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Smart Textile Market Size, Share Forecasts to 2023
Smart Textile Market Report: Top Players Some of the key players in the global smart textile market are Interactive Wear AG (Germany), Google Inc. (U.S.), AiQ Smart Clothing (Taiwan), GENTHERM (U.S.), Clothing+ (Finland), Textronics, Inc. (U.S.), Outlast Technologies LLC (U.S.), Sensoria Inc. (U.S.), Thermosoft International Corporation (U.S.), and Ohmatex ApS (Denmark).
Smart Textile Market Report: Highlights smart textile market by type (passive, active, very smart), application (sensing, medical, energy harvest, thermo-electricity), end-use industry (military & defense, building & construction, automotive, textile, medical), region till 2023 According to some leading research institutes in the world, the global aerospace composite or core material market may register nearly 40 billion USD by expanding at a growth rate of around 9% till the end of 2023. Smart textiles, also known as smart clothing and smart garments, are the fabrics which easily accommodates battery, light, smart chips, digital components, and other electronics. These type of fabrics are designed and developed with the implementation of advanced technologies, which add to the value of such clothing.
The smart textiles are of two major types depending on the function they perform, performance enhancing, and aesthetic. The performance enhancing the type of smart textiles are mainly used in sports, athletic and military applications, wherein they control body weight and temperature, external vibrations, and wind resistance to improve the overall performance of an athlete. The aesthetic smart fabrics are the ones which light up and change color, absorbs energy from the environment by harnessing vibrations, heat, light, and sound by reacting with them. Some other smart fabrics are also designed to guard the body and skin against harmful radiations, natural hazards, and effects of space during space travel. The smart textile has ability to enhance and add value to fabrics to meet the need of various applications. The demand for lightweight and durable fabrics in numerous applications starting
from textile, sports, automotive to defense and space has witnessed upward trend during the past few years and is anticipated to be the same over the forecast period. The automotive industry is fetching a considerable amount of smart fabrics in various applications such as dashboard, under the hood, insulation, and sensing. With changing lifestyle of people around the world, they are becoming more health conscious than ever before and this trend may grow even further due to shifting sentiments in favor of prevention instead of searching for cure. Around the globe, the leading and emerging military powers such as the U.S., Russia, China, and India are investing sizeable share of their GDP in building their armor, upgrading their defense system, and enhancing the deterrence ability. This is anticipated to boost the demand for the smart fabrics in the coming years. However, the major bottleneck in the growth trajectory is the capitalintensive nature of smart textile. Smart Textile Market Report: Segments The global smart textile market is segmented on the basis of types, application, end use industry, and region. ✓ Based on the type, the market is classified into passive smart textile, active smart textile, and very smart textile. ✓ On the basis of the applications, the market is categorized into sensing, architecture, medical, energy harvest, thermo-electricity, and others. ✓ By the end use industry, the global smart textile market is divided into military & defense, building & construction, automotive, textile, medical, sports, and others. ✓ Regionally, the market is divided into five key regions: North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Smart Textile Market Report: Regional Analysis The global smart textile market is spanned across five key regions: North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Among these regions, North America is the dominant market and holding major share of the market on account of increasing demand from major end-use industries such as military & defense and sports.
The U.S. is the largest market in this region due to the presence of a considerable number of market players and growth of defense sector.
Asia Pacific is the second largest region in the global smart textile market following North America. Yet, this region is estimated to grow at the highest CAGR among other regions in this market. Countries namely India, South Korea, China, and Japan are the major countries in this regional market. The growth of this region is attributed to the growing public investment in the marine and defense sectors, along with aerospace industry. Europe is another substantial market in the global smart textile market. The major contributors to the regional market are France, the U.K, Germany, and Italy. The major end users of the smart textile in this region are automotive and aerospace, along with textiles industry, which is driving growth of the market. During the years to follow, the opportunities for composite and core material is growing in the Middle East & Africa and Latin America, which is expected to propel the growth of these regional markets.