Smart Textile Market to Advance at CAGR of 25% During 2021-2031, Observes TMR Study

ALBANY, N.Y., March 2, 2022 /PRNewswire/ -- Advancements in nanotechnologies and increasing trend of miniaturization of electronics are expanding lucrative opportunities, finds a TMR study on the smart textiles market. Low-cost smart textiles have been fabricated for several applications including healthcare, sports & fitness, fashion & entertainment, and defense. The global valuation of the smart textile market is projected to reach US$ 23.82 Bn by the end of the forecast period (2021–2031), representing a CAGR of 25%.

Textile manufacturers are harnessing the potential of inexpensive wireless sensors for unveiling novel products. With the help of IoT sensors they are expanding their product portfolio to reap into emerging revenue possibilities in the smart textile market. The use cases of wearable in healthcare have considerably expanded over the years, presenting immense avenues for the commercialization of smart textiles.

The popularity of wearable devices for sports is generating vast revenue streams in the smart textile market, find the authors of the TMR study. Manufacturers gain from integration of vast computing power into smart textiles to boost functionality of wearable for various applications in the smart textile market. For instance, integration of Bluetooth Low Energy (BLE) and edge computing with user-friendly sensors is opening new frontiers in health, medicine, education, and entertainment.

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Key Findings of Smart Textile Market Study

• Smart Textiles Gaining Popularity in Sports & Fitness Products, Spurring Revenue Growth: The utilization of smart textiles in sports and fitness is rising noticeably, propelling the expansion of lucrative opportunities in the smart textile market. The growing array of comfortable and shape-sensitive fabrics have helped textile manufacturers meet needs of sportsperson and fitness enthusiasts.
• Growing Application of Biosensors in Health and Wellness Propeling Uptake: The healthcare industry presented an enormous avenue for the commercialization of products. Advancements in wearable sensors have improved real-time access to electronic health records of the target user. The growing use cases of wearable electronics medical in diagnostics and rehabilitation will lead to proliferating demand for wearable electronics, notes the study analyzing lucrative avenues the smart textile market.
• Collaborations Support Use of Wearable Electronics in Multiple Applications: Stakeholders are collaborating and engaging in partnerships to expand the use cases of wearable electronics for diverse applications. Advancements in sensors and actuators have enabled them to develop and launch novel biosensors with increased measurement capabilities.

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Smart Textile Market: Key Drivers

• Evolution of telemonitoring programs and promise of cutting-edge wearable in telehealth are driving investments in R&D in the smart textile market
• Advancements in design architecture of wearable devices are expanding the functional features of both passive and active smart textiles. Technological advancements in wearable electronics textiles technology in recent years have boosted user comfort and mobility.

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Smart Textile Market: Key Regional Growth Dynamics

• North America is expected to hold a leading share of the global smart textile market during the forecast period of 2021–2031. The high appetite for smart wearables has propelled R&D in smart textiles. The regional market is projected to witness significant revenue streams from technological advancements in wearable electronics textiles technology.
• Asia Pacific is expected to be potentially lucrative smart textile market. China, India, and Japan are projected to witness enormous new opportunities in the regional market.

Smart Textile Market: Key Players

Some of the key players in the smart textile market are Hexoskin, Adidas, Outlast Technologies, Interactive Wear, Gentherm Incorporated, Sensoria, AiQ Smart Clothing Inc., Jabil Inc., and Alphabet Inc.

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Global Smart Textiles Market: Segmentation

Smart Textiles Market, by Type

• Passive Smart Textile
• Active/Ultra-Smart Textiles

Smart Textiles Market, by Function

• Sensing
• Energy Harvesting
• Luminescence & Aesthetics
• Others (Thermoelectricity, etc.)

Smart Textiles Market, by End-use Industry

• Military & Protection
• Healthcare
• Sports & Fitness
• Fashion & Entertainment
• Others (Architecture, Automotive, etc.)

Smart Textiles Market, by Region

• North America
• U.S.
• Canada
• Rest of North America
• Europe
• U.K.
• Germany
• France
• Italy
• Russia
• Rest of Europe
• Asia Pacific (APAC)
• China
• India
• Japan
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• GCC Countries
• South Africa
• North Africa
• Rest of Middle East & Africa
• South America
• Brazil
• Argentina
• Rest of South America

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