A new Transparency Market Research report, titled “Smart and Interactive Textiles Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020,” states that the market will expand at an exponential 14.0% CAGR between 2014 and 2020. If the projections hold up, the market will rise from a valuation of US$1.5 bn in 2013 to US$3.8 bn by 2020.Global Smart and interactive textiles market are a variety of fabrics that possess the ability to sense and react to particular stimuli such as heat or light.

These advanced capabilities are imparted as a result of the incorporation of electronic components such as sensors in fabrics. As smart and interactive textiles provide additional applicability and functionalities as compared to conventional fabrics, there has been a surge of research activities analyzing the potential application of smart and interactive textiles in a number of applications.

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The global market for smart and interactive textiles is driven by the rising demand for such textiles in the transportation, medical, and healthcare industries. However, the high prices of products made from smart and interactive textiles as compared to the ones made from conventional textiles are expected to hold back the global smart and interactive textiles market to a certain extent, especially in price-sensitive regional markets. Nevertheless, the rising number of research and development activities aimed at developing innovative and advanced smart and interactive textiles is expected to generate newfound development opportunities for market vendors.

The report segments the global smart and interactive textiles market on the basis of two criteria: application and geography.The key application areas of smart and interactive textiles studied in the report include industrial, retail and consumer, military and defense, transportation, military and defense, and others (household applications, space, etc.).

Accounting for over 38% of the global smart and interactive textiles market, the transportation segment dominated the market in 2013 and is expected to offer hugely promising growth opportunities for the market over the report’s forecast period as well. Novel applications of smart and interactive textiles in the transportation industry, such as smart seat belts, heating of seats, and measuring the heart rate of passengers are gaining widespread popularity on a global front.

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Over the report’s forecast period, however, the smart and interactive textiles market is projected to gain a larger share in a variety of industrial applications. The market for smart and interactive textiles in the industrial application sector is expected to expand at an exponential 17.3% CAGR over the report’s forecast period, owing to the rising use of smart and interactive textiles in logistics and supply chain management operations.From the geographical standpoint, the market for smart and interactive textiles has been analyzed in regions such as Europe, Asia Pacific, North America, and Rest of the World.

Europe dominated the global smart and interactive textiles market in 2013, owing to the strong presence of key end-use industries such as healthcare, transportation, and military and defense. The market for smart and interactive textiles in Europe had a valuation of US$632.0 mn in 2013. The flourishing market for smart and interactive textiles in Europe can also be ascribed to the rising amounts of funds that the European Union has been granting to a number of smart and interactive textile projects over the past few years. The smart and interactive textiles market is also projected to witness significant development in Asia Pacific over the report’s forecast period owing to the presence of large-scale textile industries and the flourishing healthcare industry.

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