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Global smart textile/fabric market to hit $1.59B in 2020

Posted: 11 Aug 2015 ?? ?Print Version ?Bookmark and Share

Keywords:Grand View Research? smart textile? smartphone? laptop? Bluetooth Low Energy?

According to the latest forecast from Grand View Research Inc., the global smart textile/fabric market will be valued at $1.59 billion by 2020, growing at a CAGR of 24.1 per cent from 2013 to 2020. The market is expected to be driven by the rising penetration of smartphones and other smart or high-tech devices including iPods. A large number of laptops and smartphones are equipped with Bluetooth Low Energy (BLE) technology that allows the connection of sensor-based devices to the Internet through mobile phones, added the market research firm.

Miniaturisation of electronics is expected to significantly fuel industry growth over the forecast period. In order to make sensors compatible with fabric and ensure optimum comfort and wearability, industry participants have focused on reducing form factors to facilitate efficient integration of components into the fabric.

Laundering is a key challenge in the use of smart garments since they are integrated with electronic components. Washability deals with physical resistance against high temperature and mechanical stresses, as well as chemical resistance against moisture and detergents. This also results in issues with battery performance.

Growth in end-use industries of smart textiles is expected to favourably impact the smart textile market in the coming years. Protection & military is expected to be a prominent end-use segment, and register high growth throughout the forecast period. Sports & fitness and medical are also expected to emerge as fast growing application sectors.

Consumers have been focusing on fashionable products that go a step further from traditional functions of fabric. Growth in the fashion and entertainment industry is expected to propel overall smart fabric market growth. Additionally, demand from the sports and fitness sector has been increasing on account of growing awareness pertaining to the benefits of a healthy lifestyle.

Ensuring efficient power supply is a key issue, since using conventional batteries may render the target garment too bulky for wear. Efforts to combat this drawback include development of a lightweight fabric that acts as a credible power supply, thus fulfilling the dual purpose of wearability and functionality.

The need to incorporate innovations in the textile industry and prevent shifting of production facilities to cost effective markets of Asia Pacific has led to initiatives by regulatory bodies. The European Commission, for instance, has co-financed a number of projects over the years in order to boost smart textile development. These include WEALTHY, MyHeart and BIOTEX among others.

The smart textile market comprises a large number of players based on their role in the ecosystem. Numerous R&D activities are conducted in order for new product development and innovations. Key companies operating in the market include Ohmatex ApS, Clothing+, Adidas, Weartech, Fibretronic Ltd, and Peratech Ltd.

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