Rapid advancements in textile technologies, nanotechnology, biosensors, new materials, and miniaturized electronics are bringing about a major change to the overall growth dynamics of the global market for smart textiles. Although the sector is still in the very early stages of development, the possibilities of innovative smart textiles extending the overall usefulness and functionalities of common fabrics are immense.
In the future years, smart textiles are expected to find applications across several industries and an increasing number of companies will step in the market with their products. Rising interest from industries such as medical devices, fashion, entertainment, and defense is poised to encourage further development in smart textiles and increase investments aimed at future research and development activities.
Technological innovation has enhanced textile industry massively and now the demand for smart textile has grown significantly in various sectors. With rapid technological advancements in nanotechnology, textile technologies, miniaturized electronics, biosensors, and new materials that have brought huge change in the smart textile market. However, these changes and this market are in its initial stages, the smart textile market has huge potential to grow with continue innovation in smart textiles that will change its functionalities and usefulness of the common fabric to a great extent. In the near future, the demand for smart textile is projected to grow and is supposed to be used in various industries.
In addition, increasing number of players in the market are also projected to increase market competitive dynamics in the forthcoming years. According to a recent research report by Transparency Market Research, the global smart textile market is expected to reach US$7.73 bn by the end of 2024 progressing from US$0.7 bn estimated in 2014. The market is projected to rise at 30.8% of CAGR during the forecast period between 2015 to 2023.
Growing Application of Smart Textiles in Sports and Fitness Sector to Boost Market Growth
The growing awareness about health fitness and rising physical consciousness have increased the demand for smart textiles and wearables that helps the users in tracking their calories and keep track of their workout sessions. Smart textiles play a crucial role in sports and fitness sector and is anticipated to emerge as a primary factor in the wearable technology sector. Nowadays, wearable devices are high in demand, are available in motion sensors, heart rate monitors, and pedometers, and are expected to rise significantly in the coming years. According to the report, the sports and fitness industry is expected to rise 33.1% during the forecast period from 2015 to 2023.
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