The South America 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%. South America accounts for XX% of the global smart textile market. The market is driven mainly due to the high technology-based applications of smart textile in the fields like sports & fitness, military & defense, medical industry, etc. The fabric’s application in the medical industry is a leading driver for the smart textile market in South America. Other drivers are the growing applications of smart textile in the military & defense and sport & fitness industries.
The major driver of the smart textile in South America is growing demand from the sport & textile industry. The high-performance body vital monitoring equipment and smart apparels are gaining popularity in the sport & fitness industry. Moreover, smart textiles are used to manufacture sportswear for running, extreme sports, and skiing; parachute fabric; sports footwear; artificial turfs; sleeping bags; and related products.
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 these textiles are also some of the factors affecting the growth of this market. Smart textiles are highly complex and require high-end materials. Hence, 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.
The major opportunities for the smart textile in South America market are growing demand for smart watches and wristbands, increase in growth rate of low-cost smart wireless sensor networks, increasing demand for sophisticated gadgets with advanced functions, and miniaturization of electronic components.
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