The global Smart Textile market accounted for US$ 1.59 Bn in 2018 and is expected to grow at a CAGR of 26.1% over the forecast period 2019–2027, to account for US$ 13.63 Bn by 2027.
Fast turnaround time, low operating cost, and easily accessible service points are increasing the adoption of smart textile considerably. Further, demand for smart textile is expanding at an impressive pace due to the increasing demand for the mining and oil and gas exploration activities. . Europe is expected to hold the largest share of the global smart textile market by 2019, followed by North America and Asia Pacific. This factor offers worthy growth opportunities to the Smart Textile market during the forecast period.
Globally, Smart Textile market is experiencing an intense growth due to the uses of smart textiles is in the area of healthcare and related domains. Simply because this smart material is in direct contact with its wearer’s skin, it offers the most primary access to non-vital or vital parameters of a body. As leading companies in this market continue to broaden its addressable market, by expanding their current product portfolio, diversifying its client base, and developing new applications and markets, all the prominent players face an increasing level of competition, both from regional players as well as the leading global companies across the world. North America held the largest share of the Smart Textile market in 2018, and it is expected to continue its dominance during the forecast period of 2019–2027. Whereas, Asia Pacific is anticipated to be the fastest growing region across the globe. Europe and APAC held the second and third position in the global Smart Textile market in 2018 with market shares of ~34% and ~19% respectively.
The overall Smart Textile market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Smart Textile market. It also provides the overview and forecast for the global Smart Textile market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Smart Textile market.