Smart Fabrics Market

Smart Fabrics Market: By Product, Functionality, End-use, and Region

Market Synopsis:

Global Smart Fabrics market is valued at USD 2519.04 Million in 2022 and is projected to reach a value of USD 22116.06 Million by 2030 at a CAGR of 31.20% 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.

Market Segmentation:

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.