Press release
Smart Textile Market: Increasing Demand for Wearable Technologies to Keep Players on the Cutting Edge of Innovation
The global smart textile market is extremely concentrated in nature with a few players holding a massive share in the market, states a study by Transparency Market Research (TMR). In 2014, the leading players in the global smart textile market, namely Koninklijke Ten Cate NV, Texas Instruments Inc., Gentherm Inc., and E.I. DuPont De Nemours and Co. collectively held a share of 55.60%. These companies are emphasizing on product development and innovation in order to create opportunities and demand in the global market. Additionally, the rising number of strategic collaborations and mergers and acquisitions is expected to supplement the growth of the market in the coming years.As per the research study, the global textile market is anticipated to reach a value of US$7.7 bn by the end of 2023, exhibiting a remarkable 30.08% CAGR between 2015 and 2023.
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Rising Demand from Transportation Sector to Augment North America Smart Textile Market
From a geographical outlook, North America is projected to lead the global smart textiles market and account for a share of 38.80% by the end of 2023. The rising demand for smart textile from the transportation sector and the miniaturization of electronic materials are the key factors encouraging the growth of the smart textile market in North America. In addition, the substantial contribution from the U.S. is expected to accelerate the growth of the market in the next few years. Europe is projected to follow North America with a progressive growth rate through 2023.
In terms of application, the military and defense segment is anticipated to grow at a robust pace and lead the overall market throughout the forecast period. As per the study, this segment is projected to account for a share of 26.30% in the global smart textile market by the end 2023. The growing use of nanotechnology in smart textiles is one of the primary reasons owing to which there is a high demand for these textiles in the military and defense sector.
Growing Usage of Smartphones to Fuel Market Growth
The growing demand for and popularity of wearable technologies is the key factor augmenting the smart textile market across the globe. The increasing use of smartphones is indirectly driving the demand for smart textiles, thus encouraging the market’s growth. In addition, the rising demand for sophisticated gadgets with advanced functions and the high growth of low-cost smart wireless sensor networks are expected to fuel the growth of the overall market throughout the forecast period, says a TMR analyst.
Furthermore, technological developments and increasing investments by leading players in this field are encouraging the growth of the market. Moreover, with the rising focus on research and development and the expansion of the application base, the market is estimated to witness significant growth in the coming years.
High Cost of Smart Textiles to Curtail Market Growth
The high cost of smart textiles and the incompatibility of manufacturing practices, especially in textiles and electronic industries, are anticipated to restrict the growth of the global smart textile market in the next few years. Nonetheless, the increasing number of players in the global market and the growing emphasis on introducing innovative products are estimated to generate substantial opportunities for market players.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Smart Textile Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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