The Smart and Interactive Textiles Market would surpass $16.4 billion by 2030, says Global Market Insights Inc.
The growth of the smart and interactive textiles market is driven by rapid technological advancements in textiles, growing healthcare industry, increasing military & defense expenditure, and mounting internet usage around the world, says this report.
SELBYVILLE, Del., July 20, 2022 /PRNewswire/ -- According to the report published by Global Market Insights Inc., the global Smart And Interactive Textiles Market was estimated at USD 2,147.6 million in 2021 and is expected to reach a valuation of about $16.4 billion by 2030, progressing at a CAGR of 25.6% from 2022 to 2030. The report provides a detailed analysis of the competitive scenario, top winning strategies, drivers & opportunities, market size & estimations, wavering market trends, and major investment pockets.
Smart and interactive textiles are fabrics integrated with technologies like edge computing, cloud data, artificial intelligence (AI), and Bluetooth Low Energy (BLE) that can monitor and communicate wearers' data. Besides accessing and collecting operational data in real-time, AI technology provides insights into various applications in the textile industry, such as pattern inspection, defect detection, and color matching. Notably, due to the soaring applicability of these textiles in varied industry verticals, the smart and interactive textiles market is projected to gain positive traction through the analysis period.
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Surging investments in R&D to make highly equipped soldier uniforms that provide camouflage effects, intelligent sensing, and responding capacity in war situations, coupled with smart technologies in fabrics for a lighter load and fewer equipment, have boosted the use of smart and interactive textile in military & defense applications. Smart textiles in military usage are capable of monitoring the wearer's performance and are outfitted with GPS systems, sensors, and activity trackers that offer numerous attributes viz., insulating properties, ballistic protection, and waterproof fabric. Accelerated by these factors, the military & defense application segment is speculated to grow massively at a CAGR of over 28.5% from 2022 to 2030.
Key reasons for smart and interactive textiles market growth:
- Increasing penetration in healthcare and sports industries.
- Rapid deployment of wearable electronics in sports sector.
- Rising adoption of photochromic material in fashion industry.
- Government spending on smart textiles for military uniforms.
2030 forecasts show the 'wearable electronics' segment retaining its dominance:
Based on product, the wearable electronics segment held the lion's share in the global market in 2021 and is projected to register substantial gains in terms of revenue over the study timeline. Burgeoning product uptake in sportswear and the fashion industry is likely to drive segmental progress through 2030.
Meanwhile, the photochromic segment accounted for around 49% of the total chromic materials market size in 2021 and is estimated to record notable growth over the assessment period. This growth is attributed to the widespread application of photochromatic mixed dyes in the fashion industry for enhanced garment aesthetics with color-changing effects prompted by exposure to light.
Europe to continue its top status in terms of revenue:
In the regional landscape, the Europe smart and interactive market is anticipated to depict sizable expansion to capture approximately 28% industry share by 2030. Robust prominence of the fashion industry in countries like Germany, the UK, and France, which extensively utilizes these materials to develop light emitting garments as well as other clothing, is speculated to augment product adoption in the region through the review timeline.
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Impact of COVID-19 pandemic on smart and interactive textiles market:
The COVID-19 outbreak severely impacted various industries, halting business operations that resulted in a decline in product penetration. Decrease in sports activities, transportation, and shutdown of textile manufacturing plants due to labor shortage, trade restrictions, and reduced availability of electronic components & sensors hampered industry development. However, prevalent health concerns amid the pandemic pushed consumer interest toward in-home fitness activities that enhanced the use of smart fabrics in sportswear. Additionally, hospitals in several countries, including the U.S., utilized smart textiles in heated blankets and socks, among other products, which has positively impacted business growth in recent years.
Leading market players:
Major companies analyzed in the global smart and interactive textiles industry report include E. I. du Pont de Nemours and Company, Toray Industries, Koninklijke Ten Cate, Textronics, Inc., Milliken & Company, Sensoria, Inc., Globe Holding Company, LLC, Indorama Ventures Public Company, Interactive Wear AG, and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.
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