Limit Smart Textiles Market to Developed Regions
Rapid advancements in textile technologies, nanotechnology, biosensors, new materials, and miniaturized electronics are bringing about a major change to the overall growth dynamics of the global Smart Textiles Market .
Although the sector is still in the very early stages of development, the possibilities of innovative smart textiles extending the overall usefulness and functionalities of common fabrics are immense.
In the future years, smart textiles are expected to find applications across several industries and an increasing number of companies will step in the market with their products.
Rising interest from industries such as medical devices, fashion, entertainment, and defense is poised to encourage further development in smart textiles and increase investments aimed at future research and development activities.
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Applications in Sports and Fitness Sector to Fuel Growth
Smart textiles hold immense promise in the sector of wearable devices and are expected to be emerge as the primary vehicles for the wearable technology’s widespread use.
The use of wearable devices such as heart rate monitors, motion sensors, and pedometers is expected to see a significant rise in the next few years as the global consumer becomes increasingly aware about healthcare and personal wellbeing in general.
This trend will encourage the increased use of smart textiles across the sports and fitness domain. TMR analysts suggest that the smart textiles market across the sports and fitness industry will expand at a 33.1% over the period between 2015 and 2023.
North America is presently the leading regional market for smart textiles, with more than 40% of the global market in 2014.
The region is trailed by Europe, which accounted for a share of over 30% in the global market in the same years.
These developed regions have traditionally remained at the forefront of adoption of new technologies owing to high disposable incomes of the population and high awareness about technological advancements.