Global Smart Fabrics Market: Snapshot
The rapid growth of the smart electronics market and the rising demand for textiles that can be used as wireless sensors are predicted to enhance the growth of the global smart fabrics market in the coming few years. As per the research study by TMR, in 2017, the global market for smart fabrics stood at US$2.2 bn and is projected to reach a value of US$5.5 bn by the end of the year 2022. The market is further anticipated to exhibit a strong 19.60% CAGR between 2017 and 2022.
Rising Demand for Wearables to Propel Global Smart Fabrics Market
The rising trend of miniaturization of electronic components and the expansion of the application segments for the smart fabrics market in wearables are considered as the important factors that are projected to enhance the development of the market in the next few years. The rising popularity of sophisticated gadgets that are equipped with advanced functions is likely to encourage the growth of the overall market over the next few years.
On the contrary, the high cost of products and the technical issues associated with the integration of fabrics and electronics are predicted to restrict the growth of the market in the near future. Moreover, the lack of strict regulations and standards is another factor likely to curb the market growth in the near future. Even so, the rapid development of the key enabling technologies and the growth of the comparatively low-cost smart wireless sensor networks are predicted to offer growth opportunities for the market players in the coming few years.
North America to Witness High Growth in Smart Fabrics Market
A large share of the global smart fabrics market is expected to be held by North America over the next few years. Also, this region is predicted to lead the market are register a promising 18.50% CAGR between 2017 and 2020. The existence of several leading players and the rising acceptance for new technology is anticipated to support the development of this region in the next few years. On similar note, the Europe and Asia Pacific are projected to experience strong growth in the near future. The rising number of application segments and the rising spending capacity of consumers are further estimated to enhance the growth of the smart fabrics market across Asia Pacific in the next few years. Furthermore, the Middle East and Africa is likely to observe a steady growth over the next few years.
The global market for smart fabrics is presently at a developing stage and is projected to witness high growth in the next few years. The growing research and development activities and the rising adoption of modernized gadgets are the prime factors that are likely to support the growth of the global smart fabrics market. In addition to this, the key players are spending heavily for innovations and technological advancements, which is likely to offer growth opportunities and attract a large number of players in the coming few years. Also, the rise in the number of mergers and strategic partnerships is predicted to encourage the development of the overall market in the near future. The leading players in the global smart fabrics market operating across the globe are Nike, Inc., Milliken & Company, Adidas AG, Outlast Technologies LLC, and Oneill Wetsuits L.L.C.
Global Smart Fabrics Market: Overview
The global smart fabrics market is prophesied to fetch a raise in demand in the smart clothing space as smart material and sensor suppliers cash in on favorable opportunities therein. For smart clothing, smart materials and sensors are considered to be critical enabling technologies. Developments in these technologies pertaining to smart clothing could augur well for the growth of the market.
The report sheds light on crucial aspects such as internet of things (IoT) and ecosystems as the future of the smart fabrics industry. Furthermore, readers are provided with vital pricing and vendor share analysis.
Global Smart Fabrics Market: Dynamics
The world smart fabrics market is foreseen to welcome a significant growth in demand in the coming years due to the availability of a broad range of applications and the strong, flexible, and lightweight characteristics of most products. In the military sector, smart fabrics could find an application where new revolutionary products are produced through integration with electronics, in order to satisfy the continuing demand for better equipped materials. Such materials could be extensively used in military for replacing the inclusion of bulky batteries in garments worn by armed forces.
In the healthcare sector, the use of smart fabrics incorporating medical devices are used to keep track of the physiological condition of patients. Muscle activity, motion details, movement and respiration, temperature, and heart rate could be tracked with the help of smart garments. Preeclampsia and congestive heart failure in pregnancy could be helped with the use of telemedicine monitoring devices. Moreover, multi-sensor garments are now available commercially.
Global Smart Fabrics Market: Segmentation
The international smart fabrics market, as pin-pointed by seasoned analysts, could be segmented into ultra-smart fabrics, active smart fabrics, and passive smart fabrics. As per the analysis of the report authors, passive smart fabrics are expected to make the cut in the market with a larger share in 2022. In 2017, this product attained a 44.1% share in the market.
As per application, the international smart fabrics market is anticipated to be classified into sports and fitness, medical and healthcare, automotive and transportation, protection and safety/military, fashion and entertainment, home and architecture, and other applications.
By function, the international smart fabrics market could see a division into energy harvesting, sensing, thermoelectricity, luminescent, and other functions.
Regionally, the Middle East and Africa (MEA), Europe, Asia Pacific except Japan (APEJ), North America, and Latin America could be key segments of the international smart fabrics market. Japan could also pitch in its share in the market but lose some basis points (BPS) in the process. Nevertheless, North America is projected to set the tone for growth in the market with a higher revenue to be achieved in 2022. In 2017, it earned a US$0.8 bn.
Global Smart Fabrics Market: Competition
Companies such as Adidas AG, Nike, Inc., Outlast Technologies LLC, Milliken & Company, Oneill Wetsuits L.L.C., Schoeller Textil AG, Toray Industries, Inc., Infineon Technologies AG, Clothing Plus Oy, and Ohmatex Aps are predicted to make their presence known in the worldwide smart fabrics market.