Smart Textiles/Fabrics Market Determined by Business Summary, Industry Profile, Products, Services and Solutions Forecast 2024
The global Smart Textiles/Fabrics Market is to witness a substantial growth due to the high-end demand for sophisticated miniature electronic products with advanced sensing & reacting capabilities. Development of smart textiles coupled with growing demand for miniature electronic devices such as sensors and actuators in various end-user industries is expected to drive the growth of smart textiles industry over the forecast period.
Development of Bluetooth Low Energy (BLE) technology for connecting sensor-based devices to the Internet is anticipated to favor the growth of smart textiles market in the upcoming years. Smart textiles are gaining traction in various end-use application sector such as sports & fitness industry and defense & military sector, thereby offering lucrative growth prospects to market players in the past few years. Globally, the smart textiles market is predicted to grow at a higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
Increasing demand for smart textile from defense & military sector is credited to capability of smart textiles to camouflage weaponry & armies from incoming enemy weapons. Smart textiles also reduces impact of atmospheric changes, thus providing required level of protection to electronic components. Swift decline in the cost of miniature electronic components is projected to favor market growth over the coming years. Use of smart textile offer cost efficient and less time consuming production cycles, thereby further contributing to the overall industry demand. However, complexity associated with seamless integration of technology into the fabric and ease to user are major challenges to market growth.
The smart fabrics industry is broadly categorized into major segments based on the application type such as fashion & entertainment industry, sports & fitness sector, medical sector, transportation industry, defense & military sector, and architecture industry. The sports & fitness segment is growing rapidly in the smart fabrics market with substantial revenue generation in the last few years.
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Growing popularity of smart textiles in the sports & fitness segment is attributed to capability to integrate with miniature electronics devices such as flexible fitness belts and watches to monitor health and body vitals in real time. The defense & military segment has also witnessed substantial growth owing to the ability of smart textile to camouflage weaponry & armies from incoming enemy weapons and their lightweight properties.
The smart textiles industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies, surge in number of research & development activities in the region and existence of well-established infrastructure.
Asia-Pacific region is estimated to hold major share in the smart textiles market with massive growth in forecast period. Countries such as India, China, Japan, South Korea and Singapore are leading the Asia-Pacific market with strong economic growth, rising defense expenditure, favorable government initiative to promote use of smart fabrics, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the smart textiles/fabrics industry are OhmatexApS, Tektronix. Inc., Clothing Plus Oy, Adidas AG, Infineon Technologies AG, Weartech, Fibertronic Ltd., and Peratech Ltd.
Smart Textile Product Outlook (USD Million; 2014 – 2024)
• Very Smart
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