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Military, healthcare to boost conductive textile market
The conductive textile market is estimated to rise with a single digit compounded annual growth rate (CAGR), primarily influenced by the demand for smart conductive textile for a wide range of applications in various end-use industries, including healthcare monitoring, treatment and military, according to a new research report by market intelligence firm Fact.MR.
Additionally, the growing aging population and rising instances of chronic diseases such as diabetes, heart disease, cancer and respiratory disorders will create substantial demand for smart clothing or e-textiles, which is set to spur the growth of the conductive textile market, a press release from the company said citing the report.
Rising focus on sustainable and cost-effective conductive textile materials is expected to contribute to the build-up of the conductive textile market throughout 2027. Furthermore, a significant demand from military and defence establishments, healthcare, sports and fitness industries, along with additional functionality added by smart fabrics infused with electronic devices, will also continue to provide a fillip to the sales of conductive textiles in 2019 and beyond.
Increasing military expenditure for advanced army suits will propel the conductive textile market growth during the forecast period.
Furthermore, the global aerospace industry has experienced significant growth over the last few years, and the demand for lightweight conductive materials is projected to continue.
This study observed the adoption of conductive textile in place of copper wires, attributed to their light-weight, durable and cost-effective features. The emerging need for light-weight and advanced aerospace suits will also propel the conductive materials market over the forecast period.
North America is expected to be a prominent region in the global conductive textile market in terms of revenue in 2019, and the trend is expected to continue throughout the forecast period.
Revenue share from North America conductive textile market is anticipated to increase at a CAGR of around 5 per cent during 2019-2027, to reach $ 800 million by 2027. In terms of value, North America is followed by Europe, which is a significant region in the conductive textile market. The market in these regions is on rise due to an increase in the number of surgeries performed in the healthcare sector per year, along with clinical traits added by conductive fabrics.
Asia Pacific is set to be the fastest growing region, owing to its massive military and defence industries and growing healthcare industry. In Asia Pacific, India and China are significant in the conductive textile market due to their increased spending for military and defence products, increasing healthcare industry and growing awareness about values of conductive textiles for smart clothing.
The conductive textile market in the Middle East and Africa is expected to witness stagnant growth throughout the forecast period.
Fibre2Fashion News Desk (DS)
The conductive textile market is estimated to rise with a single digit compounded annual growth rate, primarily influenced by the demand for smart conductive textile for a wide range of applications in various end-use industries, including healthcare monitoring, treatment and military, according to a new research report by market intelligence firm Fact.MR.