Smart Fabrics Market Size, Share & Trends Analysis Report By Product (Passive, Active, Very Smart), By Functionality (Sensing, Energy Harvesting, Luminescence & Aesthetics), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Smart Fabrics Market Size, Share & Trends Analysis Report By Product (Passive, Active, Very Smart), By Functionality (Sensing, Energy Harvesting, Luminescence & Aesthetics), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Smart Textile Market Growth & Trends

The global smart textiles market size is expected to reach USD 21.85 billion by 2030, registering a CAGR of 31.3% over the forecast period, according to a new report by Grand View Research, Inc. Global demand for smart textile is mainly driven by increasing penetration of smartphones and other high-tech or smart devices, such as iPods. Majority of new smartphones and laptops are equipped with Bluetooth Low Energy (BLE) technology. This enables the connection of sensor-based devices to the internet through mobile phones. Smart textiles can be used to communicate information of the wearer, such as physiological paramters including location, heart rate, blood pressure, and temperature.

This data can then be used in application areas, such as healthcare and sports & fitness. Moreover, the product is also used by those suffering from late-stage dementia as it can help refresh their sense of self. Therefore, wide usage of internet and growth in wireless technology are expected to have a postitive impact on the market growth. Rapidly expanding fashion & entertainment industry across the globe is also expected to propel the market growth in coming years. Moreover, rising product demand from the sports & fitness sector due to increasing awareness about leading a healthy lifestyle will contribute to the growth.

Miniaturization of electronics is expected to significantly fuel market growth further. Industry participants are increasingly focusing on reducing form factors to facilitate integration, to make sensors compatible with fabric and ensure optimum comfort and wearability. Since smart textiles are used in fields, such as healthcare and sports, it has become increasingly important to ensure that the user is not hindered through the use of electronic fabric. The use of conventional cables had been a major hindrance to product adoption. With the advent of smart textiles, which eliminate the bundled filaments of conventional cables, higher degree of flexibility can be ensured.

Smart Textile Market Report Highlights

• Global smart textiles market is anticipated to witness a substantial growth owing to increasing product demand from several applications, such as sports & fitness
• The defense & military segment is anticipated to account for the highest market share by 2030, while sports & fitness segment will register the fastest CAGR over the forecast years
• North America accounted for over 48.4% of the overall share in 2022, thus, leading the global market and is likely to maintain the dominance even during the estimated period
• Funding and investments by government organizations are estimated to help these firms in product development and innovation

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