San Francisco - The global knitting machines market is expected to show a compound annual growth rate of 27.4 per cent up to 2026, driven by a growing demand for advanced 3D knitting technology, automation and artificial intelligence capability.

A new report from Global Industry Analysts Inc shows that the market is estimated at 58.9 thousand Units in 2020, and is projected to reach 260.7 thousand units by 2026. 

China constitutes the largest regional market for knitting machine sales, the report notes, accounting for 80.4 per cent of the global sales in 2020 while the rest of the world is poised to register the fastest compounded annual growth rate of 28.8 per cent over the analysis period, to reach 2,7 thousand units by the close of the analysis period. 

Amid the COVID-19 crisis, the global market for the overall textile machinery market is estimated at 5.9 million units in the year 2020, and is projected to reach a size of 10.1 million units by 2026, displaying at a CAGR of 9.1 per cent over the analysis period.

According to the report, ever-changing fashion trends are creating a continuous demand for newer textiles, which generates demand for textile machinery, that creates specialized effects on fabrics. Demand is also high for machines that perform specific tasks such as mercerizing, which is a process for increasing shimmer and strength of cotton.

Spinning Machines, one of the segments analyzed in the report, is projected to record a 7.6 per cent CAGR to reach a market size of approximately 8.8 million units by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Draw Texturizing Machines segment is projected to spiral at 18.6 per cent CAGR for the next 7-year period.

In terms of specific regions, the textile machinery market in the US is estimated at 39.1 thousand units in the year 2021. Asia-Pacific is forecast to reach a projected market size of 3.8 million units by the year 2026 trailing a CAGR of 9.4 per cent over the analysis period.

Among the other noteworthy geographic markets are Japan, China and Europe, each forecast to grow at a CAGR of 6.6, 9 and 8 per cent respectively over the analysis period.

The report also notes that a key ongoing trend in the market is the continued automation of machinery. Adoption of robots allows manufacturers to expedite production cycles, reduce labor costs, push safety, improve quality, and drive notable gains in terms of efficiency and productivity. Artificial intelligence also holds special significance in supporting textile manufacturing and helping companies achieve high efficiency, accuracy and continuity in production systems and equipment.