According to a new report, Smart Textiles Market - Forecasts from 2020 to 2025, the smart textiles market is expected to grow at a CAGR of 28.89% over the forecast period to reach a total market size of US$24.327 billion by 2025 increasing from US$5.306 billion in 2019.
Factors said to be driving the demand for smart textiles are, large scale proliferation of nanotechnology, declining manufacturing costs of electronics and fabrics, a growing number of a millennial, surge in disposable income, increasing internet penetration and wide-scale application of these textiles across healthcare, military, and automotive sectors.
According to Research & Markets: “Smart textile is a prominent technology when it comes to providing efficient wearables aiming to improve soldier performance by sensing and energy harvesting. Also, as government around the globe modernize their military platforms and adopt advanced technologies and capabilities, the projected spending on military technologies and advance uniforms that can become centre power source among other products is also expected to increase which is driving the growth of smart textiles market.”
Companies mentioned in the report include Milliken & Company, Outlast Technologies LLC, Ohmatex, DuPont, Interactive Wear, Textronics, Inc., Schoeller Switzerland, and Noble Biomaterials, Inc.