Smart Textile Market To Surge At A Robust Pace In Terms Of Revenue Over 2016 - 2024
The smart textile market is making considerable advances fueled increasingly by the advancements in the nanotechnologies used in fabrication, advent of new materials, and some notable progress in miniaturized electronics. Further, the adoption of biosensors has enabled smart textile end-users see novel products. The valuation of the market is projected to clock CAGR of 30.8% CAGR during 2015 – 2023, and reach worth of US$7,730.0 mn by 2023-end.
Forces of Consolidation of Shares Define Competitive Landscape
A high degree of consolidation has shaped the competitive dynamics of the smart textile market in recent years. In 2014, only four players held 46% of the overall market share. E.l. DuPont De Nemours and Co. has been one of the companies, and has been facing stiff competition from small and medium-scale specialty product-manufacturing businesses. Some of the other well-entrenched players are Gentherm Inc., Texas Instruments Inc., and Koninklijke Ten Cate N.V.
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Wearables Act as Launchpad for Commercialization of Smart Textile Products, Wide Range of Demands Bellwether for Market Growth
The smart textile market growth dynamics is massively shaped by the wide utilization in making wearables for meeting wide range of demands in various end-use industries. These end-users include sports and fitness industry, and healthcare sector. Stridently, the rapid penetration of wearables in sports and fitness industry has propelled the demand for smart textiles among manufacturers.
Past few decades have witnessed the rapidly growing use of smart textiles in numerous commercial products. This is a key trend that has expanded the scope of commercialization of smart textiles. Strides made in sensors that are used in wearables have positively encouraged research and development investments in the smart textile market.
Growing Penetration of Wearables in Healthcare IT Bolstered Uptake
The adoption of new fabrication technologies such as nanotechnologies has increasingly expanded the smart textile market avenue. In general, advances in textile manufacturing have been broadly driving factors for the demand for smart textiles to meet a wide cross-section of demands in the smart textile market. Growing body of research on using easily available raw materials and modify them to exhibit smart characteristics have majorly lent a fillip to the R&D products.
The growing penetration of wearables in healthcare IT is a key trend that has spurred the growth of smart textiles market in the healthcare sector. For instance, wearable have been found to be massively used in heart rate monitors, pedometers, and motion sensors. Prospective demand for wearable in health monitoring has expanded the avenue in the smart textile market.
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