The report “Smart Textile Market, By Function (Energy Harvesting, Sensing, Thermoelectricity, Luminescent, and Others), By Application (Fashion and Entertainment, Sports and Fitness, Medical, Transportation, Protection and Military, and Architecture), and Region – Global Forecast to 2030” The Global Smart Textile Market accounted for US$ 2.43 billion in 2020 and is estimated to be US$ 24.01 billion by 2030 and is anticipated to register a CAGR of 26.0%. Rising utilization of smartphones and other high technologies across the globe drives the global smart textiles market. Further, smart textiles help to communicate information of the wearer such as location, heart rate, blood pressure, and temperature, which boost the global smart textile market.
• On March 5, 2019, KARL MAYER Textilmaschinenfabrik GmbH launched smart technology platform. This technology platform helps to develop innovative new knit applications.
• In July 2018, Tommy Hilfiger, subsidiary of Murjani Group launched smart clothing that tracks movement of users.
Key Market Insights from the report:
The Global Smart Textile Market accounted for US$ 2.43 billion in 2020 and is estimated to be US$ 24.01 billion by 2030 and is anticipated to register a CAGR of 26.0%.over the forecast period. The market report has been segmented on the basis of function, application, and region.
• By function, the global smart textile market is segmented into energy harvesting, sensing, thermoelectricity, luminescent, and others.
• By application, the protection and military segment is accounted major share in the global smart textile market due to the integration of these products with electronic products offers a lightweight option against heavy batteries.
• By region, North America is expected to account for major share in terms of revenue in the global smart textile market over the forecast period. This can be attributed to increasing demand for smart textile in the transportation, defense, and healthcare in countries of the region. Asia Pacific smart textile market is expected to account for fastest growing rate in terms of revenue in the global smart textile market in the near future.
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The prominent player operating in the global smart textile market include Adidas AG, Ohmatex ApS, Peratech Holdco Limited, Infineon Technologies AG, Jabil Circuit Inc., Fibertronic Ltd, KARL MAYER Textilmaschinenfabrik GmbH, Murjani Group, Tektronix, Inc, and Sensoria Inc.
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