Smart Textiles Market Opportunities To Reach $ 4.72 Billion By 2020
The overall market for Smart Textiles Market is expected to reach USD 4.72 Billion by 2020, at a CAGR of 33.6% between 2015 and 2020. This market is primarily driven by the uptrend in wearable electronics industry, increasing demand for sophisticated gadgets, miniaturization of electronic components, and a rapid growth of low-cost smart wireless sensor networks.
The smart textiles market for the military and defense application was the largest in 2014. Textile-based materials equipped with nanotechnology and electronics have a key role in the development of technologically advanced military uniforms and materials. Active and intelligent textiles, integrated with electronics, have the capacity of improving soldiers’ performance by sensing, adapting themselves to the preset state, and responding to a situational need allowing the fighting soldiers to continue their mission. Smart technologies aim to help armed forces perform everything they need to do with a less number of devices and load. Smart textiles provide uniforms with a single, central power source. This allows soldiers to carry one battery instead of many and cut the number of cables required for their kit.
The smart textiles market based on different functions is segmented into sensing, energy harvesting, luminescence & aesthetics, thermo-electricity, and others. Out of all these functions, sensing is the largest segment for which smart textiles are used. Textile sensors form huge and significant sub-segment of smart textiles. This is because the sensing ability is the most essential characteristic of any smart textile product. Smart textiles have applications in medical, sports, personal protective equipment, geo-protection, military, and aerospace sectors, where sensing and monitoring are already used and would only be made more efficient if integrated with textiles. Thus, sensing functions have grown rapidly in the smart textile market and the same trend is expected to continue during the forecast period.
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In 2014, the Americas accounted for the largest share of the smart textiles market due to several factors. One of the most important factors is technological innovations and advancements, which led to the introduction of new products. The increasing demand from consumer electronics and medical sectors has led to the growth of the smart textiles market in the Americas. Other factors promoting the growth of the market are increasing incidences of chronic diseases, diabetes patients, ease of use, and easy interpretation of medical devices.
Some of the key players in this industry include Google Inc. (U.S.), Intelligent Clothing Ltd. (U.K.), International Fashion Machines, Inc. (U.S.), Interactive Wear AG (Germany), Schoeller Textiles AG (Switzerland), Textronics, Inc. (U.S.), Vista Medical Ltd. (Canada), Textronics, Inc. (U.S.), Gentherm Incorporated (U.S.), and Sensoria Inc. (U.S.).
Target audience for this report:
- Companies in the smart textiles market
- Analysts and strategic business planners
- End users who want to know more about smart textiles and the latest technological developments in the smart textiles market
- Technology standards organizations, forums, alliances, and associations
- Governments, financial institutions, and investment community
- Research organizations
- Technology investors
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