Smart and Interactive Textiles Market to garner heavy returns from retail & consumer applications over 2016-2024, APAC to emerge as one of the lucrative business grounds
Excellent growth prospects have been forecast for Smart And Interactive Textiles Market over the forthcoming years, essentially pertaining to the increasing demand for low weight, smart, and comfortable fabrics for better athletic performance and comfort while driving automobiles. The rapidly changing consumer trends toward comfort and luxury, their rising disposable incomes, and the subsequently high purchase parity are key factors that are slated to augment the expansion of smart and interactive textiles industry over the coming years. As per reliable estimates, global smart and interactive textiles market is anticipated to cross a valuation of USD 6.5 billion by 2024, with a CAGR projection of 14% over 2016-2024.
Europe Smart And Interactive Textiles Market size, by application, 2013 – 2024 (USD Million)
Attesting to the fact that Europe encompasses the advanced automobile pioneers such as Germany, the demand for smart fabrics for high-tech vehicles is particularly high in the region. Rising concerns regarding passenger safety and shifting consumer demand with regards to comfortable seating and vehicle customization will propel Europe smart and interactive textiles industry over the coming years. Europe held more than 35% of the overall industry share in 2015, however, it is forecast that the region will lose its share to North America and APAC and will account for merely 20% of smart and interactive textiles market by 2024, owing to the fact that these continents project a wider application scope for smart fabrics.
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Speaking of which, smart textiles find massive applications in the retail & consumer, household, healthcare, industrial, transportation, space research, and military sectors. These fabrics provide aesthetics and safety at the same time, owing to which they are used in automobiles, railway coaches, ships, and aircrafts. Back in 2015, smart and interactive textiles market registered a revenue of more than USD 750 million from the transportations sector. The rising need to enhance the mechanical features of transportation vehicles and the huge demand for light weight functional components to increase the fuel efficiency will double the revenue of smart and interactive textiles industry from the transportation sector, slated to cross a valuation of USD 1.5 billion by 2024.
This segment is anticipated to garner widespread popularity across the APAC belt, due to the rising development of the industrial and automotive sectors. APAC smart and interactive textiles market, augmented by the immense contribution from China, India, and South Korea, is forecast to register a CAGR of 20% over 2016-2024. Another segment that is likely to record massive gains across this region is the sports sector. The rising number of sporting events has led to a commendable surge in the number of sport personalities. This has, in turn, has ushered a plethora of opportunities for smart and interactive textiles industry players, as sportspersons require smart fabrics and wearable electronics that helps them record their vital signs, heart rate, blood pressure, concussion, and other activities.
Of late, sport apparel is being embedded with sensors to monitor the metabolism rate. Global sports apparel market held a valuation of more than USD 100 billion in 2015 and will continue to grow with prominently over the years ahead, especially with rising demand for wearable electronics. Speaking along similar lines, smart and interactive textiles industry from wearable electronics will gain heavy returns by 2024, owing to their rising popularity among the tech-savvy crowd. Their easy connectivity with smart phones and tracking devices will increase their demand in the sports and military sectors, thereby augmenting the overall growth of smart and interactive textiles market.
Major players across smart and interactive textiles industry include Globe Holding Company, DuPont, Outlast Technologies, Interactive Wear, Toray Industries, EXO2, and Milliken & Company.
Author Name : Saipriya Iyer
Thin film battery market to witness a double-digit growth rate over 2016-2024
Increasing demand for light weight, compact, and portable products have spurred the growth for thin film battery market. Internet of things has contributed towards a great deal in regards with increasing application of thin film battery in phablets and smartphones coupled with its utilization in sensor networks. Rising standard of living with high disposable incomes will generate increased adoption for wearable devices including watches, smart fabrics, fitness trackers, and glasses and will in turn favor the thin film battery industry trends. According to Global Market Insights, Inc., “Thin Film Battery Market size worth USD 200 million in 2015, is estimated to grow at a CAGR of 25% over the period of 2016-2024.” The various benefits allied with the use of thin film battery in electronics include lower cost, less weight, higher energy density, and smaller footprint.
UK Thin Film Battery Market size, by application 2013-2024 (USD Million)
The chargeable and disposable battery are the two-major product categories of the thin film battery industry. Chargeable batteries are suitable for wireless sensors networks and have accounted for over 40% of the overall industry revenue in 2015. The other type, i.e. disposable thin film battery acts as energy source for semi-battery-assisted passive RFID, greeting cards, toys, consumer music, semi-active tags with sensors, and one-time password display type smart cards. Disposable thin film battery market is estimated to register a CAGR of 20% over the period of 2016-2024.
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The ability of thin film batteries to perform better makes its adoption more common in medical devices, wearable electronics, consumer products, smart cards, RFID, sensors, and backup power applications. Increasing number of mobile users along with rising adoption of smart cards, SIM cars, EMV cards will stimulate the thin film battery industry share. The smart card application is projected to surpass USD 130 million by 2024. These batteries also find important application in security systems, as RFID and sensors are used to monitor risks related to cyber security and financial crimes augmenting the thin film battery market outlook.
US thin film battery market worth USD 70 million in 2015, is anticipated to witness heavy gains due to increasing adoption of EVM chip card technology. By 2018, over 95% of credit cards would be enabled with EMV chip which will create huge opportunities for regional growth. Furthermore, Brazil thin film battery market will also witness promising growth, owing to increasing implementation of EVM chips to minimize payment scams.
Backup power is another lucrative area of application where thin film battery finds immense application, owing to increasing demand for uninterrupted power supply and rapid growth of wireless communication system. Thin film battery industry demand from backup power is anticipated to register a CAGR of 20% over the period of 2016-2024. Moreover, medical device applications will witness heavy gains, owing to increasing adoption of throw-away medical equipment.
Asia Pacific thin film battery industry is anticipated to witness significant growth due to heavy regional demand for wearable devices and increase in per-capita income in countries such as China, South Korea, and Japan. China thin film battery market size is estimated to surpass USD 100 million in coming seven years.
Few of the notable industry players are Excellatron Solid State LLC, STMicroelectronics, BrightVolt Inc, Imprint Energy Inc, Cymbet Corporation, Enfucell Oy, Blue Spark, and FlexEl.
Author Name : Ojaswita Kutepatil