The global smart textile market size is expected to reach $5,369 million by 2022 from $943 million in 2015 with a CAGR of 28.4% from 2016 to 2022. The global smart textile market is thriving and witnessing significant growth owing to the numerous applications in various industries. Smart textiles having superior performance attributes with applications ranging from simple use in clothing and entertainment to more complicated military & defense, healthcare, automotive, and sport & fitness. A smart textile is developed to meet the specified high performance needs of a particular end user apart from furnishing and conventional clothing. Smart textile is a material that senses, reacts, and monitors the stimuli or environmental conditions, such as thermal, mechanical, chemical, magnetic, or other sources.
The market for smart textile is growing with a high potential globally. The rise in demand for smart textile products is causing the existing market to expand, leading the way to new players to enter the smart textile market. In the emerging economies, the market share of smart textile consumed relative to conventional textile products is increasing. Many countries meet their domestic demand for smart textiles through imports. Robust growth in the production of automobile, healthcare, and high demand for smart textile in military & defense sector is driving the global smart textile market. Moreover, the integration of wearables in textiles, use of nanotechnology, and application in mobile phones are macroeconomic factors that boost the growth of the smart textile market. However, high cost of production and no collaboration within the industries hampers the growth of the smart textile market. The emergence of nanotechnology and its growing demand in smart textile industry provides opportunities to the manufacturers of smart textiles.
The global smart textile market is segmented based on function, application, and geography. On the basis of function, the smart textile market is segmented into energy harvesting, sensing, thermoelectricity, luminescent, and others, which include weaving, knitting, and braiding. On the basis of application, the smart textile industry is bifurcated into healthcare, military & defense, entertainment, automotive, sport & fitness, and others. On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Major players profiled in this study are
KEY BENEFITS FOR STAKEHOLDERS:
Smart Textile Market Key Segments:
By End User Industry
(Companies mentioned above are not profiled in the report and can be profiled upon client request)
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