The global smart fabrics market may be in nascent stage but future is very bright owing to numerous applications of the products, which themselves offer vast possibilities for innovation. A recent business and commerce study by Transparency Market Research (TMR) has projected the demand in the global smart fabrics market to increment at an impressive CAGR of 19.6% during the forecast period of 2017 to 2022, with the opportunities translating into a revenue of US$5.5 bn by 2022, substantially up from its evaluated worth of US$2.2 bn in 2017.
Some of the key vendors operating in the global market for smart fabrics are Nike, Inc., Adidas AG, Milliken & Company, Schoeller Textil AG, Ohmatex Aps, Infineon Technologies AG, Toray Industries, Inc., Clothing Plus Oy, Outlast Technologies LLC, and Oneill Wetsuits L.L.C. Most of these companies are indulged in the research and development of cutting-edge gadgets that can sense and react according to the surrounding. Smart fabrics allow the integration of sensors, actuators, controllers, and several other electronic components but the focus of these companies will be on reducing the cost of manufacturing. This factor will define how prolific this market can get or will it remain confined in only developed and urban parts.
Based on product type, the TMR report segments the global smart fabrics market into ultra smart fabrics, passive smart fabrics, and active smart fabrics. The analysts of the report have projected the segment of passive smart fabrics to account considerably more demand than other two segments, and estimates it to produce a revenue of US$2.2 bn by 2022. Application-wise, the market for smart fabrics has been bifurcated into medical and healthcare, sports and fitness, automotive and transportation, fashion and entertainment, protection and safety including military, home and architecture, and other applications. On the basis of function, the market has been classified into sensing, energy harvesting, luminescent, thermoelectricity, and other functions.
Geographically, the report picks out North America are most profitable region, although Europe, Asia Pacific except Japan (APEJ), and the Middle East and Africa are also expected to grow promisingly. While the report projects the demand from the North America smart fabrics market to increment at a CAGR of 18.5%, the report of APEJ will exhibit 25.7% CAGR during the same forecast period, with European market projected to be worth US$1.4 bn by 2022.
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Varied and Vast Application Possibilities Driving Demand
The field of sports and fitness is among the foremost ones when it comes to the augmentations in the global smart fabrics market. These fabrics can go a long way towards improving the performance of athletes by providing information on their endurance and other physical condition. From the medical sector, the market for smart fabrics is gaining traction as a result of its ability to collaborate with various electronics in order to monitor health related vital signs of the patients, that too on the real time. These fabrics have the ability to aid in faster recovery of patients.
The worldwide smart fabrics market is also anticipated to witness incremented demand from factors such as increased defense budgets of several emerging economies, growing application in the automotive and transportation sector, and immense possibilities for the fashion and entertainment industry. Rapid consumer shift towards smart homes is another driver of the global smart fabrics market, which on the other hand, is currently hindered by high cost of these fabrics. That being said, persistent research and development activities are expected to reduce the cost in the near future and lead to proper commercialization of the product.