medical, sports and fitness purposes. These can be used for tracking information such as body temperature, heat rate, calories, and other health conditions of the person wearing the smart textile. Smart textiles are also used by military forces to transmit critical information to soldiers on the field.
Smart Textile Market Key Players Perspective:
Schoeller Textiles is one of the leading market players in the smart textile market. Recently it merged with Eschler Group, in a bid to increase production and meet the global demand for smart textiles in the coming future.
Other key players of the smart textile market are Google, Textronics, Gentherm, Sensoria, AiQ Smart Clothing, Nanowear, Ohmatex, Vista Medical, and Intelligent Clothing.
Smart Textile Market Trends:
· Introduction of Nanotechnology:
Smart textiles require embedding of electronics into fabrics. Size of the electronic component plays a very vital role in fabrication of such textiles, since the component should be small enough to be implanted in the fabric. With the introduction of nanotechnology, the size of electronics has decreased considerably, which has facilitated increased production of smart textiles.
· Bluetooth Low Energy (BLE) Technology:
Bluetooth low energy technology enables a wireless connection across various electronic devices. The technology has been adapted into wearables to develop connectivity with smartphones. Utilization of the Internet allows for the information sensed to be displayed on smartphones.
Smart Textile Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the smart textile market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of segments in the smart textile market, and their specific applications in different areas.
Smart Textile Market Report: Industry Coverage
The smart textile market can be segmented on the basis of type and application. Based on type, the market can be divided into thermoelectric, sensing, energy harvesting, luminescent, and others. By application, the market can be fragmented into fashion, military, medical, sports and fitness, automotive and others.
The Smart Textile market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia