Global smart wearable technology market grows rapidly

Jun 28, 2016

Image Courtesy: Wearona.com

Research and Markets, a market research firm, in a recent report – “Global Smart Textiles for Wearable Technology Market: Trends Analysis and Forecast to 2021” states that the wearable smart technology market will grow at a CAGR greater than 30 per cent by the year 2021.

The report asserts that manufacturing of smart textiles was done focusing mainly on the woven or knitting technologies, which has in the recent times expanded in textile printing too, case in point being the conductive ink invented by Dupont.

Also Read – Global Smart Textiles Market to touch US $ 7.73 billion by 2023

The current growth of wearable smart textiles can be attributed to the spike in growing wearable electronics market, the popularity of smart gadgets with advanced features and the demand for low cost smart sensors. Although the current market for smart textiles for wearable technology is expected to grow at a rapid pace, the high cost of its production and compatibility issues may act as a damper to its steady growth, but as demand is on the rise and advancements going on, it is expected to grow further in the future as well.

As per the study, a major chunk of revenue for the global smart textiles for wearable technology comes from its military and safety applications, followed closely by the home and architectural applications.

The Asia Pacific region is predicted to grow at the highest CAGR over the period under consideration.

Source: APPAREL RESOURCES