(MENAFN- America News Hour)In a recently published report, Global Smart Textile for Military Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Smart Textile for Military Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
The main aim of smart textiles is to reduce the weight of electronic gadgets, battery pack and connecting cables so as to improve the survivability of soldier at war fields. Smart textiles or smart fabrics are created by integrating electronic components into them in order to increase the functionality of the product. Some of the integral parts of smart textiles are sensors, actuators, and control units. These fabrics are made such as they are capable of interacting with the environment and have the ability to react to physical stimuli from thermal, mechanical, electrical, and chemical sources. Smart textiles are also capable of health monitoring, ballistic protection, and inducing technological applications like global positioning system (GPS) system and other sensors. The smart textiles market in the military is expected to register a compound annual growth rate of XX% in the forecast period till 2022.
Market Dynamics
The ever-p resent race for modernization among the developing countries in their armed forces is the major driver for the Smart Textile Market for the Military. No country wants its soldiers to lack in terms of advanced equipment. If the next war ever happens it will see soldiers with almost equal firepower, the only factor that will decide victory will be the protective vest worn by survivors
High costs of the product and lack of exhaustive standards and regulations are the restraints that are faced by this market.
There are a lot of opportunities for this market, some of them are growing application for smart textiles in wearables and also the development of key enabling technologies. As the technologies used also keeps on developing further it again presents a lot of opportunities.
Technical difficulties related to the integration of Electronics and Textiles is the major challenge faced by this market.
Market Segmentation
The market for Global Smart Textiles for Military Market is segmented into two categories, they are
1) By Purpose
Sensing
Energy Harvest
Thermal
Luminescence
Protection & Mobility
Healing
2) By Type
Active Smart
Passive Smart
Ultra Smart
Geographic Analysis
Asia Pacific market will become the largest market for these vests, but North America, Europe and South America will be major investors. The reason for it that the Indian Army, the second largest in the world needs XX million modular bulletproof jackets, and is open for tenders for the next 10 years. This offers a great market opportunity for military textile vendors. Also if India succeeds in acquiring smart vests for its soldiers, then the surrounding countries will also be in a race to procure the same due to a power battle in the region. Asia Pacific market lacks the technology and funds to mass-produce such vests due to developing economies, but cheaper labour and lower taxes can be boon for such ventures in the Asia Pacific.
Key Players
The major players of this market are as follows:
Globe Manufacturing Company, BAE Systems, Intelligent Textiles Ltd., Textronics, Lockheed Martin Corp., Gentherm Inc., Schoeller Technologies AG, Texas Instruments Inc., E.I. DuPont De Nemours and Co., Milliken & Company, Outlast Technologies LLC, Noble Biomaterials Inc.
Report ContentsRegional AnalysisReport Highlights
Market segments
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R & D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
North America
US and Canada
Latin America
Mexico, Brazil, Argentina and Rest of Latin America
Western Europe
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia and New Zealand
Rest of Asia Pacific
The Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
South Africa
North Africa
Rest of the Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market Dynamics of the industry
Market Segmentation
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
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