The international smart textile market size is anticipating a huge growth and reach USD 5.55 billion by 2025, registering a CAGR of 30.4% over the forecast period, revealed ResearchAndMarkets study.
Super-fast development in the field of research and development and increasing adoption of smart fabric are going to contribute the most to its future growth, said the study.
Global demand for smart textiles is mainly driven by the increasing penetration of smartphones and other high-tech or smart devices.
Leading tech giants have already ventured into this field and increased their R&D to lay the initial work for their smart fabric products. Recently software giant Microsoft also made it public that it will claim its stake in this market.
A new patent filed by Microsoft and published by the USPTO details the company’s venture into smart fabric technology. The patent titled ‘Electronically Functional Yarn,’ Microsoft explains how it will embed electronic functionality into yarns that are typically non-electronically functional.
The patent depicts a smart shirt with smart fabric technology, the technology applies to numerous other devices that include textile exterior surfaces.
Global smart textile market is anticipated to witness a substantial growth owing to increasing product demand from several applications, such as sports and fitness.
Smart fabric fashions are the next upsurge in textiles and they allure the consumers with their style and innovation. From sports and fitness to medical and healthcare, to automotive and transportation, to safety/military almost every industry has immense untapped potential in smart textile technology.
The defense and military segment is anticipated to account for the highest market share by 2025, while sports and fitness segment will register the fastest CAGR over the forecast years.
North America accounted for over 47% of the overall share in 2018, thus, leading the global market and is likely to maintain the dominance even during the estimated period
Key companies in the market include Adidas AG; Ohmatex ApS; Peratech Ltd.; Infineon Technologies; Clothing+; Fibertronic Ltd.; Weartech; and Tektronix, Inc etc. Funding and investments by government organizations are estimated to help these firms in product development and innovation
According to the study, industry stakeholders include a number of entities, such as system integrators and Original Equipment Manufacturers (OEMs), as well as manufacturers of textiles and electronic components.