From what was once a newly emerged segment not too long ago, the smart textiles market has transformed into one of fastest growing sectors in the global textile and apparel market, revolutionising the way that textiles are being used in diverse industries around the world. Details about the latest advancements for the global smart textile market and its uses are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to connect with over seven million companies around the globe.
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Global smart textiles market shows a staggering growth
The global smart textiles market was valued at USD 544.7 million in 2015, and is expected to reach USD 4.72 Billion by 2020, with a CAGR of 33.58% between 2015 and 2020. The application in sports & fitness and defence & military are expected to be the two fastest growing categories for the market during the forecast period.
Although North America remains as the world’s largest smart textile market, representing over 45.5% of the global market revenue, APAC is projected to grow faster with a CAGR of 25.9% by 2020. The market growth in this region is driven by China, India, and Japan, with their growing economy and increasing demand of smart textiles across different industries.
Military smart textiles enhance combat and save lives
Currently the largest segment of the global smart textiles market, smart textiles for military applications is expected to grow at a CAGR of nearly 10% until 2020, surpassing more than USD 150 million. Using smart textiles for military purposes gives troops additional protection and can also enhance communication and coordination.
The US just announced an investment of USD 75 million in a project towards the development of smart textiles, military clothing, and other advancements in the textile industry. Similar initiatives are also underway in other parts of North America and Europe.
Integration of fashion and technology is becoming a new trend
Several companies are currently working to bring LED technology in clothing, with both practical and fashionable applications. These clothes are made to be comfortable, waterproof and safety-enhanced, which will go a long way towards encouraging their adoption as everyday clothing rather than an interesting gimmick.
It is believed that LED-embedded clothing and smart fabrics will have great prospects, and with the technology becoming more practical and the apparel becoming more comfortable, it is only a matter of time before this type of clothing becomes mainstream.
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