Smart Textile Market is anticipated to grow at a CAGR of 24.84% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Smart Textile Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global smart textile market is estimated to account for over US$ 2,154.84 million by 2019. The market is anticipated to grow at a CAGR of 24.84% from 2019 to 2030.
Smart textiles are majorly categorized into three types - passive smart, active smart, and ultra-smart. Passive smart textiles can only sense, active smart textiles can sense & respond and ultra-smart textiles can sense, react, and adapt according to environmental conditions. New product launches and technological advancements in smart textile market is driving market growth. Moreover, increasing investment for research & development activities and collaborations between textiles based companies & technology providers are some of the other factors propelling market growth.
The demand for smart textile is also rising due to its expanding base of applications in end-use industries such as fashion & entertainment, medical, defense & military, automotive, and sports. Moreover, the growing integration of wearable technologies, rising disposable income & standard of living, increasing adoption of smart textiles for medical purposes, and growing popularity of smart textiles among youngsters are some of the other factors driving market growth.
However, the lack of standards and regulations across the globe, complexities involved in integrating technologies with textiles, fluctuations in raw material prices, and high cost is restraining market growth to a certain extent.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Smart Textiles Market by Type (Passive Smart, Active Smart, and Ultra Smart), End-Use Industry (Fashion & Entertainment, Medical, Defense & Military, Automotive, and Sports) - Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/smart-textiles-market/208
North America holds the largest market share and is expected to continue its dominance for a few years. Asia Pacific is expected to grow at the highest CAGR during the forecast period (2019-2030) owing to high demand for smart textiles and wearable electronics from China, India, Japan, and South Korea.
Some of the prominent players in the smart textile market include Google, AiQ Smart Clothing, Interactive Wear AG, Schoeller Textil AG, Sensoria Inc, OTEX Specialty Narrow Fabrics, Noble Biomaterials, Inc., Ohmatex A/S, Bally Ribbon Mills, Noble Biomaterials, Inc. and WearTech Therapeutics, Inc., among others.
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