The global Smart Textile market is projected to reach USD 24 billion by 2030, growing at a CAGR of 26.2%
The global smart textile market consists of fabrics manufactured that support technology and provide more functionality to the person wearing it. With the implementation of electronic components in smart textiles, it can be used in many functions like response, health management and communication. Smart textiles are made of components like actuators, sensors, and control units. These textiles are used to control muscle vibration, control body temperatures, and provide protection from environmental hazards.
Textile market growth is owing to the increased demand for different types of products and being used in various industries. The highest contributor in the market is military, healthcare and defense industries. Developed as well as developing countries would experience the demand due to innovations and latest trends. This is due to the growing urbanization, better standard of living, and growing income, awareness of personal safety, growing medical science and growth in automotive industry.
Growth in technology for textile, nanotechnology, new materials, biosensors and miniaturized electronics are the factors helping the smart textile market growth. The smart textile industry is relatively new, still it is widely being accepted by the industry owing to its usefulness and additional benefits to the common fabrics. Industry experts predict growth in the use of smart textile in the coming years. Main business sector for smart textiles is the wearable devices and same is predicted to grow immensely.
Use of wearable devices like heart rate monitors, pedometers, motion sensors are expected to see significant growth due to growing awareness about healthcare and personal care. Owing to this smart textiles are in high demand in sports and fitness domain. Another segments that would grow in coming years are military and defense industry. These sectors contribute to 28% if the smart textiles market size.
Smart textile market growth is restricted by the high production cost involved. There is high-end material that is used for manufacturing at the same time it is highly sophisticated and hence the cost-price balance is absent. Also increased cost of electronic devices and components are factors affecting the business. Top investment pockets are military and defense, entertainment segment that is becoming popular across all markets.
Smart textiles market size is segmented by function, end-user and geography. Based on function division is done as Sensing, Thermoelectricity, Energy harvesting, Luminescent and Others. Based on End User it is segmented as Military and defense, Healthcare, Automotive, Entertainment, Sport and fitness and others. Based on region it is divided as North America, Europe, Asia-Pacific and LAMEA.
The key players of Smart textiles market size are Koninklijke Ten Cate NV,DuPont de Nemours & Co., Gentherm Inc., Schoeller Textiles AG, Adidas, Texas Instruments Inc., Google Inc., Sensoria Inc., Textronics, and Ohmatex.
Smart Textile Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 24 billion|
|Growth Rate||CAGR of 26.2 % during 2022-2030|
|Segment Covered||by Type, Region|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||DuPont, Alphabet Inc., Jabil Inc., AiQ Smart Clothing Inc., Sensoria, Gentherm Incorporated, Interactive Wear, Outlast Technologies, Adidas, Hexoskin|
The various segments of Smart textiles market size are,
- Energy harvesting
By End User Industry:
- Military and defense
- Sport and fitness
- North America
What to expect from the upcoming report on ‘Smart textiles market size’:
- Future prospects and current trends of the Smart textiles market size by the end of forecast period. (2017 – 2025).
- Information regarding technological progressions as well as innovations across the world.
- Supportive initiatives by government likely to influence the market dynamics.
- In-depth analysis of different market segmentations including regional segmentations, applications and types.
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.
- Trends, drivers, opportunities, restraints, challenges and key developments in the market