Global Smart Textile Market to Register Whopping 30.80% CAGR Through 2023

Market Research Reports Search Engine (MRRSE) has recently announced the inclusion of a new report to its comprehensive collection of market studies. The study, titled “Smart Textile Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” provides a clear picture of the market, including its overview, product portfolio, and major geographical segments.According to the research study, in 2014, the global smart textiles market was worth US$700 mn and is estimated to reach a value of US$7,730 mn by the end of 2023. The market is projected to exhibit a remarkable 30.80% CAGR between 2015 and 2023.

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The increasing use of nanotechnology in smart textiles is one of the major factors driving the global smart textile market. The adoption of nanotechnology helps in enhancing the fabric with several features such as water and stain resistance, UV protection, and anti-bacterial properties. Smart textiles are also embedded with electronic devices and other components, owing to which their production cost is quite high and is thus acting as a restraining factor for the growth of the global smart textile market.

By application, the global smart textile market has been categorized into sports and fitness, entertainment, healthcare, automotive, military and defense, and others. In 2014, the military and defense segment led the overall market, holding a 28.7% share in the global smart textile market. The miniaturization of electronic components has made them easy to integrate with smart textiles, boosting the demand for smart textiles and wearable technologies in all the application segments.

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By geography, the global smart textile market has been divided into Europe, Asia Pacific, North America, and Rest of the World. In 2014, North America dominated the overall market holding a 40.1% share in the global smart textile market, followed by Europe. The North America market is predicted to remain in the leading position and register a high growth rate in the forecast period.

The research study further covers the competitive landscape of the global smart textile market including detailed profiles and analysis of the major players operating in the market. The prominent players mentioned in the research study include Schoeller Technologies AG, Ohmatex ApS, Koninklijke Ten Cate nv, Outlast Technologies LLC, Milliken & Company, Globe Manufacturing Company, LLC, E.I. DuPont De Nemours and Co., Texas Instruments Inc., Noble Biomaterials Inc., and Gentherm Inc.

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