The textile industry has entered a new dimension by introducing the concept of smart textiles. These are fabrics that feature embedded electronics and digital components to boast an unprecedented array of functionalities. Smart textiles have been designed with the help of innovative technology, which provides added value to the wearer. The major reason for the rising popularity of smart textiles is that they have the ability to support wearable technology – a quality which traditional fabrics could not boast of. Smart textiles can conduct energy, communicate, and even self-heal in the event of damage.
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A smart textile could comprise several components such as:
The different functions of smart textile include sensing, energy harvesting, luminescent, thermoelectricity, and others. The major challenge for the leading players in the smart textile market is to embed as many components into the fabric without compromising essential features such as weight and comfort.
Global Smart Textile Market to Register Remarkable 30.80% CAGR between 2015 and 2023
The tremendous demand for wearable technology worldwide is the major factor that is estimated to fuel the growth of the global smart textiles market in the near future. In addition, the rising demand for nanotechnology has further augmented the growth of the smart textile market. The adoption of nanotechnology has risen remarkably in the overall smart textile industry, owing to its unique and valuable properties. It has also helped fabrics to become multifunctional and has assisted in embedding several components into the textile. The use of nanotechnology in producing smart textiles has afforded several features to the fabric, including water and stain resistance, UV protection, and anti-bacterial properties.
In 2014, the global smart textile market was worth US$700 mn and is anticipated to reach a value of US$7,730 mn by the end of 2023. The market is projected to register an exponential 30.80% CAGR between 2015 and 2023.
Increasing Applications to Augment Growth of Global Smart Textile Market
On the basis of application, the global smart textile market can be segmented into automotive, military and defense, sports and fitness, healthcare, entertainment, and others. Among these, the military and defense segment accounts for the largest share in the overall smart textile market.
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The rapid growth of the global smart textiles market has encouraged several players to participate in the market and create a niche for themselves. The major players engaged in the market are spending a huge amount on research and development activities in order to come up with innovations and attract a large number of consumers. Some of the leading players operating in the global smart textiles market are Texas Instruments Inc., Gentherm Inc., Schoeller Technologies AG, Milliken & Company, E.I. DuPont De Nemours and Co., Noble Biomaterials Inc., Koninklijke Ten Cate nv, Outlast Technologies LLC., Globe Manufacturing Company, LLC., and Ohmatex ApS.