According
to a new market report published by Transparency Market Research
“Smart
Textile Market - Global Industry Analysis, Size, Share, Growth,
Trends and Forecast 2015 - 2023,” the smart textile market was
valued at US$700 million in 2014, which is expected to reach
US$7,730.0 million by 2023, growing at a CAGR of 30.8% from 2015 to
2023.
The
smart textile market is primarily driven by the increasing usage of
nanotechnology in these fabrics. This nanotechnology helps in
producing fabrics with special functionality including UV protection,
water and stain resistant, anti bacterial and many more. This
nanotechnology includes nano-electronics, nano-materials and
nano-biotechnology.
Nano technology helps in embedding the electronic
components in to the textile. Further, nano technology provides
different efficient techniques and tools to manufacture the required
fabric attributes by modifying the fabric surface. Moreover, from the
consumer side, the market is also supported by the increasing demand
of wearable technology globally during the forecast period. Smart
textiles includes garments like gloves, coats, sport wears etc, which
in turn are connected to smart phones, trackers, music players etc.
Smart garments also comprise sensors such as heart rate sensors,
accelerometers and many others. The smart textiles are used in
various applications including health monitoring, automotive,
entertainment and other applications.
By
functions, market is segmented into energy harvesting, sensing,
thermoelectricity, luminescent and others. The sensing smart textile
segment accounted for 26.1% in 2014.
By
application, market is segmented into health care, military and
defense, entertainment, automotive, sports and fitness and others
which include architecture and fashion. Military and defense segment
accounted for 28.7% in 2014. The miniaturization of electronic
component has increased the demand of wearable technologies and smart
textile in all segments. The military and defense segment is followed
by health care, entertainment, automotive, sports and fitness and
others. Furthermore, the sensing segment is followed by energy
harvesting, thermoelectricity, luminescent and others.
In
terms of geography, market is segmented into North America, Europe,
Asia Pacific and Rest of the World (RoW). North America had the
largest market share in the global smart textile market in 2014. U.S.
and Canada are the major countries in North America contributing
maximum revenue during the forecast period. North America smart
textile market is followed by Europe, Asia Pacific and Rest of the
World. The North America smart textile accounted for 40.1% and is
likely to witness good growth during the forecast period 2015 to
2023. Increasing investment in research and development is creating
opportunities in the global smart textile market.
More
Information : http://bit.ly/1n3KdQA
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