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Global Smart Textiles Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value | Koninklijke Ten Cate NV, Schoeller Textil AG, Eeonyx Corporation, Tex-Ray Industrial Co. Ltd
Smart Textiles Global Market Report 2024
The smart textiles market size is expected to see exponential growth in the next few years. It will grow to $16.03 billion in 2028 at a compound annual growth rate (CAGR) of 28.9%. The growth in the forecast period can be attributed to increasing e-commerce, increasing demand for sportswear, increasing adoption of 5g networks, rising population and internet of things (iot) . Major trends in the forecast period include focus smart fabric technology, wearable tele-rehabilitation platform, technology development, digital testing, product launch and innovative smart garments.
Market Overview -
Smart textiles refer to smart systems that can recognize and process the wearer's condition as well as perceive or transmit the environmental conditions. They can be found using a variety of detection methods, including magnetic, mechanical, chemical, electrical, and thermal. Smart textiles can detect changes in the environment and adapt and respond automatically to mechanical, chemical, magnetic, electrical, and thermal manipulations to protect the wearer from environmental risks.
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Rising Demand For Smart Wearable Devices Fuels Smart Textiles Market Growth
Surging demand for smart wearable devices is expected to propel the growth of the smart textiles market going forward. Smart wearable devices are electronic devices powered by microprocessors that are integrated into clothing, worn as accessories, and implanted in the body to send and receive data via the internet. Smart wearable devices include smart jackets, smart glasses, smart shirts, smart jewelry, smart watches, and others. There is a surge in demand for smart wearable devices as they provide real-time information on users' well-being and are the future of portable energy systems, high-tech sportswear, health monitoring systems, workwear, and military camouflages. For instance, according to Cisco Systems, a US-based networking hardware company, the number of connected wearable devices is expected to reach 1,105 million by 2022, up from 593 million in 2021. Therefore, the surging demand for smart wearable devices is promoting the growth of the smart textiles market.
Competitive Landscape -
Major companies operating in the smart textiles market report are Koninklijke Ten Cate NV, Schoeller Textil AG, Eeonyx Corporation, Tex-Ray Industrial Co. Ltd, AiQ Smart Clothing Inc, Sensoria Inc, Noble Biomaterials, Interactive Wear AG, Mitsufuji Corporation, Xenoma Inc, Paradise Textiles, Textronics, Welspun India Ltd, Teijin Frontier Co. Ltd., E. Textint Corp, Smart Textile Co. Ltd., Asiatic Fibre Corporation, GPOWERTECH CO. LTD, Nextiles, Fibrofill inc., Adidas AG, Clothing+, Ohmatex A/S, Siren, Centre for Process Innovation Limited (CPI), Hi-Tec Sports, Incomparable Buttons, ACOTEX, Vaxess Technologies, FPC Industry, Nanowear, Express Embroidery, MOGU (Mycoplast), Stedfast Inc, Tricot Carol Inc, Lomar, Gulf Denim, Naseej Textile, Ultra Design Studios, Texel Inc., Smart textiles LLC, United Nigerian Textile Plc, Finetex Nigerian Ltd, Speco Mills Ltd, Korteks Textiles Africa
Tech Innovations Drive Evolution In Smart Textiles Market
Technological advancements are shaping the smart textiles market. Major companies operating in the smart textiles sector are focused on developing advanced technological solutions for smart textiles to strengthen their position in the market. For instance, in May 2021, Nextiles, Inc., a US-based technology company specializing in the development of smart technologies for human fabrics, launched smart fabric based on smart thread technology. This technology is a low-power wireless radio protocol for the smart home that enables direct communication between devices. These smart fabrics can capture real-time streaming of biometric and biomechanical data over Bluetooth to monitor force, bending, stretching, velocity, and pressure due to human activities.
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Key Segments -
The smart textiles market covered in this report is segmented -
1) By Type: Passive, Active and Ultra-smart
2) By Function: Energy Harvesting, Sensing, Thermoelectricity, Luminescent and Other Functions
3) By End Users: Fashion and Entertainment, Sports and Fitness, Medical, Automotive, Protection and Military, Architecture and Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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