The global smart textile market size is expected to reach USD 5.55 billion by 2025, registering a CAGR of 30.4% over the forecast period, according to a new report by Grand View Research, Inc. Global demand for smart textile is mainly driven by increasing penetration of smartphones and other high-tech or smart devices, such as iPods. Majority of new smartphones and laptops are equipped with Bluetooth Low Energy (BLE) technology. This enables the connection of sensor-based devices to the internet through mobile phones. Smart textiles can be used to communicate information of the wearer, such as physiological paramters including location, heart rate, blood pressure, and temperature.
This data can then be used in application areas, such as healthcare and sports & fitness. Moreover, the product is also used by those suffering from late-stage dementia as it can help refresh their sense of self. Therefore, wide usage of internet and growth in wireless technology are expected to have a postitive impact on the market growth. Rapidly expanding fashion & entertainment industry across the globe is also expected to propel the market growth in coming years. Moreover, rising product demand from the sports & fitness sector due to increasing awareness about leading a healthy lifestyle will contribute to the growth.
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Miniaturization of electronics is expected to significantly fuel market growth further. Industry participants are increasingly focusing on reducing form factors to facilitate integration, to make sensors compatible with fabric and ensure optimum comfort and wearability. Since smart textiles are used in fields, such as healthcare and sports, it has become increasingly important to ensure that the user is not hindered through the use of electronic fabric. The use of conventional cables had been a major hindrance to product adoption. With the advent of smart textiles, which eliminate the bundled filaments of conventional cables, higher degree of flexibility can be ensured.
Further key findings from the study suggest:
- Global smart textile market is anticipated to witness a substantial growth owing to increasing product demand from several applications, such as sports & fitness
- The defense & military segment is anticipated to account for the highest market share by 2025, while sports & fitness segment will register the fastest CAGR over the forecast years
- North America accounted for over 47% of the overall share in 2018, thus, leading the global market and is likely to maintain the dominance even during the estimated period
- Key companies in the market include Adidas AG; Ohmatex ApS; Peratech Ltd.; Infineon Technologies; Clothing+; Fibertronic Ltd.; Weartech; and Tektronix, Inc.
- Funding and investments by government organizations are estimated to help these firms in product development and innovation
- Industry stakeholders include a number of entities, such as system integrators and Original Equipment Manufacturers (OEMs), as well as manufacturers of textiles and electronic components
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
