Smart Textiles Market to Grow at a CAGR of 25% in 2021-2031, According to TMR Research
ALBANY, NY, March 2, 2022 /PRNewswire/ — Advances in nanotechnology and the growing trend toward miniaturization of electronics are expanding lucrative opportunities, according to TMR’s study of the smart textiles market. Low-cost smart textiles have been manufactured for several applications, including healthcare, sports and fitness, fashion and entertainment, and defense. The global smart textile market valuation is expected to reach US$23.82 billion by the end of the forecast period (2021-2031), representing a CAGR of 25%.
Textile manufacturers are exploiting the potential of inexpensive wireless sensors to unveil new products. With the help of IoT sensors, they are expanding their product portfolio to take advantage of emerging revenue opportunities in the smart textile market. Wearable use cases in healthcare have expanded dramatically over the years, providing immense avenues for the commercialization of smart textiles.
The popularity of wearable devices for sports is generating vast revenue streams in the smart textile market, according to the authors of the TMR study. Manufacturers are benefiting from the integration of vast computing power in smart textiles to enhance the functionality of wearables for various applications in the smart textiles market. For example, the integration of Bluetooth Low Energy (BLE) and edge computing with user-friendly sensors opens up new frontiers in healthcare, medicine, education and entertainment.
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Key Findings from the Smart Textiles Market Research
- Smart textiles are gaining popularity in sports and fitness products, driving revenue growth: The use of smart textiles in sports and fitness is increasing noticeably, propelling the expansion of lucrative opportunities in the smart textile market. The growing range of comfortable and form-conscious fabrics has helped textile manufacturers meet the needs of athletes and fitness enthusiasts.
- Growing Application of Biosensors in Health and Wellness The healthcare industry has presented a huge avenue for product marketing. Advances in wearable sensors have improved real-time access to the target user’s electronic health records. Growing use cases of medical wearable electronics in diagnostics and rehabilitation will lead to proliferating demand for wearable electronics, notes the study analyzing the lucrative avenues of the smart textile market.
- Collaborations support the use of wearable electronics in multiple applications: Stakeholders are collaborating and engaging in partnerships to expand wearable electronics use cases for various applications. Advances in sensors and actuators have allowed them to develop and launch new biosensors with increased measurement capabilities.
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Smart Textile Market: Key Drivers
- Evolution of telemonitoring programs and the promise of cutting-edge telehealth wearables are driving R&D investment in the smart textile market
- Advances in wearable device design architecture are expanding the functional characteristics of passive and active smart textiles. Technological advancements in wearable e-textile technology in recent years have improved comfort and mobility for users.
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Smart Textile Market: Key Regional Growth Dynamics
- North America is expected to hold a major share of the global smart textile market during the forecast period 2021-2031. The great appetite for smart clothing has propelled R&D into smart textiles. The regional market is expected to witness significant revenue streams owing to technological advancements in wearable e-textile technology.
- Asia Pacific is expected to be a potentially lucrative smart textile market. China, Indiaand Japan are expected to witness huge new opportunities in the regional market.
Smart Textile Market: Key Players
Some of the major players in the smart textile market are Hexoskin, Adidas, Outlast Technologies, Interactive Wear, Gentherm Incorporated, Sensoria, AiQ Smart Clothing Inc., Jabil Inc., and Alphabet Inc.
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Global Smart Textiles Market: Segmentation
Smart Textiles Market, By Type
- Passive smart textile
- Active/ultra-intelligent textiles
Smart Textiles Market, By Function
- Energy recovery
- Luminescence & Aesthetics
- Others (Thermoelectricity, etc.)
Smart Textiles Market, By End-Use Industry
- Military & Protection
- Health care
- Sports and fitness
- Fashion & Entertainment
- Others (Architecture, Automotive, etc.)
Smart Textiles Market, By Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (SOUL)
- GCC countries
- South Africa
- North Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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