Global Smart Textiles Market Revenue to Exceed $1,500 Million by 2020 - New Report by Grand View Research, Inc
San Francisco, CA, January 26, 2014 --(PR.com
)-- The global market for smart textiles is expected to exceed USD 1,500 million by 2020, according to a new study by Grand View Research, Inc. Increasing adoption of smart textiles across numerous end-use industries is expected to be the key driving force for the market. Grand View Research also observes that growing penetration of smartphones enabled with Bluetooth Low Energy (BLE) for connecting sensor-based devices to the Internet is expected to fuel market growth in the coming years.
Protection and military was observed to be the largest end-use segment, and accounted for over 27% of the overall market share in 2012. Sports and fitness is expected to register the fastest growth of 24.8% over the forecast period. Decreasing prices of electronic components is expected to make production cost-effective, further contributing to overall market demand. Ensuring user friendliness and seamless integration of technology into the fabric is a key challenge for industry participants.
The report “Smart Textiles Industry Trends And Market Segment Forecasts To 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/smart-textiles-industry
Further Key findings from the study suggest:
The global smart textiles market was estimated to be USD 289.5 million in 2012, and is expected to grow at a CAGR of 24.1% from 2013 to 2020
Protection and military application of smart textiles is expected to remain the largest market segment over the next six years. Sports and fitness are also expected to benefit from this technology, since smart fabrics eliminate the need for bulky equipment such as chest straps. Medical applications accounted for over 7% of the market in 2012; the segment is expected to grow faster than the global average in the coming years. This is expected to be driven by the need for enhancement in administering nursing care, drug delivery, and other procedures.
Smart fabric helps measure physiological parameters such as temperature, heart rate and blood pressure among others. Materials used comprise phase changing materials (PCM), nanofibers, conductive polymers, etc., while primary components include sensors and actuators. Problems concerning power supply are expected to drive the need for energy harvesting in the near future.
North America is expected to dominate market revenue, and accounted for over 45% of the global share in 2012. Asia Pacific is expected to be the fastest growing regional market, with an estimated CAGR of 25.2% from 2013 to 2020. Standardization is expected to be critical for the market to make the transition from specialized products to commercialization.
Industry stakeholders include a number of entities, such as manufacturers of textiles and electronic components, as well as original equipment manufacturers (OEM) and system integrators. Research and development activities as well as funding by government organizations are expected to help market players achieve product development and innovation. Key companies operating in the market include Ohmatex ApS, Tektronix. Inc., Clothing+, Adidas, Infineon Technologies, Weartech, Fibretronic Limited, and Peratech Ltd. among others.
For the purpose of this study, Grand View Research has segmented the smart textiles market on the basis of end-use and region:
Smart Textiles End-Use Outlook:
Fashion and Entertainment
Sports and Fitness
Protection and Military
Smart Textiles Regional Outlook:
About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, 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 energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/
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