The global smart fabrics market features ahighly competitive market with numerous companies focused on expanding theirmarket share through research and development activities, reports TransparencyMarket Research (TMR). Recent advancements in technologies has driven thecompetition in this market.
Major players in the global smart fabrics market encompass TorayIndustries, Milliken & Company, Ohmatex Aps, Oneill Wetsuits L.L.C., AdidasAG, Infineon Technologies AG, and Outlast Technologies LLC. ). Prominentplayers in the market are emphasizing on leveraging new technologies to come upwith new products to strengthen their hold in the global smart fabrics market.
As per expert analysts, the global smart fabrics market is anticipatedto grow vigorously during 2017 to 2022 with a CAGR of 19.6%. In 2017, themarket 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 tolead the smart fabrics market. This is on account of the numerous benefits itoffers such as high efficiency and ease of manufacturing. On the geographicalfrontier, North America dominates the market owing to technologicaladvancements and gadget sales in this region.
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Rising Demand for Wireless Devices toSoar the Market’s Growth
Discovery of smart fabrics is a landmark in the ever growing wearabledevices industry. Consequently, it has it has boosted the demand for wearabledevices, thereby ascending the growth of global smart fabrics market. Moreover,the consumer preference has shifted to miniaturized electronic devices thatoffer comfort and convenience. This has played a key role in booming the smartfabrics market.
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Smart fabrics are superior to other wearable devices in many aspectssuch as data transfer, communication, and electric conductivity. These factorshave led to a rise in demand for smart fabrics, thus expediting the smartfabric market’s growth. Additionally, the ease of use offered by smart fabricshas spurred the market’s growth.
In addition to the aforesaid drivers, development of smart fabrics thatoffer recyclability and reusability has increased the consumer base of themarket leading to its expansion. Furthermore, features such as low powerconsumption and integration of Bluetooth Low Energy (BLE) technology that offerbetter regulation of data will boost the smart fabric market’s growth. Thedevelopment of low-cost wireless sensors has also led to the market’sexpansion.
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However, there are a few hindrances that may thwart the global smartfabrics market’s growth. Factors such as lack of workforce and initialinvestment may cause a shortfall in the global smart fabrics market.Nonetheless, companies are focusing on improving the functionality andaesthetics of the product. Additionally, they are emphasizing on new productdevelopments. These factors may present new growth opportunities for the globalsmart fabrics market.
High Demand from Healthcare Industryto Pave New Avenue for the Market
Healthcare industry demands real-time monitoring of patients usingdevices offer motion sensing. Smart fabrics optimally serve the purpose byoffering benefits such as pressure sensing and electrocardiograms. This haspresented several growth opportunities for the global smart fabrics market.Moreover, the new smart jacket launched by Nova known as the Twinery MAS hashelped smart fabrics market expand its frontiers globally. Nova has usedLightGuide technology that facilitates high visibility through illumination. Inaddition to this, it has a tiny detachable battery and is machine washable.This is a major breakthrough in the smart fabrics technology and will createnew growth prospects for the smart fabrics market.
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