Press release
Smart Textile Market- Global Industry Analysis, Trends by 2021 - 2031
Transparency Market Research delivers key insights on the global smart textiles market. In terms of revenue, the global smart textiles market is estimated to expand at a CAGR of 25% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global smart textiles market.The global smart textiles market is broadly affected by several factors, including rise in demand for the development of multifeatured and hybrid smart textiles.
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Rapid advancements in textile technologies, nanotechnology, biosensors, new materials, and miniaturized electronics are significantly changing the overall growth dynamics of the global market for smart textiles. Smart textiles hold immense promise in the sector of wearable devices, and expected to emerge as the primary vehicle for the extensive use of the wearable technology. The usage of wearable devices such as heart rate monitors, motion sensors, and pedometers is expected to increase significantly in the next few years, as the global consumer becomes increasingly aware about healthcare and personal wellbeing in general.
Currently, smartphones, tablets, smartwatches manufacturers, and consumers are looking further for compact devices, which can integrate all the computing and monitoring into a single device. This offers a lucrative opportunity for the development of multi-function and hybrid smart textiles that not only make human life easy but also enable convergence with many wearable devices. For instance, researchers at the National University of Singapore (NUS) have integrated conductive textiles into clothing to dynamically connect several wearable gadgets at one time.
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Moreover, the wireless body sensor network permit devices to transmit data with 1,000 times more robust signals than conventional technologies. They are anticipated to be used in human-machine interfaces, health monitoring, and medical interventions, which offer high growth opportunities to the global smart textiles market. Furthermore, the growing applications of smart textiles in harsh radiation environments expand nowadays. Thus, rising demand for smart textiles is expected to fuel the smart textiles market.
The smart textiles market in North America is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and countries, such as the U.S. and Canada, are offering ample and lucrative opportunities for manufacturers on a long-term basis, owing to increase in the number of end users in the region. North America held a notable share of the global market due to increasing government initiatives and rising demand, especially from the military and protection, healthcare, and sports and fitness verticals. Additionally, smart textile vendors such as DuPont, Gentherm, Sensoria, Alphabet, and Jabil are based in North America, which is positively impacting the regional market and driving the global smart textiles market. The U.S. accounted for a prominent share, in terms of value, among all countries. The smart textiles market in North America is projected to expand at a prominent CAGR during the forecast period, owing to the presence of a large number of players manufacturing and expansion opportunities for smart textiles in the region.
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Key players operating in the global smart textiles market are DuPont, Alphabet Inc., Jabil Inc., AiQ Smart Clothing Inc., Sensoria, Gentherm Incorporated, Interactive Wear, Outlast Technologies, Adidas, and Hexoskin.
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About Transparency Market Research:
Transparency Market Research is a Global Market Research Report company providing business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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