A recent
report ongoing study by Infinium Global Research on smart textiles for the
wearable technology market provides an in-depth analysis of segments and
sub-segments in the global as well as regional smart textiles for the wearable
technology market. The study also highlights the impact of drivers, restraints,
and macro indicators on the global and regional smart textiles for the wearable
technology market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecasts, and dollar values of global
smart textiles for the wearable technology market. According to the report, the
global smart textiles for wearable technology market is projected to grow at a
significant CAGR over the forecast period of 2022-2028.
Market
Insight
Smart
textiles include conductive materials such as silver, copper, and nickel. The
smart fibers are manufactured by using yarn with woven or knitted interactive
materials, which can interact with the environment or the user. Such textiles
are also referred to as e-textiles. Smart fabric is a traditional fabric with
added interactive functionality such as power generation or storage, sensing,
radio frequency functioning, human interface elements, and/or assistive
technology. Globally the smart textile for wearable technology market is
growing at a rapid pace. Globally, the smart textiles were manufactured using
woven or knitting technologies; however, with the advancements in printed
electronics, conductive inks can be printed on textiles. DuPont has invented
conductive inks that can be printed on textiles and can be used for a longer
period of time.
Currently,
the global smart textiles for wearable technology market are expected to grow
at a rapid pace. The growth in this market can be acknowledged to the drivers
such as the growing wearable electronics market, growing popularity of smart
gadgets with advanced features, and growing demand for low-cost smart sensors.
Moreover, emerging technologies like Artificial Intelligence (AI) and the
Internet of Things (IoT) have transformed the textile industry, contributing to
the market’s growth. In addition, the production of smart apparel is enabled by (AI), which will leverage IoT and electronic sensors to create an excellent
user experience and drive the market’s growth. However, the growth in this
market is expected to be restrained by the high cost of production of smart
textiles and compatibility issues. As per the study, a majority of the revenue
in the global smart textiles for wearable technology comes from its military
and safety applications, followed by home and architectural applications. Among
the geographies Asia Pacific region is expected to grow at the highest CAGR
over the forecast period.
The outbreak
of COVID-19 has impacted the demand for intelligent textiles, which harmed the
market. Due to the pandemic, the companies were working remotely due to the
imposition of lockdown in almost all the major countries. Furthermore, supply
chain disruption and halted manufacturing activities caused by COVID-19
also result in delayed production. Moreover, the demand for sports and fitness
apparel/accessories integrated with intelligent applications and sensors is
hampered. A large share of the global population is working from home and
prefers to perform fitness activities indoors, attributed to social distancing
guidelines. However, the demand for sports and fitness apparel/accessories
integrated with intelligent applications and sensors that can monitor heart
rate and oxygen level has increased due to the pandemic, which is projected to
boost the growth of the smart textiles market
Geographically,
North America is expected to lead the smart textiles for wearable technology
market by accounting for the highest CAGR. The increased demand for smart
textiles in the U.S., especially from the military and protection, healthcare,
and sports and fitness verticals, is the prime factor expected to drive the
market’s growth in this region. Moreover, the presence of crucial textile
manufacturers such as DuPont (U.S.), Gentherm (U.S.), Sensoria (U.S.), Alphabet
(U.S.), and Jabil (U.S.) are also expected to contribute to the growth of the
market.
Segment
Covered
The report
on the global smart textiles for wearable technology market covers segments
such as raw material, technologies, functions, and applications. On the basis
of raw material, the sub-markets include yarn, conductive inks, conductive
metals, conductive polymers, and others. On the basis of technology, the
sub-markets include weaving or knitting, disposition of conductive polymers,
and printing conductive inks. On the basis of functions, the sub-markets
include power generation or storage, sensing, radio frequency functioning, and
others. On the basis of application, the sub-markets include military and
safety protection applications, home and architectural applications,
healthcare, sports and fitness wear, fashion wear, transportation, and others.
Companies
Profiled:
The report
provides profiles of the companies in the market such as Google Inc. E.I.
DuPont De Nemours and Co., Milliken & Company, Intelligent Clothing Ltd.,
Interactive Wear AG., Ohmatex ApS, Outlast Technologies LLC, Texas Instruments
Inc., Schoeller Technologies AG., Vista Medical Ltd, and Textronics, Inc.
Report
Highlights:
The report
provides deep insights into the demand forecasts, market trends, and micro and
macro indicators. In addition, this report provides insights into the factors
that are driving and restraining the growth in this market. Moreover, The
IGR-Growth Matrix analysis given in the report brings an insight into the
investment areas that existing or new market players can consider. The report
provides insights into the market using analytical tools such as Porter’s five
forces analysis and DRO analysis of smart textiles for the wearable technology
market. Moreover, the study highlights current market trends and provides
forecasts from 2022-2028. We also have highlighted future trends in the market
that will affect the demand during the forecast period. Moreover, the
competitive analysis given in each regional market brings an insight into the
market share of the leading players.