Worldwide Smart Textiles 2014 to 2020 – Market Outlook

San Francisco, January 23, 2014 - The global market for smart textiles is expected to exceed USD 1,500 million by 2020, according to a new study by Grand View Research, Inc. Increasing adoption of smart textiles across numerous end-use industries is expected to be the key driving force for the market. Grand View Research also observes that growing penetration of smartphones enabled with Bluetooth Low Energy (BLE) for connecting sensor-based devices to the Internet is expected to fuel market growth in the coming years.

Protection and military was observed to be the largest end-use segment, and accounted for over 27% of the overall market share in 2012. Sports and fitness is expected to register the fastest growth of 24.8% over the forecast period. Decreasing prices of electronic components is expected to make production cost-effective, further contributing to overall market demand. Ensuring user friendliness and seamless integration of technology into the fabric is a key challenge for industry participants.

The report “Smart Textiles Industry Trends And Market Segment Forecasts To 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/smart-textiles-industry

Further Key findings from the study suggest:

The global smart textiles market was estimated to be USD 289.5 million in 2012, and is expected to grow at a CAGR of 24.1% from 2013 to 2020

Protection and military application of smart textiles is expected to remain the largest market segment over the next six years. Sports and fitness are also expected to benefit from this technology, since smart fabrics eliminate the need for bulky equipment such as chest straps. Medical applications accounted for over 7% of the market in 2012; the segment is expected to grow faster than the global average in the coming years. This is expected to be driven by the need for enhancement in administering nursing care, drug...