The global smart fabrics market features a highly competitive market with numerous companies focused on expanding their market share through research and development activities, reports Transparency Market Research (TMR). Recent advancements in technologies has driven the competition in this market.
Major players in the global smart fabrics market encompass Toray Industries, Milliken & Company, Ohmatex Aps, Oneill Wetsuits L.L.C., Adidas AG, Infineon Technologies AG, and Outlast Technologies LLC. ). Prominent players in the market are emphasizing on leveraging new technologies to come up with new products to strengthen their hold in the global smart fabrics market.
As per expert analysts, the global smart fabrics market is anticipated to grow vigorously during 2017 to 2022 with a CAGR of 19.6%. In 2017, the market recorded a valuation of U.S. $2.2 bn which is estimated to rise to U.S. $5.5 bn by the end of forecast period.
In terms of product type, passive smart fabrics segment is envisioned to lead the smart fabrics market. This is on account of the numerous benefits it offers such as high efficiency and ease of manufacturing. On the geographical frontier, North America dominates the market owing to technological advancements and gadget sales in this region.
