Albany, New York, Jan. 09, 2019 (GLOBE NEWSWIRE) -- The global smart fabrics market is prognosticated to project a decent growth in coming years. The key players operating in the smart fabrics market are focusing mainly on the research and development activities. These activities majorly include firms to launch advanced and high end gadgets which can sense and provide the suitable response as per the situations. The smart fabrics are usually expensive, since they deal with sensors, actuators, controllers, and various other components. Some of the major players leading the global smart fabrics market are Toray Industries, Inc., Adidas AG, Outlast Technologies LLC, Nike, Inc., Milliken & Company, Ohmatex Aps, Oneill Wetsuits L.L.C., Clothing Plus Oy, Schoeller Textil AG, and Infineon Technologies AG.
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According to a recent report by a well-known market research firm, Transparency Market Research, the market of smart fabrics is likely to surge at a steady CAGR of 19.50% within the forecast period from 2017 to 2022. Valued in 2016 around worth US$2.2 bn, the global smart fabrics market is estimated to reach around a worth of US$5.5 bn by the end of the year 2022.
On the basis of product type segment, the market is categorized into passive fabrics, active fabrics, and ultra-smart fabrics. Among these, the passive smart fabrics are foreseen to lead and provide highest earnings as per the usage and demand. This is credited its features for example, ease of manufacturing, reliability, and topmost efficiency. Geographically, North America region is estimated to dominate the global smart fabrics market in the coming years. Moreover, the mentioned region is foreseen to register a robust CAGR of 18.50% within the forecast period from 2017 to 2020. The presence of various key players and increasing acceptance regarding the latest technology is foreseen to contribute in the growth in North America in forthcoming years.
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Technological Advancements to Bolster market Demand
Since past few years, there has been a surging trend of gadgets to be more efficient and smarter. This encourages the manufacturers to use smart fabrics and other materials for their advantage and come up with better and innovative products in the market. Owing to the advancement in technological world, there comes a need to update the devices on regular basis as per the consumer demands. Such conditions become major factors behind the rising development of global smart fabrics market. For the manufacturing of gadgets. Moreover, rapid increase in manufacturing of smart electronics used in handheld gadgets, activity monitoring devices, smart watches and several other such devices are as well fueling the demand for smart fabrics, globally. In the forthcoming years, the global smart fabrics market is likely to witness growth owing to the high scope of growth in improving military wear, sportswear, and footwear. Rising trend regarding the usage of smart fabrics in establishing wireless sensor connectivity is also gaining attention and hence boosting the overall smart fabric market.
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High Production Costs to Hamper Market Demand
Nevertheless, increased manufacturing costs of smart fabrics which are passed on to custoemrs acts as a major hindrance affecting the global market. However, consistent innovations by major players are estimated to decrease the production costs. This is likely to help eliminate the hindring factor from the market.
The review is based on the findings of a report by Transparency Market Research, titled “Smart Fabrics Market (Product - Ultra-smart Fabrics, Active Smart Fabrics, and Passive Smart Fabrics; Application - Sports and Fitness, Medical and Healthcare, Automotive and Transportation, Protection and Safety/Military, Fashion and Entertainment, and Home and Architecture; Function - Energy Harvesting, Sensing, Thermoelectricity, and Luminescent) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”
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Leading segments of the global smart fabrics market are:
Type
- Active fabrics
- Passive smart fabrics
- Ultra-smart fabrics
Application
- Sports and fitness
- Medical and healthcare
- Automotive and transportation
- Protection and safety/military
- Fashion and entertainment
- Home and architecture
- Others
Function
- Energy harvesting
- Sensing
- Thermoelectricity
- Luminescent
- Other
Region
- North America
- Latin America
- Asia Pacific expect Japan
- Japan
- Europe
- Middle East and Africa
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