Market research firm Allied Market Research’s report predicts that by 2022, the global smart textile market will grow from $ 943 million in 2015 to $ 5.369 billion, with a compound annual growth rate of 28.4% between 2016 and 2022.
Smart textiles in the manufacturing process embedded in a special technology, can provide more features for the wearer. It can react specifically to stimuli or environmental conditions, such as heat, mechanical, chemical, magnetic and other sources. As the use of smart textiles in the end-user industry continues to expand, its global demand continues to increase.
Most of the demand for smart textiles comes from end-use industries such as military, defense and medical applications. Developed countries and developing countries will see the trend of innovation, the growth of this market demand. Some of the factors that include: improved living standards, increased income, increased awareness of safety and awareness of environmental protection, advances in medical technology, expansion of the automotive industry, and increased health care spending.
The combination of smart textiles and wearable devices, the use of nanotechnology in textiles, the use of smartphones, the increasing use of wearable products in the healthcare industry, the widespread use of the military, defense and sports sectors is the main driver of the global smart fabric market growth factor. The high cost of production is the main constraint. Smart textiles use high-end materials, and the internal production of complex, high cost of electronic equipment and components, which undoubtedly lifted its price costs.
Geographically, the demand for emerging economies such as India and China is growing, and as the research and development of smart textile markets in these countries become more frequent and deeper, they will play an important role in the global smart textile market. North America is the highest income in 2015, is expected from 2016 to 2022, the average annual compound growth rate will reach 27.9%. In addition, North America is expected to remain dominant during the forecast period. Europe and the Asia-Pacific region are the second and third largest areas of the smart textile market.
By function classification: energy storage, sensing, thermoelectric, lighting glowing, etc.
By Application Category: Healthcare, Military Defense, Entertainment, Cars, Sports, etc.
(By function, end users, regional classification of the global smart textile market, prospective industry research institute finishing)
At present, due to the increasing demand for functional and quality products, military, defense, health care, entertainment and other areas are in a large number of low-use smart textiles. These industries on the demand for higher quality fabrics, is expected in the next few years, intelligent textiles will usher in a new round of outbreak and growth.
In terms of applications, it is expected that the application of smart textiles in the military defense and entertainment industries will be more attractive to investors as a more profitable part. Compared with other market segments, these two market segments will be larger.
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