New York, NY -- (SBWIRE) -- 12/23/2020 -- The smart fabrics market is set to attain a valuation of USD 9.75 billion by 2027, registering a CAGR of 30.9%, according to the latest report by Reports and Data. Smart fabrics are technologically advanced fabrics used to improve aesthetic value and performance. The applications of smart fabrics are widespread in several industries, including sports & fitness, protection & military, medical & healthcare, fashion & entertainment, automotive & transportation, and home & architecture.

Market Drivers

The major driving force for the development of the smart fabrics market is the increasing demand from protection, sports and fitness, healthcare sector and military along with the growing wearable electronics production. Smart fabrics now offer multi-vendor interoperability due to Bluetooth Low Energy (BLE) technology integration, and also help in regulating data if connected with internet. These technology-enabled factors with their growing popularity are driving the market growth. Large manufacturers are also looking for innovative manufacturing solutions so that the price can be reduced.

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Key players in the market include:

AIQ Smart Clothing Inc, Adidas AG, Nike Inc, ThermoSoft International Corporation, Kolon Industries Inc, Interactive Wear AG, Ohmatex, Schoeller Textile AG, Sensoria Inc and OTEX Specialty Narrow Fabrics Inc.

Reports and Data have segmented the global Smart Fabrics market on the basis of Source, Product, Application and region:

Type Outlook (Revenue, USD Billion; 2020-2027)

Active Fabrics
Passive Smart Fabrics
Ultra-smart Fabrics

Application Outlook (Revenue, USD Billion; 2020-2027)

Sports & Fitness
Medical & Healthcare
Automotive & Transportation
Protection & Military
Fashion & Entertainment
Home & Architecture
Travel & Outdoor
Others

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Functionality Outlook (Revenue, USD Billion; 2020-2027)

Sensing
Energy Harvesting
Thermoelectricity
Luminescence & Aesthectics
Others

Regional Analysis

According to 2019 reports, the North American region was the leading consumer in the smart fabrics market. The growing popularity of smart and technology-enabled applications and connected wearable products like smartwatches, fitness bands, and smart glasses in the U.S. is positively affecting the market over the forecast period. The average disposable income of people in this region is higher, which is providing a huge boost to the industry.

Further key findings from the report suggest

Ultra-smart fabrics follow the principle of Artificial Intelligence and have the ability to respond to external stimuli. This segment is predicted to have significant growth during the forecast period since these fabrics can protect people in life threatening circumstances like accidents or battles.

The products of the industry is likely to find widespread usage in medical applications in order to reduce the recovery time. Healthcare and medical sector has witnessed large scale advancements which is predicted to fuel the market's growth during the forecast period.

Energy harvesting is predicted to have one of the highest CAGR of x% during the forecast period.
Asia Pacific region is predicted to register steady growth during the forecast period and growing domestic demand along with large scale manufacturing in this part of the world is fuelling the market in this region. Increase in R&D activities for smart fabrics within FP6 and FP7 programs is contributing to the industry's growth in Europe.

There have been a number of new product launches in the market amongst which BioMan+, AiQ-Synertial, RFID Laundry Tags and Textile Cables by AIQ Smart Clothing Inc, L20 system by Interactive Wear AG and Kevlar Webbing, Sentry FR Elastic, smart fabric and e-textile narrow fabric innovations, Vectran Webbing by OTEX Specialty Narrow Fabrics require special mention.

Reasons to buy this market intelligence report:

Detailed market evaluation both at regional and global levels.

Significant changes in market scenario, along with an extensive competitive analysis.

Classification of the industry based on product type, application, and region.

Market segments segregated on the basis of type, application, and geography.

Comprehensive analysis of the historical data and contemporary market scenario to infer industry size, volume, share, growth, and sales.

Investigation of significant developments in the market dynamics.

Niche market segments and regions.

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