Smart Textile Market Size, Share, Growth, Trends and Industry Analysis Report
The
global smart textile market size is expected to reach USD
5.55 billion by 2025, registering a CAGR of 30.4% over the forecast period,
according to a new report by Grand View Research, Inc. Global demand for smart
textile is mainly driven by increasing penetration of smartphones and other
high-tech or smart devices, such as iPods. Majority of new smartphones and
laptops are equipped with Bluetooth Low Energy (BLE) technology. This enables
the connection of sensor-based devices to the internet through mobile phones.
Smart textiles can be used to communicate information of the wearer, such as
physiological paramters including location, heart rate, blood pressure, and
temperature.
This data
can then be used in application areas, such as healthcare and sports &
fitness. Moreover, the product is also used by those suffering from late-stage
dementia as it can help refresh their sense of self. Therefore, wide usage of
internet and growth in wireless technology are expected to have a positive
impact on the market growth. Rapidly expanding fashion & entertainment
industry across the globe is also expected to propel the market growth in
coming years. Moreover, rising product demand from the sports & fitness
sector due to increasing awareness about leading a healthy lifestyle will
contribute to the growth.
Miniaturization
of electronics is expected to significantly fuel market growth further.
Industry participants are increasingly focusing on reducing form factors to
facilitate integration, to make sensors compatible with fabric and ensure
optimum comfort and wearability. Since smart textiles are used in fields, such
as healthcare and sports, it has become increasingly important to ensure that
the user is not hindered through the use of electronic fabric. The use of
conventional cables had been a major hindrance to product adoption. With the
advent of smart textiles, which eliminate the bundled filaments of conventional
cables, higher degree of flexibility can be ensured.
Further key
findings from the study suggest:
- Global smart
textile market is anticipated to witness a substantial growth owing to
increasing product demand from several applications, such as sports &
fitness
- The defense
& military segment is anticipated to account for the highest market
share by 2025, while sports & fitness segment will register the
fastest CAGR over the forecast years
- North America
accounted for over 47% of the overall share in 2018, thus, leading the
global market and is likely to maintain the dominance even during the
estimated period
- Key companies
in the market include Adidas AG; Ohmatex ApS; Peratech Ltd.; Infineon
Technologies; Clothing+; Fibertronic Ltd.; Weartech; and Tektronix, Inc.
- Funding and
investments by government organizations are estimated to help these firms
in product development and innovation
- Industry stakeholders include a number of entities, such as system integrators and Original Equipment Manufacturers (OEMs), as well as manufacturers of textiles and electronic components
Access full
research report on global smart textile market:
www.grandviewresearch.com/industry-analysis/smart-textiles-industry
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