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The global Smart Fabrics Market is predicted to reach USD 22.72 billion with a CAGR of 24.2% by 2030. Smart fabrics, also known as smart textiles or e-textiles, are materials that incorporate advanced technologies to provide various functionalities beyond the traditional capabilities of textiles.
Overview
Smart Fabric Market are at the forefront of innovation, working to seamlessly incorporate sensors, conductive materials, microelectronics, and other cutting-edge components into textiles. These technological integrations empower fabrics to sense their environment, process data, and respond to external stimuli or user interactions, making them exceptionally versatile for many applications.
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The increasing emphasis on health and fitness is fueling the smart fabric market demand for smart textiles designed to record physical activity, monitor vital signs and offer health-related insights. This, in turn, fuels the market growth. According to the latest report by Global Wellness Economy, the wellness economy will return to its robust growth with 9.9% average annual growth, and the wellness economy reaching nearly USD 7.0 trillion by 2025.
However, the high production cost along with the complex manufacturing methods are expected to restrain the growth of the smart fabric market during the forecast period. On the contrary, growing advancements in nanotechnology and micro-fabrication technologies produce electronic components such as smart sensors and batteries. These electronic components emphasize on cost-effectiveness, comfort, wearability, energy conversion efficiency, and eco-sustainability. These factors are expected to create ample growth opportunities for the market in the coming years.
The smart fabrics market share is segmented based on type, function, end user, and region. Based on type, the market is classified into passive smart fabric, active smart fabric, and ultra-smart fabric. Based on function, the market is segmented into sensing, energy harvesting, thermo-electricity, luminescence & aesthetics, and others. Based on end user, the market is categorized into healthcare, military & defense, entertainment, automotive, sport & fitness, and others. The regional breakdown and analysis of each of the aforesaid segments include regions, such as North America, Europe, Asia-Pacific, and the rest of the world (RoW).
North America currently holds the dominant share of the smart fabrics market, and is expected to continue its dominance during the forecast period. Asia-Pacific is expected to show a steady rise in the smart fabrics market, due to the growing research and development in smart fabrics by prominent universities in this region to fuel the advancement in the field of wearable technology.
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Smart Fabrics market key players operating in the smart fabrics industry include DuPont de Nemours, Inc., Schoeller Textiles AG, Jabil, Inc., AIQ Smart Clothing, Sensoria, Inc., Gentherm Incorporated, Interactive Wear AG, Koninklijke Ten Cate NV, Nextiles, Inc., Hexoskin, Inc., and others. These market players are adopting various strategies such as product launches and business innovation across various regions to maintain their dominance in the smart fabrics market.
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