Global Smart and Interactive Textiles Market is Expected to Reach $3.82Billion in 2020
According to a new report published by Transparency Market Research "Smart and Interactive Textiles Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020” the global demand for smart and interactive textiles was valued at USD 1.53 billion in 2013 and is expected to reach USD 3.82 billion in 2020, growing at a CAGR of 14.0% from 2014 to 2020.
Rising demand for smart and interactive textiles from the transportation industry is likely to be one of the major factors for the growth of the market. Furthermore, growth in medical and healthcare industries is anticipated to lead to higher demand for smart textiles during the forecast period. However, market growth is likely to be sluggish due to high prices of finished products of smart textiles as compared to conventional textiles. Rising number of research and development activities for product and technological innovation is expected to provide new opportunities for market growth.
With over 38% share, the transportation segment accounted for the largest demand for smart textiles in 2013. New applications such as measuring heart rate, heating of seats, smart seat belts and functioning of steering wheels hold immense potential in the automotive industry. The industrial application segment is anticipated to lead the market in the near future. It is projected to grow at a CAGR of 17.3% between 2014 and 2020 due to a rise in the number of industrial activities such as logistics and supply chain management in emerging regions such as Asia Pacific. Other prominent applications of smart textiles in industrial applications include various protection devices such as personal protective equipment, which is significantly used in industrial plants, manufacturing facilities, etc. Extensive research and development has resulted in commercialization of smart textiles for fire fighters; however, a gap still exists between commercialization and prototype development.
Europe was the largest segment in the smart and interactive textiles market due to the presence of several large industries such as transportation, military and healthcare. Europe smart and interactive textiles market was valued at USD 632.0 million in 2013. Additionally, the European Union (EU) has been granting funds for smart and interactive textile projects over the past few years.
This has further led to market growth in the region. However, emerging regions such as Asia Pacific are likely to witness the fastest growth over the next few years. Currently, the market for smart textiles in Asia Pacific is sluggish as compared to that in Europe and North America; however, the demand for smart textiles in Asia Pacific is likely to increase in the near future due to the presence of large textile industries and growth of the healthcare industry.
Rising demand for smart and interactive textiles from the transportation industry is likely to be one of the major factors for the growth of the market. Furthermore, growth in medical and healthcare industries is anticipated to lead to higher demand for smart textiles during the forecast period. However, market growth is likely to be sluggish due to high prices of finished products of smart textiles as compared to conventional textiles. Rising number of research and development activities for product and technological innovation is expected to provide new opportunities for market growth.
With over 38% share, the transportation segment accounted for the largest demand for smart textiles in 2013. New applications such as measuring heart rate, heating of seats, smart seat belts and functioning of steering wheels hold immense potential in the automotive industry. The industrial application segment is anticipated to lead the market in the near future. It is projected to grow at a CAGR of 17.3% between 2014 and 2020 due to a rise in the number of industrial activities such as logistics and supply chain management in emerging regions such as Asia Pacific. Other prominent applications of smart textiles in industrial applications include various protection devices such as personal protective equipment, which is significantly used in industrial plants, manufacturing facilities, etc. Extensive research and development has resulted in commercialization of smart textiles for fire fighters; however, a gap still exists between commercialization and prototype development.
Europe was the largest segment in the smart and interactive textiles market due to the presence of several large industries such as transportation, military and healthcare. Europe smart and interactive textiles market was valued at USD 632.0 million in 2013. Additionally, the European Union (EU) has been granting funds for smart and interactive textile projects over the past few years.
This has further led to market growth in the region. However, emerging regions such as Asia Pacific are likely to witness the fastest growth over the next few years. Currently, the market for smart textiles in Asia Pacific is sluggish as compared to that in Europe and North America; however, the demand for smart textiles in Asia Pacific is likely to increase in the near future due to the presence of large textile industries and growth of the healthcare industry.
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