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Smart Fabrics Market Anchored to Mounting Growth by Decreasing Manufacturing Costs of Electronics and Fabrics
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Sensor units, controllers, actuators, and other electronic components are usually incorporated into smart fabrics for proper functioning. The reducing costs of manufacturing such components and fabrics is predicted to allow growth in the global smart fabrics market.
The global smart fabrics market, according to Transparency Market Research (TMR), is envisaged to be valued at a US$5.5 bn by the end of 2022, progressing from a US$2.2 bn attained in 2017, at a 19.6% CAGR.
Global Smart Fabrics Market: Major Insights
The international smart fabrics market is anticipated to gather immense growth in top applications such as sports and fitness. The research and development activities in the smart fabrics industry could be favorably impacted with the need to improve athletic performance. The demand for smart fabrics could also be augmented by the rising global population creating an urgent need for enhanced medical and healthcare facilities. Smart fabrics with their ability to integrate with advanced electronics could be used to monitor vital signs and health of patients in real time. Besides this, smart fabrics are expected to help in faster patient recovery.
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The international smart fabrics market is prophesied to be classified into ultra-smart fabrics, active smart fabrics, and passive smart fabrics as per product. According to the analysis of the researchers authoring the publication, passive smart fabrics could account for a greater revenue growth in the coming years. This market for smart fabrics is foretold to earn a US$2.2 bn by the end of 2022.
As per application, the international smart fabrics market could be segregated 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, energy harvesting, sensing, thermoelectricity, luminescent, and other functions are prognosticated to be important segments of the market.
On the basis of region, the international smart fabrics market could be classed into the Middle East and Africa (MEA), Europe, Asia Pacific except Japan (APEJ), and Latin America. Japan could be another segment of the market but with a slower growth. Nevertheless, North America is foreseen to be an attractive region securing a leading share in the market. By 2022 end, it could collect a revenue of US$1.9 bn. Europe could also offer lucrative business prospects in the market while expanding at an 18.1% CAGR.
Global Smart Fabrics Market: Vendor Landscape
The publication studies some of the significant industry players of the worldwide smart fabrics market. These include 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.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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