Textile machinery, knitting technology in particular, has seen remarkable innovations and growth over past few decades. The rise is even promising in post-pandemic period as, according to a new report from Global Industry Analysts Inc., the global knitting machines market is expected to show a compound annual growth rate (CAGR) of 27.40 per cent up to 2026.
The growth is driven by a growing demand for advanced 3D knitting technology, automation and artificial intelligence capability, as stated the report.
The market of knitting machines, in terms of quantities, is estimated to reach at 58.90 thousand units in 2020, and is projected to touch 260.70 thousand units by 2026.
China continues to remain the largest market for knitting machines and accounted for 80.40 per cent of the global sales in 2020, while the rest of the world is poised to register the fastest CAGR of 28.8 per cent over the analysis period.
As far as spinning machines are concerned, the market is expected to grow at 7.60 per cent CAGR in this segment and reach 8.80 million units by the end of 2026.
Amidst the COVID-19 crisis, the global market for the overall textile machinery market is estimated at 5.90 million units in the year 2020, and is projected to hit 10.10 million units by 2026, marking CAGR of 9.10 per cent.
In terms of specific regions, the textile machinery market in the USA is estimated at 39.10 thousand units in the year 2021. Asia-Pacific is forecast to reach a projected market size of 3.80 million units by the year 2026, trailing a CAGR of 9.4 per cent over the analysis period.
Amongst the other noteworthy geographic markets are Japan, China and Europe, each forecast to grow at a CAGR of 6.60, 9 and 8 per cent, respectively, over the analysis period.
The report further states that ever-changing fashion trends are creating a continuous demand for newer textiles, which generates demand for those textile machinery that creates specialised effects on fabrics.