According to a new research report by Global Market Insights Inc., the Smart and Interactive Textiles Market size is set to reach USD 16,421.2 million by 2030. Increasing R&D activities for advancements in smart textile and the rising fabric demand from emerging economies, including China and India.
Furthermore, the increasing usage of smart textile in the sports industry to monitor the sweat, muscle movement, metabolic activities, heart rate, and other body vitals is anticipated to spur market growth during the forecast period. Integrating these sensors into sportswear can possibly reduce the risk of injuries and over exercising. The phase change property of smart fabrics to keep the body temperature constant during rigorous exercising for the improvement of athletic performance and comfort will spur the smart and interactive textile market share.
High manufacturing cost of the smart fabric than conventical fabric owing to the requirement for high-end products is likely to hinder market growth. The price of the product is high as electronic devices, components, and sensors are integrated into the smart fabric. Manufacturers also have to encounter incompatibility issues between the material and electronic devices. Additionally, the absence of standards & regulations for the market is anticipated to impede market growth as it makes it challenging for major players to scale up and commercialize new and incremental technologies.
Browse key industry insights spread across 200 pages with 127 market data tables & 14 figures & charts from the report, “, Smart and Interactive Textiles Market Size, By Product (Wearable Electronics, Chromic Materials [Photochromic, Thermochromic]), By Application (Industrial, Military & Defense, Medical & Healthcare, Retail & Consumer, Transportation) Industry Analysis Report, Regional Outlook, Application Growth Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
The chromic segment will foster the business growth
The chromic segment is expected to exceed USD 4.1 billion by the end of 2030. Chromic material-based smart textiles refer to materials that change their color reversibly according to the external environmental conditions. Chromic materials are likely to witness a robust demand from various applications such as temperature sensors, solar protection, smart insulating systems, camouflage, sports, network security (for instance, anti-falsification), fashion, UV sensors, thermoregulation in home textiles, and thermal insulation in geotextiles.
Industrial applications to account for a considerable market share
Industrial applications will grow at a CAGR of over 25.9% from 2022 to 2030. Smart textiles are widely adopted for industrial applications to protect workers from environmental hazards, conduct energy, and ability to communicate with other devices. They are used in industrial processes such as supply chain management and logistics. Additionally, rapid growth in industrial automation paradigms has led to an increasing demand for enhanced sensors for process monitoring and control. The rising use of integrated sensors for worker safety at workplace is anticipated to support the smart and interactive textile market growth.
Strategic government initiatives are set to augment growth in the APAC region
Asia Pacific accounted for a significant share of around 19% in 2021 owing to the growing military expenditure in the emerging economies of the region, including China and India, coupled with the low production cost of smart fabrics due to low labor cost. For instance, in 2021, China allocated almost USD 293 billion for military expenditure. Rising healthcare expenditure, blooming transportation industry, and escalating industrial activities in the region are driving the regional growth.
Some of the prominent global smart and interactive manufacturers in the industry include E. I. du Pont de Nemours and Company, Koninklijke Ten Cate, Toray Industries, Textronics, Inc., Sensoria, Inc., Milliken & company, Globe Holding Company, LLC, Interactive Wear AG, Indorama Ventures Public Company Limited, Schoeller Textil AG, Outlast Technologies LLC, D3O Lab Limited, EXO2 Limited, and AiQ Smart Clothing, Inc.