Most companies operating in the global smart fabrics market are involved in extensive research and developmental activities, observes Transparency Market Research on the basis of a newly released report. Such activities mainly involve the companies to manufacture highly modernized gadgets that can sense and give suitable reactions according to the surroundings. As smart fabrics essentially deal with integrating actuators, sensors, controllers and several other components, most of these fabrics are initially quite costly. Adidas AG, Toray Industries, Inc., Outlast Technologies LLC, Milliken & Company, Nike, Inc., Ohmatex Aps, Clothing Plus Oy, Oneill Wetsuits L.L.C., Infineon Technologies AG, and Schoeller Textil AG are some of the prominent players in the global smart fabrics market.
The global smart fabrics market is segmented on the basis of product type, application, function, and region. Under the product type section, the market is divided into three prime segments – active fabrics, passive smart fabrics, and ultra-smart fabrics. From these, the passive smart fabrics are envisioned to seize topmost earnings in terms of demand and usage. This is mainly because of key passive smart film characteristics such as reliability, ease of manufacturing, and high efficiency.
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Under regional analysis, the global smart fabrics market is spread across Europe, North America, Latin America, Middle East and Africa, Asia Pacific expect Japan (APEJ), and Japan. A thriving competitive layout coupled with extensive use of smart fabrics in various applications in North America are crucial factors for this region to clinch the leaderboard’s apex position. Envisioned to expand at a CAGR of 18.5% during the forecast period, North America is anticipated to set the bar high for other regions to compete in terms of gadget sales using smart fabrics.
The global smart fabrics market is projected to rise at a colossal CAGR of 19.6% during the forecast period from 2017–2022. At the end of this period, the market is projected to gain valuation of US$5.5 bn, which is an impressive rise from an initial valuation of US$2.2 bn recorded in 2017.
A rising trend of devices to become smarter and more efficient makes it sensible for manufacturing companies to utilize smart fabrics and textiles. As the technological world is changing almost on a daily basis, these gadgets need to be kept updated in accordance with customers’ expectation. Such anticipation is a prime reason leading towards increasing the uptake of smart fabrics for gadget manufacturing. Briskly rising demand for smart electronics incorporated in handheld devices, smart watches, activity tracking devices, and other wearables is a prominent effect of such a surging uptake of smart fabrics. Speaking about forthcoming years, the global smart fabrics market is expected to ride on the back of lucrative opportunities witnessed in improving sportswear, military wear, and footwear. A mushrooming trend involving use of smart fabrics in establishing wireless sensor networks is being noticed to occur all over the globe, thus proving beneficial to the worldwide smart fabric market.
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However, high costs of manufacturing the smart fabrics that are usually passed on to the buyers is a chief restraint affecting the market. Nevertheless, continuous innovations by prominent players could one day reduce such production costs, consequently getting rid of this restraining factor.
The information presented here is based on the findings of a report by Transparency Market Research, titled, “Smart Fabrics Market (Product – Ultra-smart Fabrics, Active Smart Fabrics, and Passive Smart Fabrics; Application – Sports and Fitness, Medical and Healthcare, Automotive and Transportation, Protection and Safety/Military, Fashion and Entertainment, and Home and Architecture; Function – Energy Harvesting, Sensing, Thermoelectricity, and Luminescent) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022”.
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