A new report has been published by Transparency Market Research on the global smart and interactive textiles market. As per the report, the global smart and interactive textiles market is expected to expand at a 14.0% CAGR from the period between 2014 and 2020. The report, titled ‘Smart and Interactive Textiles Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020’, states that the global smart and interactive textiles market is expected to progress from US$1.5 bn in 2013 to US$3.8 bn by 2020.
Smart and interactive textiles are fabric products possessing the ability to sense and react to a specific environment or stimuli such as heat or light. Smart and interactive textiles, also known as smart fabrics or smart textiles, provide additional applicability and functionality as compared to traditional ones. Smart textiles can also be used in protection, monitoring, medical, and entertainment applications and can be used in the technical textiles industry and fashion and clothing segments.
The global smart and interactive textiles market is segmented on the basis of application and region. Based on application, the global smart and interactive textiles market is classified into industrial, medical and healthcare, military and defense, transportation, retail and consumer, and others. In 2013, the global smart and interactive textiles market was led by the transportation segment. The transportation segment accounted for over 38% of the total market. New applications including heating of seats, measuring heart rate, steering wheel functioning, and smart seat belts hold huge potential in the auto industry. The industrial application segment is expected to expand at a 17.30% CAGR during the period from 2014 to 2020 due to an increase in industrial activities.
By geography, the global smart and interactive textiles market is divided into North America, Europe, Asia Pacific, and Rest of the World. In 2014, demand for smart and interactive textiles was at peak level in Europe due to the existence of large-scale industries such as military, healthcare, and transportation. North America was the second largest regional segment in 2014, thanks to demand for various applications of smart textiles such as sports and fitness fabrics and regular clothes. Asia Pacific is expected to register the fastest growth by 2020 – it is expected to expand at a 20.2% CAGR. Increasing volume of industrial activities and rising usage of smart textiles in various applications such as supply chain process and conveying/lifting is expected to drive the Asia Pacific market for smart and interactive textiles in the years to come.
E. I. du Pont de Nemours and Company, Globe Manufacturing Company, LLC, Outlast Technologies Inc., Toray Industries Inc., Fibertronic Ltd., Interactive Wear AG, and Textronics Inc. are the prominent players operating in the global smart and interactive textiles market.
The growth of the global smart and interactive textiles market is expected to be restricted in the years to come due to the high prices of smart textile products. However, factors such as increasing research and development activities for new smart textile products and advancements in technology are predicted to propel the global market for smart and interactive textiles in the years to come.