The Europe smart textile market is estimated at USD XX billion in 2016 and is forecasted to reach USD XX billion by 2021, at a CAGR of XX%. Europe is the second largest market with XX% share of the total smart textile market. The military & defense industry is expected to remain the largest market segment. The growing applications of smart textiles in sport & fitness industry are expected to drive the market in the forecast year.
The increasing applications of smart textile in the military, defense, fitness, and sports industries are driving the European smart textile market. While the military & defense industry accounts for XX% of the European smart textile market, the sport & fitness industry accounts for XX%. Athletes and major league players are constantly striving to improve their performance and the choice of storing data for analysis by lightweight devices that can be fitted to their sportswear is paving the way for further performance enhancement.
Restraints and Challenges
The major restraining factors for the growth of the smart textiles market are the slow rate of adoption and the lack of extensive standards and regulations. Compatibility issues and high-cost of production of smart textiles are also some of the factors affecting the growth of this market. Smart fabrics are highly complex and require high-end materials. As a result, the perfect cost-price balance has been difficult to achieve. Incompatibility issues among different types of smart textiles and electronic systems are also common, further making it difficult for the global smart textiles market to achieve a steady growth.
Medical applications, which accounted for over XX% of the European smart textile market, will grow faster than the global average and further enhance the smart textile market. Smart fabrics can analyse physiological parameters such as temperature, heart rate and blood pressure. The problems concerning power supply are expected to drive the need for energy harvesting.
Some of the major players in the market are:
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