Smart Textile Market is Growing Worldwide – 2032 | Growth Opportunities and Business Strategies
continuous innovation and surge in wearable technology is expected to drive the growth of the smart textile market.
WILMINGTON, DELAWARE , UNITED STATES, February 12, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, Smart Textile Market Size, Share, Competitive Landscape and Trend Analysis Report by Function (Energy Harvesting, Sensing, Thermoelectricity, Luminescent, and Others) and End User (Healthcare, Military & Defense, Entertainment, Automotive, Sport & Fitness) – Global Opportunity Analysis and Industry Forecast, 2032
Global smart textile market was valued at $943 million in 2015, growing at a CAGR of 28.4% during the forecast period to reach $5,369 million by 2022. In 2015, the military & defense segment accounted for one-fourth of the total share, in terms of revenue.
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The significant factors driving smart textile market growth include integration of wearables and smart textiles, increasing use of nanotechnology, and its application in smartphones & other sophisticated gadgets. The electronic components can be miniaturized and integrated with smart textiles, which help to monitor and regulate body temperature, monitor heartbeat, and protects body from outside radiations. In addition, the application of nanotechnology is extended with the production of nanofibers. The use of nanofibers in the fabric is applied widely in the smart textile industry to enhance the performance and functionality of the textile. It provides textiles with anti-bacterial, UV-protection, self-cleaning, water repellence property, maintaining the breathability, and tactile properties of the textiles.
The emergence of new technologies such as artificial intelligence (AI) and Internet of Things (IoT) has transformed the textile industry. New smart apparel is being manufactured integrated with AI, Bluetooth Low Energy (BLE), edge computing, and cloud data, which can monitor and communicate the wearer’s information, including blood pressure, heart rate, perspiration, and temperature. AI can access and collect historical and real-time operational data and provide insights, which can enhance the wearer’s efficiency. Defect detection, pattern inspection, and color matching are some of the common applications of AI in textile manufacturing. The use of AI has enabled the production of smart apparel that leverage IoT and electronic sensors to create an excellent user experience. The integration of technologies in textiles can provide a more comfortable and health-focused experience. Since clothes cover a major portion of the body, smart textiles can potentially provide different types of physiological information. Besides, smart textiles highly rely on BLE and IoT technologies for a long-lasting energy source from their embedded battery.
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High production cost, high toxic waste production, and lack of government policies encouraging smart textile are some factors that are expected to hinder the growth of the smart textile market while increasing research and development in the smart textile industry is acting as one of the major opportunities for the global smart textile market.
Asia-Pacific and Europe collectively contributed more than half of the share to the global smart textile market by revenue in 2015. Asian countries such as China, Japan, and India have transformed been into manufacturing hubs for smart textiles owing to low cost of labor and will be the fastest growing regional market for smart textiles.
Major players that operate in this market are DuPont de Nemours & Co., Koninklijke Ten Cate NV, Texas Instruments Inc., Google Inc., Gentherm Inc., Schoeller Textiles AG, Sensoria Inc., Textronics, Adidas, and Ohmatex.
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The comprehensive report on the global smart textile market provides a qualitative and quantitative evaluation of the historical and forecasted market size and share. It includes a thorough review of the research methodology used, including the extraction of primary and secondary data. In addition, it highlights important benefits for stakeholders, identifies the most profitable investment opportunities, describes the most successful strategies, and analyses the impact of the Russian-Ukrainian war. Porter’s Five Forces Analysis assists industry leaders in assessing an organization’s current competitive strength as well as the position in which competition may move.
Key Findings of the Smart Textile Market:
• North America is expected to continue to lead the market during the forecast period followed by Europe.
• Military & defense end user segment generated the highest revenue and is projected to grow with a CAGR of 27.3% during the forecast period.
• Sports & fitness is the fastest growing end user segment in smart textile market registering a CAGR of 30.4% during the forecast period.
• Latin America accounted for more than one-third share of the LAMEA smart textile market in 2015.
• The Indian market is growing at a faster rate in Asia-Pacific smart textile market, registering a CAGR of 31.8% from 2016 to 2022.
• Germany accounted for more than one-fourth of share in the European smart textile market in 2015.
Research Methodology:
The global smart textile industry was thoroughly researched through a comprehensive approach combining primary and secondary research methodologies. Secondary research provided a broad overview of goods and services, whereas primary research delved deeper into the various factors driving the market. To obtain comprehensive insights into the industry, a meticulous search was undertaken utilizing various sources such as press releases, specialized business periodicals, and government websites. This meticulous research methodology has provided a unique and extensive insight into the global smart textile market.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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