- 1 July 2019 14:44
2019 Smart Textile Market : Potential growth, attractive valuation make it is a long-term investment
It interacts or responds to the inputs obtained from surroundings such as vibrations, heat or sound. Smart textile technology is an integration of novel technologies such as textile chemistry, biotechnology, information technology, fiber technology, artificial intelligence, and others. These textiles are not limited to apparels and are widely used for various applications such as military, automobiles, robotics, medicine and surgery, etc.
Rapid urbanization coupled with high spending capacity, rising demand for smart fabrics embedded with fiber optic sensors, etc. have a positive impact on the smart textile market. These textiles are widely used for sportswear, automotive, robotics, healthcare, military, and others. Increasing digitalization, coupled with rising demand for wearable technology such as heart rate sensors, and other sophisticated gadgets. Growing demand for electronic fabrics in military and automotive industry, coupled with increasing government investments for R&D in defense and automotive sector are factors increasing demand for smart textile, owing to its unique features. Growing adoption of these fabrics in various applications especially in medical sector to monitor temperature, heart rate, and other parameters is a factor further augmenting demand for smart textile in the near future. The technology helps in making smart textiles ideal for various application by increasing strength and versatility of the fabric according to demand from respective end-user industries.
High cost of smart textiles, coupled with production cost of these textiles may challenge the demand for smart textiles. Statutes and regulations by US Environmental Protection Agency, European Union, and other authorities are stringent on use and production of smart textile pertaining to environmental concerns. Increasing focus on R&D activities by manufacturers for production of new and innovative products, coupled with government investments in military and automotive sectors are about to create lucrative opportunities for prominent players as well as new entrants in the global smart textile market.
Smart textile is categorized into three types such as passive smart textile, active smart textile, and ultra-smart textile. This textile is widely used in various applications such as civil uses, military uses, and healthcare uses. Rising demand for wireless technology, wide use of Internet, rapid expansion of fashion & entertainment, growing awareness towards healthy lifestyle coupled with increasing demand for sports & fitness apparels, etc. have a positive impact on the global smart textile market.
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Growing demand for advanced fabrics and smart wearable technologies, coupled with high purchasing power, increasing adoption of smart textile in various sectors such as healthcare, civil, military, etc. are factors augmenting demand for these textiles in countries such as US and Canada in the North America region. Increasing R&D activities by manufacturers, rapid urbanization, coupled with growing demand for e-textiles in sports & fitness wears owing to monitor health conditions, etc. are factors boosting demand for the product in various regions.
Some of the prominent players operating in the target market include Textronics, Peratech, DuPont, Clothing+, Outlast, d3o lab, Schoeller, Texas Instruments, Exo2, Vista Medical, and Ohmatex ApS.
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