Oct 16, 2019
Military and Health Care Spending to Propel the Conductive Textile Market Growth
by Team Fact.MR
Worldwide sales of conductive textiles reached ~US$ 1,700 million in 2018, unveils the new research study by Fact.MR. According to the report, the conductive textile market is estimated to rise with a single digit CAGR, primarily influenced by the demand for smart conductive textile for a wide range of applications in various end-use industries. Usage of conductive textiles can revolutionize healthcare monitoring, treatment, and widespread use in the battlefield to monitor health and provide sustained treatment without the necessity of any heavily burdened healthcare services. 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.
According to the report, increasing 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, significant demand from military and defense, 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.
According to the report of Stockholm International Peace Research Institute, published in April 2019, the global military spending was estimated at around US$ 1822 billion, and geopolitical tensions are continuing to intensify the demand for advanced military equipment. 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. Fact.MR’s study observed the adoption of conductive textile in place of copper wires, attributed to their lightweight, durable, and cost-effective features. The emerging need for lightweight and advanced aerospace suits will also propel the conductive materials market over the forecast period. The conductive textile market is expected to continue its growth over the forecast period, led by growing sectors of defense, aviation, aerospace, and the rising need for more advanced fabrics infused with electronic gadgets to provide more functions.
North America to Remain the Frontrunner in the Conductive Textiles Market
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 ~5% during 2019-2027, to reach ~US$ 800 Mn 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 defense 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 defense products, increasing healthcare industry, and growing awareness about values of conductive textiles for smart clothing. Furthermore, the significant growth of aviation and rising activities in aerospace in these regions will enhance the need for more sustained conductive materials. The conductive textile market in the Middle East and Africa is expected to witness stagnant growth throughout the forecast period.
This study underlines key opportunities in the conductive textile market and finds that the market would exhibit growth at a value CAGR of ~5% during the forecast period. For in-depth information on the conductive textile market, visit- https://www.factmr.com/report/4274/conductive-textile-market