Analysis and Projections from 2023 to 2030

The global smart fabrics market is expected to witness significant growth at a remarkable CAGR of 30.2{5e37bb13eee9fcae577c356a6edbd948fa817adb745f8ff03ff00bd2962a045d} during the forecast period of 2023-2030. This growth is attributed to the increasing increasing adoption of smart fabrics in the military industry. Furthermore, the advancement in aesthetically pleasing fabrics and investments in the development of new smart fabrics product range for fashion apparel is augmenting the growth of the smart fabrics market growth.

New York, April 05, 2023 (GLOBE NEWSWIRE) — According to the updated research report titled Smart Fabrics Market published by Reports Insights, the smart fabrics market was valued at USD 3.50 Billion in 2022, and it is projected to grow at a Compound Annual Growth Rate (CAGR) of 30.2{5e37bb13eee9fcae577c356a6edbd948fa817adb745f8ff03ff00bd2962a045d}, reaching USD 9.45 Billion by the year 2030. This estimation is based on a comprehensive analysis of the market’s historical and current trends, industry dynamics, and macroeconomic factors that are expected to impact the market’s growth during the forecast period.

Smart Fabrics Market Size, Share & Trends Analysis, By Fabric Type (Active Smart Fabrics, Passive Smart Fabrics, and Ultra-Smart Fabrics), Application (Fashion Apparel, Sports and Fitness, Medical, Military, Architecture, Safety, Transportation, and Others) By Region and Segment, Forecast Period 2023 – 2030

ReportsInsights Consulting Pvt. Ltd. provided an inclusive research report on the smart fabrics market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The report analyzes significant segments such as fabric types, application, and region, to identify emerging trends and potential opportunities. By leveraging this information, market players have the opportunity to improve their competitive edge against other manufacturers by engaging in strategic collaborations, mergers, and acquisitions, and introducing innovative products to strengthen their market position.

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The smart fabrics are designed to enhance the functionality of the textile product and provide added value to the user whether for pleasure, performance, or safety. The applications of smart fabrics are diverse including health, safety, security, and lifestyle monitoring. For instance, smart fabrics are used to create wearable technology that monitors vital signs or detects environmental changes to enhance safety and security. They are widely used in fashion and entertainment to create unique and interactive experiences for consumers.

In the military, smart fabrics are utilized to protect the soldiers from warfare and the elements. The increasing defense budget and the increasing utilization of new smart fabrics in military applications are accelerating the adoption of smart fabrics in military applications. Smart fabric manufacturers are developing new product ranges for applications in the military in order to foster their market position in the global market. For instance, in August 2022, the Indian Institute of Technology Delhi formed a partnership with Troop Comforts Limited to develop a new range of smart fabric for the Indian military.

Additionally, the future anticipated growth of the architecture and transport industry will boost the demand for smart fabrics to ensure superior strength and durability. Thus, the expansion of the architecture and transport industry in upcoming years will bolster the growth of the smart fabrics market growth during the anticipated forecast period.

Global Smart Fabrics Market Segmentation Details:

Based on Fabric Type, the active smart fabrics segment accounted for the highest market share due to its widespread use in various applications such as sports and fitness, healthcare, and military and defense. The active smart fabrics comprise various electronic components that sense, react, and adapt to environmental conditions. Such factors contribute to the dominance of the segment. However, the ultra-smart fabrics segment is expected to be the fastest-growing segment in the smart fabrics market as it offers advanced functionalities such as energy harvesting, self-cleaning, and biometric sensing, among others. These fabrics are designed to be highly responsive and interactive, providing users with real-time data and insights.

Based on Application, the military segment accounted for the highest share of the smart fabrics market. The use of smart fabrics in military uniforms and equipment enhances performance, protects against environmental hazards, and provides situational awareness. Moreover, the rising demand for durable and lightweight materials for military applications is also contributing to the growth of the segment. However, sports and fitness are expected to be the fastest-growing segment in the market during the forecast period. This is due to the smart fabrics that are used in sportswear and fitness equipment to monitor biometric data, provide muscle support, and enhance performance.

Based on Region, North America accounted for the highest market share in the year 2022. This is due to the presence of key companies in the smart fabrics industry, including Google, Apple, and Nike. Further, technological advancements and early adoption of smart fabrics in various industries such as sports and fitness, medical, military, and fashion also contributed to the dominance of the region.

However, Asia Pacific is expected to be the fastest-growing region in the smart fabrics market during the forecast period. This is due to its large and rapidly growing population, resulting in a growing demand for wearable technology. Further, the region also has a strong manufacturing base and increasing government support for the development of smart fabrics. These factors are expected to contribute to the rapid growth of the smart fabrics market in the region.

Smart fabrics Market Growth Drivers:

• The increasing demand for smart fabrics from the military sector to reduce the weight of gadgets, GPS, and others, thereby ensuring enhanced safety for the soldiers. This factor favours the revenue growth of the global smart fabrics market growth.

• Rising sports and fitness activities at the global level is accelerating the growth of the smart fabrics market growth.

Restraints

• The thermal design-related challenges of smart fabrics products are restraining the growth of the market.

• Smart fabrics for the medical sector require partnership with the government. Thus, the limited commercialization of smart fabrics for medical applications is posing a challenge to the smart fabrics market growth.

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Key Market Takeaways

• The global smart fabrics market size is expected to garner USD 9.45 Billion by 2030 and expand at a CAGR of 30.2{5e37bb13eee9fcae577c356a6edbd948fa817adb745f8ff03ff00bd2962a045d} during the forecast period (2023-2030).

• Based on fabric type, the active smart fabrics segment accounted for the highest share contribution to the smart fabrics market statistics in 2022.

• By application, the military segment is anticipated to contribute the largest shares to the market growth in 2022.

• North America will create favorable circumstances for market growth in terms of value and volume due to increased government investments in the military and medical sectors.

• Asia Pacific is projected to lead the significant surge in the market growth with excellent revenue shares due to the growing demand for wearable technology in countries such as South Korea Taiwan, India, and others.

Competitive Landscape

As per the research, AIQ Smart Clothing Inc., Bebop Sensors Inc., Clothing+ Ltd., and Interactive Wear AG are major market players that comprise the latest market circumstances. Such companies are continuously leveraging new technologies such as digital knitting machines to develop innovative and highly reliable smart fabric solutions. In addition, the increasing partnerships between the government and the smart fabric manufacturers for the development of smart fabrics for applications in medicine, the military, and others are leading to increased competition in the market.

Recent Developments:

In July 2022, Microsoft Corporation developed a smart fabric based on “Capacitive” technology. This technology is a fabric-based sensing system that can be used to create interactive interfaces for various applications.

In February 2022, Adidas launched a new line of smart sports bras collection named the new SS22 Bra Collection. The new sports bras feature several innovative technologies, including motion-capture sensors that can track the wearer’s movements and provide feedback on their form and technique.

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List of Major Smart Fabrics Market Players

Global Smart Fabrics Market Segmentation: 

• By Fabric Type

  • Active Smart Fabrics

  • Passive Smart Fabrics

  • Ultra-Smart Fabrics

• By Application

  • Fashion Apparel

  • Sports and Fitness

  • Medical

  • Military

  • Architecture

  • Safety

  • Transportation

  • Others

Key Questions Covered in the Smart Fabrics Market Report

What will be the potential market valuation for the smart fabrics industry by 2030?

What insights are covered by the factors driving the growth of the smart fabrics market, as well as the opportunities and challenges that may impact the market’s future development?

What specific segmentation details are covered in the smart fabrics market report, and how do they contribute to the overall market analysis?

What are some of the most important applications of smart fabrics, and how do they impact the industry’s growth potential?

Based on current market trends and future predictions, which geographical region will have the largest impact on the smart fabrics market’s growth in the coming years?

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