Smart Textiles Market worth $6.6 billion by 2026, at a CAGR ...| MENAFN.COM

Sunday, 23 January 2022 04:21 GMT

Smart Textiles Market worth $6.6 billion by 2026, at a CAGR of 23.2%


(MENAFN- iCrowdNewsWire)

According to the new market research report “Smart Textiles Market with COVID-19 impact analysis by Type (Passive, Active/Ultra-smart), Function (Sensing, Energy Harvesting & Thermo-electricity, Luminescence & Aesthetics), Vertical, & Geography – Global Forecast to 2026”, published by MarketsandMarkets™, the Smart Textiles Market is expected to grow from in 2021 to USD 6.6 billion by 2026; it is expected to grow at a CAGR of 23.2% during the forecast period. The major driving factors for the growth of the smart textiles market include implementation of advanced technologies in smart textiles, miniaturization of electronic components, and expanding wearable industry among others.

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The sudden outbreak of the COVID-19 pandemic has impacted the demand for smart textiles, especially in 2020 and 2021. The pandemic has forced companies to adopt remote working practices. The imposition of lockdown in almost all the major countries to curb the spread of COVID-19 has disrupted the supply chain and halted manufacturing activities, resulting in delayed production. However, as a large share of the global population is working from home and preferring to perform fitness activities indoors attributed to social distancing guidelines, the demand for sports and fitness apparel/accessories integrated with smart applications and sensors that can monitor heart rate and oxygen level has increased, which is expected to boost the growth of the smart textiles market. Besides, hospitals in some countries, e.g., the US, are using smart textiles in various forms, such as heated blankets and socks, during the pandemic crisis.

Passive smart textile to have a significant market in military and protection vertical during the forecast period

Passive smart textiles are the first generation of smart textiles, which can only sense environmental conditions or stimuli but cannot adjust according to external changes. Optical fiber-embedded fabrics and conductive fabrics are the types of passive smart textiles. UV protective clothing, antibacterial fabric textiles, multilayer composite fibers and textiles, plasma-treated fabrics, ceramic-coated fabrics, conductive fibers, and fabrics with optical sensors are some of the examples of passive smart textiles. They are majorly used in the military and protection vertical due to their ruggedness. DuPont (US), which provides fibers, industrial fabrics, and covers used in the medical, military, and aerospace verticals, and Outlast Technologies (US), which provides acrylic, viscose, and polyester fabrics used in bedding, apparel, and footwear applications, are some of the major companies offering passive smart textiles.

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Sensing function accounts for largest market share for smart textiles market during the forecast period

Smart textiles are materials that sense and react to environmental conditions or stimuli, which is generated through mechanical, thermal, chemical, electrical, magnetic, or any other sources. They can sense body heat, heart rate, respiration rate, and motion & speed through various sensors. Apparels such as gloves, shirts, and pants made using smart textiles can sense different health parameters of a wearer. Advanced smart fabric sensors virtually track every psychological aspect, including bending, location, movement, and pressure. Thus, sensing is one of the major functions for which smart textiles are being used.

Sports and fitness vertical to have highest CAGR during the forecast period.

The sports and fitness segment is expected to register the highest CAGR during the forecast period. One of the key factors driving the growth of this segment is the growing awareness regarding health and fitness among the general population. Besides, the growing prevalence of heart-related diseases and diabetes is consequently expected to drive the growth of the smart textiles market for the sports and fitness vertical.

North America accounts for the largest share of the smart textiles market during the forecast period

North America accounted for the largest share of the smart textiles market due to several factors. One of the most important factors is technological innovations and advancements, which led to the introduction of new products. The increasing demand for smart textiles from the consumer electronics and medical industries has led to the growth of the smart textiles market in North America.

The report profiles key players in the smart textiles market and analyzes their market shares. Players profiled in this report are DuPont (US), Alphabet (US), Jabil (US), AIQ Smart Clothing (Taiwan), Sensoria (US), Gentherm (US), Interactive Wear (Germany), Outlast Technologies (US), Adidas (Germany), Hexoskin (Canada), TenCate (Netherlands), Clim8 (France), Nike (US), Sensing Tex (Spain), Thermosoft International (US), Milliken & Company (US), Applycon (US), Peratech (UK), CHARNAUD (South Africa), Footfalls & Heartbeats (UK), Volt Smart Yarns (US), Samsung(South Korea), Ambiotex (Germany), Microsoft (US) and LifeSense Group (Netherlands).

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Wearable Technology Market by Product (Wristwear, Headwear, Footwear, Fashion & Jewelry, Bodywear), Type (Smart Textile, Non-Textile), Application (Consumer Electronics, Healthcare, Enterprise & Industrial), and Geography – Global Forecast to 2026

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