Published on : Nov 27, 2019
ResearchMoz.us has announced the addition of a report, titled “Smart Textiles for Wearable Technology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019–2025”. The report on the global smart textiles for wearable technology market provides a comprehensive assessment of important growth factors, recent technological developments, the competitive landscape, and prominent investment opportunities in key geographical regions.
Smart textiles are a type of fabric that are produced to blend technologies in it. This blend of technology and fabric offers enhanced functionality to the wearable. The smart textile can sense the environmental stimuli and react to it. The stimuli can be from chemical, magnetic, mechanical, thermal, or any other source. These textiles have conductive materials such as nickel, copper, and silver. The smart fibers are produced using yarns by knitting or weaving the interactive materials. These materials can then interact with the environment of the user. These textiles are also called as e-textiles. Smart fabric have added functionalities such as storage, radio frequency operating, assistive technology, interface elements, and power generation among others.
The demand for global smart textiles for wearable technology market is on course to achieve stellar growth over the course of the given forecast period of 2019 to 2025. According to the research report, the smart textiles for wearable technology market is expected to exhibit a massive CAGR of 33% during the given forecast period.
Such an impressive growth of the market is due to the growing application verticals of the smart textiles for wearable technology. Majority of the demand is from the prominent end-use sectors such as healthcare and defense & military. Both the established and emerging economies are expected to witness a substantial increase in the demand for these smart textiles for wearable technology as the innovative trends catch up with the populace. There are several factors that are helping these trends to become increasingly popular. Some of these reasons are the rising disposable incomes, increase in the overall standard of living, technological advances in medical and other sectors, booming automotive sector, increased spending on development of healthcare infrastructure, and growing awareness of environment conservation and safety.
Another key factor that is driving the growth of the global smart textiles for wearable technology market is the growing integration of these e-fabrics and wearables using nanotechnology. Nanotechnology has seen a tremendous growth in recent years and has ever-growing applications across multiple verticals. Naturally, a perfect integration of smart textiles for wearables and nanotechnology is expected to develop the market even more. In addition to this, increased funding and resources provided for developing innovative products is also expected to help the growth of the smart textiles for wearable technology market in the near future.
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Geographically, the global smart textiles for wearable technology market is segmented into five key regions namely North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, the global market is currently dominated by the North America region. The region is projected to continue its dominance over the course of the forecast period. The growth of the regional market can be attributed to the well-developed infrastructure necessary for the manufacturing of such products. Moreover, the presence of several leading players in the smart textiles for wearable technology market also helps in pushing the growth of the region.
On the other hand, the Asia Pacific region is expected to show maximum rate of growth during the given forecast period. Such high growth rate is primarily attributed to the presence of emerging economies such as India and China. Due to the developing nature of their economy, these nations are opening up their markets to the leading players and encouraging production. It saves cost and helps in better distribution. Such factors are thus expected to help the Asia Pacific smart textiles for wearable technology market to grow.
Some of the key companies in the global smart textiles for wearable technology market include names such as Google Inc., Gentherm Incorporated, Ohmatex ApS, Texas Instruments, and Vista Medical Ltd. among others.