Smart and Interactive Textiles Market to Reach US$3.8 bn by 2020

Global Smart and Interactive Textiles Market: Snapshot

In the last few years, the smart and interactive textiles market has been growing at a healthy pace. The rising number of applications and the rising competition are expected to encourage the growth of the market in the next few years. According to the market research study by Transparency Market Research, in 2015, the global market for smart and interactive textiles was worth US$1.97 bn and is estimated to reach a value of US$3.81 bn by the end of 2020. The market is estimated to register a promising 14.0% CAGR between 2014 and 2020

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Development of Wearable Electronics Sector to Encourage Growth

The rising popularity of sophisticated gadgets with advanced functions is one of the major factors estimated to encourage the growth of the global smart and interactive textiles market in the next few years. The strong growth of the low-cost smart wireless sensor networks and the miniaturization of electronic components are some of the other factors that are predicted to enhance the growth of the market in the coming years. In addition to this, the rising popularity of the wearable electronics is likely to accelerate the market growth in the near future.

On the flip side, the high cost of smart and interactive textiles and the lack of exhaustive regulations and standards are predicted to hamper the growth of the overall market in the next few years. Moreover, the technical concerns related to the integration of textiles and electronics are further estimated to restrict the growth of the market in the coming years. Nonetheless, the rising applications of smart and interactive textiles in the wearable market and the rapid development of the key enabling technologies are predicted to generate promising growth opportunities for the market players in the next few years.

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Europe to Lead Global Smart and Interactive Textiles Market

The global market for smart and interactive textiles has been classified on the basis of geography into the Middle East and Africa, North America, Latin America, Asia Pacific, and Europe. In the last few years, Europe held a major share of the global smart and interactive textiles market and is likely to remain in the leading position in the next few years. The rising demand for smart and interactive textiles from transportation, healthcare, and military sectors is estimated to enhance the growth of the Europe market in the next few years. Furthermore, North America is predicted to grow at a healthy pace in the next few years and retain its second leading position in the coming years. Asia Pacific, on the other hand, is likely to offer promising growth opportunities for the market players in the next few years.

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Ganesh Rajput

As one of the lead news writers on CMFE News, Ganesh’s specialization lies in the science and technology domains. His passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Ganesh’s take on the impact of digital technologies across the science, technology, and business domains gives his writing a fresh and modern outlook.

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