Smart Textile Market Growth Might Register a Higher Valuation at a CAGR of 9% by 2023: MRFR

The global smart textile market is segmented on the basis of type, application, end use industry, and region. On the basis of the type, the market is divided into passive smart textile, active smart textile, and very smart textile.

Pune, India - May 14, 2019 /MarketersMedia/ —

Smart Textile Market Insights:

Market Research Future Reports and its analysis have come up with its new research study, stating that the global smart textile market may register a higher CAGR until the end of 2023.

Global demand for smart textile is primarily driven by the increasing penetration of smartphones and other smart devices, such as iPods. As the majority of new smartphones and laptops are equipped with Bluetooth Low Energy (BLE) technology, this helps in enabling the connection of sensor-based devices to the internet through mobile phones. Smart textiles can, therefore, be used to communicate about the information of the wearer, such as location, heart rate, blood pressure, and temperature.

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Global Smart Textile Market: Drivers & Trends:

Recently, the mounting preference towards wearable technology such as sensors and other types of electronic devices are posing as critical factors for the growing demand for smart textiles. With that, the increasing practice of wearable technology, widely used in heart rate sensors and in various other sensors to check fitness is also acting predictably as a game changer for the smart textile market. Thus, the significant use of these technologies is expected to change the way personal health is monitored and thriving the market to spur substantially during the forecasted period.

In addition, the integration of wearable technology at a large scale coupled with rapid advancements in textile manufacturing is also projecting to revolutionize the global smart textile market in the years to come. Additional factors contributing to the growth of this market are the swelling standard of living, rising disposable income, and upward spending in medical technology and healthcare. Diminishing of electronic components, along with the availability of sophisticated gadgets, and low cost of smart wireless sensors have eventually grown the demand for smart textiles extensively. Thus, all these factors will augment the growth of the global smart textile market in the coming years.

On the other hand, the smart textile has the aptitude to enhance and add value to fabrics to meet the need for various applications. The demand for lightweight and durable fabrics in multiple applications such as textile, sports, automotive, defense and space has witnessed an upward trend since the past few years. Therefore, this is anticipated to be the same over the forecast period and to boost the demand for the smart textiles in the manufacturing of aerospace composites. Other than the aerospace industry, the automotive industry is also benefitting by a considerable number of smart textiles in various applications such as dashboard, under the hood, insulation, and sensing. With the changing the lifestyle of people, they are becoming more health conscious than before which may grow even further due to everchanging sentiments in favor of prevention instead of searching for a cure. These factors are likely to fuel the demand for smart textile in smart clothing wear, safety gears, and sensing fabrics in the forecast period.

Global Smart Textile Market Segmentation:

According to MRFR’s report, the global smart textile market has been segmented by types, application, end use industry, and region.

By the mode of type, the market is classified into passive smart textile, active smart textile, and very smart textile.

By the mode of the applications, the market is categorized into sense, architecture, medical, energy harvest, thermo-electricity, and others.

By the mode of end-use industry, the global smart textile market is divided into military & defense, building & construction, automotive, textile, medical, sports, and others.

Key Players:

MRFR has accumulated names of some of the key players in the global smart textile market. They are listed as Interactive Wear AG (Germany), Google Inc. (U.S.), AiQ Smart Clothing (Taiwan), GENTHERM (U.S.), Clothing+ (Finland), Textronics, Inc. (U.S.), Outlast Technologies LLC (U.S.), Sensoria Inc. (U.S.), Thermosoft International Corporation (U.S.), and Ohmatex ApS (Denmark).

Regional Analysis:

On the geographical front, the global smart textile market is spanned across regions of North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.

Among these regions, North America is the leading the market as it holds a significant share of the market owing to mounting demand from major end-use industries such as military & defense and sports. In North America, the U.S. is the largest market due to the occurrence of key market players and the growth of the defense sector.

The Asia Pacific region is considered to be the second largest region in the global smart textile market as it is estimated to grow at the highest CAGR in the years to come. Countries such as India, South Korea, China, and Japan are the major countries in the regional market of the smart textile as the growth of the market in this region is attributed to the mounting public investment in the marine and defense sectors along with the aerospace industry.

On the other hand, Europe is considered to be another strong market in the global smart textile market as the major contributors to the regional market are France, the U.K, Germany, and Italy. The primary end users of the smart textile are automotive and aerospace and textiles industry which are pouring the growth of the market in substantial ways. Since some time, several opportunities for composite and core material is growing in the Middle East & Africa and Latin America, which is expected to propel the growth of smart textiles market in these regions.

Industry News:

• 3rd May 2019: Kordsa, a global player in tire, construction reinforcement and composite technologies markets, showcased textile structures for the aerospace industry. It participated in Ceramics Expo 2019 held in Ohio, US recently. Fabric Development Inc (FDI) and Textile Products Inc (TPI) represented Kordsa at the Expo and introduced Korda's high-performance textile structures for the aerospace industry. Kordsa thus added its lightweight and durable ceramics fibers and textiles that provides extreme endurance with their high-temperature resistance.

Contact:

Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune - 411028
Maharashtra, India
+1 646 845 9312
Email: [email protected]

Contact Info:
Name: Akash Anand
Organization: Market Research Future
Address: Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar, Pune - 411028
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com/reports/smart-textile-market-5477

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