The global textile machinery market, as estimated at 5.9 million units in 2020, is expected to reach 10.1 million units by 2026 with a CAGR of above 9.1 per cent. As per a new report by Global Industry Analysts, global market for knitting machines by 3D knitting technology is expected to grow at a CAGR of 27.4 per cent by 2026. Most of this growth will be driven by increased demand for advanced, automation and the capability of artificial intelligence, reports Textile Today.

China is expected to lead growth. The country, which recorded 80.4 per cent of global sales in 2020, is expected to grow by 28.8 per cent CAGR to reach 2.7000 units by 2026. The spinning machines segment is expected to grow at 7.6 per cent CAGR and 8.8 million units by 2026. The draw texturized machine segment is likely expand at a CAGR of 18.6 per cent for the next seven years.

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.

Also, Japan, China, and Europe, each forecast to grow at a CAGR of 6.6, 9 and 8 per cent respectively over the analysis period.