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.