Albany, NY -- (SBWIRE) -- 04/09/2021 -- Global Smart Fabrics Market: Snapshot
The rapid growth of the smart electronics market and the rising demand for textiles that can be used as wireless sensors are predicted to enhance the growth of the global smart fabrics market in the coming few years. As per the research study by TMR, in 2017, the global market for smart fabrics stood at US$2.2 bn and is projected to reach a value of US$5.5 bn by the end of the year 2022. The market is further anticipated to exhibit a strong 19.60% CAGR between 2017 and 2022.
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Rising Demand for Wearables to Propel Global Smart Fabrics Market
The rising trend of miniaturization of electronic components and the expansion of the application segments for the smart fabrics market in wearables are considered as the important factors that are projected to enhance the development of the market in the next few years. The rising popularity of sophisticated gadgets that are equipped with advanced functions is likely to encourage the growth of the overall market over the next few years.
On the contrary, the high cost of products and the technical issues associated with the integration of fabrics and electronics are predicted to restrict the growth of the market in the near future. Moreover, the lack of strict regulations and standards is another factor likely to curb the market growth in the near future. Even so, the rapid development of the key enabling technologies and the growth of the comparatively low-cost smart wireless sensor networks are predicted to offer growth opportunities for the market players in the coming few years.
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North America to Witness High Growth in Smart Fabrics Market
A large share of the global smart fabrics market is expected to be held by North America over the next few years. Also, this region is predicted to lead the market are register a promising 18.50% CAGR between 2017 and 2020. The existence of several leading players and the rising acceptance for new technology is anticipated to support the development of this region in the next few years. On similar note, the Europe and Asia Pacific are projected to experience strong growth in the near future. The rising number of application segments and the rising spending capacity of consumers are further estimated to enhance the growth of the smart fabrics market across Asia Pacific in the next few years. Furthermore, the Middle East and Africa is likely to observe a steady growth over the next few years.
The global market for smart fabrics is presently at a developing stage and is projected to witness high growth in the next few years. The growing research and development activities and the rising adoption of modernized gadgets are the prime factors that are likely to support the growth of the global smart fabrics market. In addition to this, the key players are spending heavily for innovations and technological advancements, which is likely to offer growth opportunities and attract a large number of players in the coming few years. Also, the rise in the number of mergers and strategic partnerships is predicted to encourage the development of the overall market in the near future. The leading players in the global smart fabrics market operating across the globe are Nike, Inc., Milliken & Company, Adidas AG, Outlast Technologies LLC, and Oneill Wetsuits L.L.C.
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Beneficial Functionalities and Advantages to Serve as the Foundation of Growth for the Smart Fabrics Market
The advancements in technologies have brought almost every sector and business under their purview. The rising influence of technology across the fabric sector will bring tremendous growth opportunities for the smart fabrics market during the assessment period of 2017-2022. Smart fabrics are different from traditional fabrics. These fabrics offer great functionalities. The functionalities attached to smart fabrics will invite prominent growth opportunities across the forecast period of 2017-2022.
Smart fabrics have digital components embedded in them. These components are installed in the fabric through processes like 3D printing and conductive fibers. Precisely, smart fabrics are a perfect blend of fibers and technology. These fabrics can perform a variety of functions according to the changing weather conditions and requirements of an individual. The purpose of these fabrics is to offer great functionality to the user.
The utilization of smart fabrics among numerous individuals for increasing the fashion quotient, fulfilling fitness goals, and health monitoring purposes will bring good growth opportunities for the smart fabrics market during the tenure of 2017-2022. These fabrics can help in temperature regulation according to the weather and also guard against environmental hazards. All these factors form the foundation of growth.
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