Smart Fabrics Market
Smart Fabrics Market - Global Industry Assessment & Forecast
- By Product Passive, Active, Very Smart
- By Functionality Sensing, Energy Harvesting, Luminescence & Aesthetics, Thermoelectricity, Others
- By End User Fashion & Entertainment, Sports & Fitness, Medical, Transportation, Defense & Military, Architecture
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||1,920.8 Million|
|Revenue 2028:||12991.2 Million|
|Revenue CAGR (2021 - 2028):||31.4%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
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Smart Fabrics Market: By Product, Functionality, End-use, and Region
Global Smart Fabrics market is valued at 1,920.8 Million in 2021 and is projected to reach a value of 12991.2 Million by 2028 at a CAGR of 31.4% over the forecast period. The fabrics developed with advanced features and novel technologies are known as smart fabrics. The increased penetration of wearable technology along with the miniaturization of electronic components are the major factors for the Smart Fabrics growth. The increased advancements of IoT in Smart Fabrics and the ongoing research & development for new products in the textile industry are some other key factors for the Smart Fabrics market growth in the upcoming years. In addition, the increased demand for smart fabrics in the medical, aerospace & defense, and high-end fashion industry are presumed to fuel the growth of the Smart Fabrics market.
The development of fabrics that monitor each movement with technology coupled with which allows re-use and recycling of textiles are some of the major opportunities in the global Smart Fabrics market. Moreover, the integration of Bluetooth Low Energy (BLE) technology that offers numerous features such as multi-vendor interoperability and low power consumption are projected to contribute to the growth of the market in the years to come. However, the increased raw material prices along with data privacy concerns and limitation of reusability are the key restraints/challenges in the Smart Fabrics market growth.
Smart Fabrics Market Size, 2021 To 2028 (USD Million)
The global Smart Fabrics market is segmented on the basis of Product(Passive,Active,Very Smart),Functionality(Sensing,Energy Harvesting,Luminescence & Aesthetics,Thermoelectricity,Others),End User(Fashion & Entertainment,Sports & Fitness,Medical,Transportation,Defense & Military,Architecture),Region(North America,Europe,Asia Pacific,Latin America,Middle East & Africa). Based on product, the market is segmented as passive, active, and very smart. By functionality, the market is segmented as sensing, energy harvesting, luminescence & aesthetics, thermoelectricity, and others. On the basis of end-user, the market is segmented into fashion & entertainment, sports & fitness, medical, transportation, defense & military, and architecture.
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Passive Smart Fabrics had a major share in Smart Fabrics Market
In 2021, the passive smart fabrics category led the global Smart Fabrics market and more than 50% of the market revenue share in the same year. The passive smart fabrics are those wearable clothes that can sense the surrounding environment and user movement. The less complex functionalities and low product cost are the major factors for the dominance of passive smart fabrics. Besides, the very smart category is presumed to witness the fastest CAGR due to its ability to deal effectively with life-threatening circumstances include battlefield or accidents. The very smart fabrics can react, sense, and adapt the behavior of given circumstances by following artificial intelligence (AI).
Sensing to Continue Dominating the Market
The sensing category dominated the global Smart Fabrics market in terms of value. Sensing being the most essential attribute of any smart fabric is the major reason for category dominance. Moreover, the high use of sensing across applications such as sports & fitness, medical, military & defense, and others is estimated to enhance the category growth during the forecast period. However, the energy harvesting category is projected to witness growth with the highest CAGR in the global Smart Fabrics market over the forecast period.
Defense and Military was the leader in the Smart Fabrics
The defense and military sector dominated the Smart Fabrics market in 2021. The segment accounted for more than 25% of the market revenue share in the same year. The integration of electronic products with smart fabrics which offers a lightweight option in heavy batteries integrated with garments is the major factor for the dominance. In addition, the increased defense & military budgets by developing and developed countries for the adoption of advanced technologies is another key factor for the category growth in the Smart Fabrics market over the forecast period.
Besides, the sports & fitness category is presumed to witness lucrative growth over the coming years. This is majorly owing to the high abilities of smart fabrics such as chemical, thermal, electrical sources, magnetic, and mechanical. These can be used in electronic devices such as belts and watches for body and health vitals monitoring in real-time.
Asia Pacific Smart Fabrics Market to Grow at the Fastest CAGR
North America had its dominance in the global Smart Fabrics market in 2021 and had over 40% of the market revenue share in the same year. The presence of key players in the region along with increased demand for smart fabrics across industries such as healthcare, transportation, sports, and others. Moreover, the increased defense budgets by the US government for advanced technology research programs is another major factor for the regional growth over the forecast period.
Asia Pacific is presumed to attract lucrative growth in the coming years. This is majorly due to easy availability of labor and low-cost materials in the region. In addition, the increased defense budgets and growing research & development activities for adoption of smart technologies in the region are some other major factors for the regional growth over the forecast period.
The global Smart Fabrics market is fragmented in nature due to the presence of small players and multiple vendors raising funds. Moreover, some of the major strategies are new product development, mergers & acquisitions, partnerships, and others. The major players in the Smart Fabrics market are Adidas AG, AiQ Smart Clothing Inc., Clothing+ (Jabil Circuit, Inc.), EXO2, OTEX Specialty Narrow Fabrics Inc., Gentherm, Inc., Mide Technology Corporation, Nike, Inc., Ohmatex ApS, Sensing Tex SL, Sensoria Inc., Thermosoft International Corporation, and Kolon Industries Inc.
The Smart Fabrics is Segmented as Follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
What is the global demand for Smart Fabrics in terms of revenue?
The global Smart Fabrics valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 31.4%.
Which are the prominent players in the market?
The prominent players in the market are Adidas AG, AiQ Smart Clothing Inc., Clothing+ (Jabil Circuit, Inc.), EXO2, OTEX Specialty Narrow Fabrics Inc., Gentherm, Inc., Mide Technology Corporation, Nike, Inc., Ohmatex ApS, Sensing Tex SL, Sensoria Inc., Thermosoft International Corporation, and Kolon Industries Inc..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 31.4% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Smart Fabrics include
- Increased penetration of wearable technology to drive the market demand
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Smart Fabrics in 2020.