Smart fabrics Market Size to reach USD 34.79 Billion 2032 | Emergen Research

The global smart fabrics market is anticipated to experience significant growth over the forecast period, with projected revenue CAGR of 24.5%. According to a recent market research report, the market size was valued at USD 3.90 billion in 2022. The surge in revenue is attributed to several key factors driving the market, including the increasing adoption of smart wearables, advancements in flexible electronics, and integration of contactless payment functionality into fabric wearables.

Key Market Drivers:
• Increasing Adoption of Smart Wearables: The rising adoption of smart wearables across various industries is a major factor fueling market growth. Projections indicate that by 2024, there could be up to 440 million wearable medical devices in use globally, indicating a growing demand for smart fabrics in healthcare applications.

• Integration of Contactless Payment Functionality: Collaborations between companies like MasterCard, Timex, and CashCuff have led to the incorporation of contactless payment functionality into fabric wearables, expanding their utility and market potential.

• Developments in Flexible Electronics and Miniaturization: Advancements in flexible electronics and electronics miniaturization are enhancing the productivity of smart fabrics, driving innovation and market growth. Research initiatives focused on wearable antennas and carbon-based transistors contribute to the evolution of smart fabric technologies.

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Key Market Restraints:
• High Production Costs: The high production costs associated with integrating sensors and microprocessors into fabric yarn pose a challenge for market expansion. Lack of comprehensive standards and regulations further complicates the production process for small-scale producers.
• Data Security and Privacy Concerns: Growing concerns about data security and privacy related to smart fabrics may hinder market growth. The convergence of computing and monitoring functions in wearable devices raises questions about data protection.
• Complexity of Hybrid Smart Textiles: While hybrid smart textiles offer numerous functionalities and integration possibilities, their complexity presents challenges in terms of development and adoption. However, advancements in conductive materials and wireless communication technologies offer opportunities for market growth.

Market Segment Insights:
• Smart Fabrics Type Insights: The global smart fabrics market is segmented into passive smart fabrics, active smart fabrics, and ultra-smart fabrics. The active smart fabrics segment currently dominates the market, driven by applications in sports and fitness apparel. However, the passive smart fabrics segment is expected to witness rapid growth, fueled by advancements in functionality and cost-effectiveness.
• Smart Fabrics Functionality Insights: Sensing functionalities account for the largest market share, driven by increasing awareness of their benefits in various applications such as healthcare and sports. Energy harvesting functionalities are expected to experience the fastest growth, driven by the demand for sustainable solutions and resource efficiency.
• Smart Fabrics Application Insights: Military and defense applications currently dominate the market, owing to the lightweight and flexible nature of smart fabrics ideal for body monitoring and troop protection systems. However, the sports and fitness segment is projected to exhibit significant growth, driven by the real-time monitoring capabilities of smart fabrics in fitness devices and apparel.

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Major Companies and Competitive Landscape

The global smart fabrics market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective smart fabrics.

Some major players included in the global smart fabrics market report are:
• Adidas AG
• AiQ Smart Cothing Inc.
• Clothing Plus Ltd.
• Dupont De Nemours Inc.
• Gentherm Incorporated
• Google LLC
• Interactive Wear AG
• Ohmatex A/S
• Schoellar Textil AG
• Sensoria Inc.
• Texas Instruments Incorporated
• Textronics
• Vista Medical Ltd.
• Nike, Inc
• Jabil Inc.

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Strategic Development
• In February 2021, DuPont purchased Tex Tech's Core Matrix Technologies. This monolithic fabric structure can improve ballistic and fragment performance for law enforcement and military personnel while also reducing back face injuries. The National Institute of Justice (NIJ) becomes able to fulfil new criteria for greater durability with the most flexible and lightweight ballistic solutions due to this acquisition, which adds to the company's already extensive portfolio of life protection solutions. The new technology not only improves protection but also makes wearing bullet-resistant body armour more comfortable.

Smart Fabrics Market Segment Analysis
For the purpose of this report, Emergen Research has segmented global smart fabrics market on the basis of type, functionality, application, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)
o Passive Smart Fabrics
o Active Fabrics
o Ultra-smart Fabrics
• Functionality Outlook (Revenue, USD Billion; 2019-2032)
o Sensing
o Energy Harvesting
o Luminescence & Aesthetics
o Thermoelectricity
o Others

• Application Outlook (Revenue, USD Billion; 2019-2032)
o Military and Defense
o Architecture
o Healthcare
o Sports and Fitness
o Fashion and Entertainment
o Automotive
o Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Russia
8. Rest of Europe
o Asia Pacific
1. China
2. Japan
3. South Korea
4. India
5. ASEAN Countries
6. Oceania
7. Rest of APAC
o Latin America
1. Brazil
2. Mexico
3. Rest of LATAM
o Middle East & Africa
1. GCC Countries
2. Israel
3. Turkey
4. South Africa
5. Rest of MEA

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