The global smart textile market size is expected to reach $5.55 billion by 2025, registering a compound annual growth rate (CAGR) of 30.4 percent over the forecast period, according to a new report by Grand View Research Inc.
Key findings from the report include the prediction that the defense and military segment is anticipated to account for the highest market share by 2025, while the sports and fitness segment will have the fastest CAGR.
North America accounted for more than 47 percent of the overall share in 2018, leading the global market and is likely to maintain dominance through 2025, the researchers predict.
The report says that global demand for smart textiles is mainly driven by the increasing use of smartphones and other high-tech or smart devices. The majority of new smartphones and laptops are equipped with Bluetooth Low Energy (BLE) technology. This enables the connection of sensor-based devices to the Internet.
Smart textiles can be used in healthcare and sports and fitness applications to communicate the wearer’s location, heart rate, blood pressure and temperature. This data collection may also be useful for dementia patients, to refresh memory and alert caregivers of health status changes, the report finds.
Miniaturization of electronics is expected to significantly fuel market growth further, the report says. Reducing form factors may facilitate increased integration, making sensors compatible with fabric and ensuring optimum comfort and wearability.
The report makes findings by industry segments, including fashion and entertainment, sports and fitness, medical, transportation, protection and military, and architecture. The report also makes findings by functionality, including sensing, energy harvesting, luminescence and aesthetics, and thermoelectricity.
Grand View Research, a U.S.-based market research and consulting company, is composed of more than 425 analysts and consultants providing syndicated and customized research reports and consulting services.