CORRECTING and REPLACING Rising Demand of Smart Textiles Market from the Sports Sector Will Augment Growth Until 2020, Says Technavio

CORRECTION...by Technavio

LONDON--()--First paragraph, first sentence of release dated Oct. 12, 2016, should read: ...USD 1.78 billion (instead of ...USD 1.787 million).

The corrected release reads:

RISING DEMAND OF SMART TEXTILES MARKET FROM THE SPORTS SECTOR WILL AUGMENT GROWTH UNTIL 2020, SAYS TECHNAVIO

According to the latest market study released by Technavio, the global smart textiles market is expected to reach USD 1.78 billion by 2020, growing at a CAGR of more than 24%.

This research report titled ‘Global Smart Textiles Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. The market's growth has been estimated by considering the sales of smart textiles to end-users such military and protection, architecture, sports and fitness, transportation, fashion and entertainment, and medical industries.

The growing demand for high-performance body vital monitoring equipment and smart apparels are driving the global smart textiles market. Smart textiles are used to manufacture sportswear for extreme sports, running, ballooning, and skiing; sports footwear; parachute fabric; sleeping bags; artificial turfs; and related products. It is anticipated that the global sports and fitness clothing market will reach USD 196 billion by 2020, mainly due to the increasing participation in fitness and sporting activities. Athletes are constantly striving to improve their performance and the option of storing data for later analysis by lightweight equipment that can be fitted to their sportswear is paving the way for further performance enhancement.

North America is anticipated to hold the majority of the market's share by 2020. The region is expected to grow significantly due to increasing demand from end-user markets, like healthcare and transportation. In addition, APAC is expected to be the fastest-growing market for smart textiles due to low production costs and increasing R&D activities that are sponsored by the European Union's funding programs.

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Technavio’s chemicals and materials analysts categorize the global smart textiles market into six major segments by end user. They are:

  • Military and protection
  • Architecture
  • Sports and fitness
  • Transportation
  • Fashion and entertainment
  • Medical

The top three end-user segments in the global smart textiles market are:

Global smart textile military and protection market

The global smart textile military and protection market will grow at a CAGR of 25.51% during the forecast period.

The military and protection sector has a high requirement of fabrics integrated with IT components to manage critical situations and extreme environmental conditions. Smart textiles are expected to grow rapidly during the forecast period, driven by the need for lightweight wearable products to replace batteries, which are much heavier. The military sector is using wearable technology for soldiers' personal protection and safety. Increased investment in defense focusing on the latest support technology for soldiers will boost the demand for smart textiles.

According to Swapnil Tejveer Sharma, a lead textile, fiber, and composites analyst from Technavio, “Smart textiles can reduce the need for wires and cables that are required in military equipment. In line with this, manufacturers of smart fabric wearables are continually exploring opportunities for integrating electronics and communication equipment in military uniforms.”

Global smart textile architecture market

The global smart textile architecture market will grow at a CAGR of 24.98% during the forecast period.

The global smart textile architecture market is expected to grow at a steady pace during the forecast period, driven mainly by the increasing demand for smart textiles to measure the performance of structures. Yarns with piezoelectric properties are used in buildings to generate energy and act as electrical power plants. LED carpets, on the other hand, are used to guide people in buildings, enhance ambiance and atmosphere of the interiors of buildings, and de-clutter spaces by making information available when needed.

Global smart textile sports and fitness market

The global smart textile sports and fitness market will grow at a CAGR of 24.42% during the forecast period.

The global smart textile sports and fitness market is expected to grow at a steady pace during the forecast period. Smart garments such as T-shirts, socks, stockings, and insoles are made from smart textiles. Certain sports equipment retail stores sell merchandise such as T-shirts and sports bras integrated with sensors. These garments can monitor physiological parameters like heart rate, temperature, movement and respiration, motion details, and muscle activity.

Sportswear jackets are also designed with LED lights for high visibility during nighttime. The global sports and fitness clothing market is anticipated to reach USD 196 billion by 2020, mainly due to the growing participation rates in fitness and sporting activities,” adds Swapnil.

The top vendors highlighted by Technavio’s research analysts in this report are:

  • Clothing+
  • Interactive Wear
  • Intelligent Clothing
  • Ohmatex
  • Sensoria

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

According to the latest market study released by Technavio, the global smart textiles market is expected to reach USD 1.78 billion by 2020, growing at a CAGR of more than 24%.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com