The increasing use of nanotechnology in smart textiles is one of the major factors driving the global smart textile market, according to a new market report.
According to the research study, in 2014, the global smart textiles market was worth US$700million and is estimated to reach a value of US$7,730m by the end of 2023. The market is projected to grow by 30.80% between 2015 and 2023.
The adoption of nanotechnology helps in enhancing the fabric with several features such as water and stain resistance, UV protection, and anti-bacterial properties.
Smart textiles are also embedded with electronic devices and other components, owing to which their production cost is quite high and is thus acting as a restraining factor for the growth of the global smart textile market. The global smart textile market comprises sports and fitness, entertainment, healthcare, automotive and military/defence. In 2014, the military and defence segment led the overall market, holding a 28.7% share in the global smart textile market.
In 2014, North America dominated the overall market holding a 40.1% share in the global smart textile market, followed by Europe. The North America market is predicted to remain in the leading position and register a high growth rate in the forecast period.
The report – entitled "Smart Textile Market by function (energy harvesting, sensing, thermoelectricity, luminescent and others), and by application (Health care, military and defence, entertainment, automotive, sports and fitness and others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023" – can be ordered from Market Research Reports Search Engine (MRRSE).