Global Smart Fabrics Market: Snapshot
The global smart fabrics market is prognosticated to be pampered by a surge in demand on the back of the rising prominence of the miniaturization of electronics and growth of the wearable electronics sector. There is a soaring demand for smarter and more sophisticated gadgets gaining impetus from the emergence of smart technology. The market could invite a lucrative growth while riding on the rapid advancement of economical smart wireless sensor networks.
The global smart fabrics market is anticipated to rise at a 19.6% CAGR during the forecast period 2017–2022. By the concluding forecast year, the market could be valued at a US$5.5 bn from a US$2.2 bn achieved in 2017.
Passive Smart Fabrics Set Tone for Remarkable Growth with Larger Share
The world smart fabrics market is forecasted to witness a segmentation according to product, application, and function, where each category could incorporate a leading segment providing a strong boost to market growth in the near future. Products such as ultra-smart fabrics, active smart fabrics, and passive smart fabrics could help the market cement its growth in the coming years. However, passive smart fabrics are expected to be the pick of the products garnering a king’s share in the market. This segment could grow at a 17.2% CAGR.
By application, there could be several opportunities taking shape in the world smart fabrics market. Segments such as sports and fitness, medical and healthcare, automotive and transportation, protection and safety/military, fashion and entertainment, home and architecture, and other applications could be crucial for the growth of the market.
According to the segmentation by function, the world smart fabrics market is projected to look up to energy harvesting, sensing, thermoelectricity, luminescent, and other functions for a rise in demand.
North America Controls Market with Higher Revenue Trend throughout 2017–2022
If the geographical segmentation of the international smart fabrics market is concerned, players are envisaged to find promising prospects in North America, which could secure a topmost position in the next few years. This region could expand at a CAGR of 18.5% during the course of the forecast timeframe. However, there could be other geographies such as the Middle East and Africa (MEA), Europe, Asia Pacific except Japan (APEJ), Japan, and Latin America deemed important for the market.
APEJ is predicted to register a faster CAGR of 25.7% whereas Europe with a US$1.4 bn revenue foreseen to be earned in 2022 could be another attractive region for the international smart fabrics market.
Japan and the MEA are foretold to showcase a lethargic growth in the international smart fabrics market until 2022. Japan accounted for a 10.3% market share in 2017. Furthermore, it could lose 123 basis points (BPS) in its share by the final forecast year. The MEA could create an absolute revenue opportunity of US$0.1 bn between 2017 and 2022.
Some of the dominant players in the worldwide smart fabrics market could be Adidas AG, Nike, Inc., Outlast Technologies LLC, Milliken & Company, 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.