As per the current market research conducted by the CMI Team, the global Novel Smart Textile Market size is expected to record a CAGR of 18.1% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 1.7 Billion. By 2032, the valuation is anticipated to reach USD 7.4 Billion.
Novel Smart Textile Market: Growth Factors and Dynamics
- Rising Consumer Interest in Wearable Technology: The increasing consumer enthusiasm for wearable technology is a significant catalyst propelling the smart textile market’s growth. Consumers are displaying a heightened inclination towards products like smart clothing, capable of monitoring fitness metrics, providing personalized feedback, and enhancing the overall user experience.
- Healthcare and Medical Applications: Smart textiles are finding extensive applications in healthcare and medicine. Wearable health monitoring devices, such as smart shirts and patches, can monitor vital signs and transmit data to healthcare providers. These textiles can also assist in remote patient monitoring and early disease detection.
- Sustainability and Environmental Concerns: The fashion industry is embracing smart textiles to address sustainability concerns. Smart textiles can incorporate renewable energy sources, like solar panels, and help reduce the carbon footprint of wearable technology. Additionally, by integrating biodegradable materials, smart textiles can contribute to eco-friendly fashion options.
- Integration with the Internet of Things (IoT): Smart textiles play a vital role in the Internet of Things (IoT) ecosystem, enabling seamless integration with a wide range of connected devices and networks. This integration facilitates real-time data exchange and enhances control in applications such as home automation, smart clothing, and industrial monitoring.
- Technological Breakthroughs: Innovations in materials science, nanotechnology, and electronics have paved the way for the creation of smart textiles with advanced capabilities. These textiles can integrate sensors, actuators, and communication systems, opening up applications across a spectrum of industries, including healthcare, sports, and fashion.
- Military and Defense Applications: Smart textiles are being adopted in military and defense applications to enhance soldier performance and safety. These textiles can include built-in communication systems, environmental sensors, and camouflage capabilities, improving situational awareness and protection.
- Industrial and Safety Applications: Smart textiles are being adopted in industrial settings for safety and productivity improvements. They can include sensors that monitor environmental conditions, worker health, and equipment status. For example, workers in hazardous environments can benefit from smart protective clothing that provides real-time data on potential risks and alerts in case of emergencies.
Get Free Sample Copy @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=35239
Novel Smart Textile Market: Partnership and Acquisitions
- In 2021, DuPont acquired Tex Tech’s Core Matrix Technology, an innovation enhancing protection and comfort in ballistic solutions for military and law enforcement. This strengthens DuPont’s life protection portfolio, meeting NIJ standards and improving wearer comfort.
- In 2021, Isko, a Turkish denim manufacturer, has teamed up with MIT’s CSAIL to research wearable tech and smart fabrics. This partnership integrates Isko into a diverse network of 26 sectors, ranging from telecommunications to healthcare, fostering innovation in the textile industry.
- In 2019, Interactive Wear participated in the i-compression project, collaborating with research and industry partners to create a sensor-driven TENS application for chronic venous insufficiency. The project’s goal is to design a compression stocking with integrated actuators and motion sensor technology.
Novel Smart Textile Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Novel Smart Textile Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The pandemic disrupted global supply chains, leading to delays in the production and distribution of smart textile components and finished products. Shutdowns and restrictions in manufacturing facilities and transportation networks caused challenges in obtaining essential materials and components for smart textiles.
- Shift in Consumer Preferences: With changing lifestyles and work-from-home trends, there was a shift in consumer priorities. Demand for certain smart textiles, like performance wear for sports and outdoor activities, declined while there was an increased focus on healthcare and hygiene-related textiles, such as smart face masks and protective garments.
- Diversification of Applications: To recover, the smart textile market diversified its applications. Manufacturers adapted by developing smart textiles with applications that addressed the needs arising from the pandemic, such as antimicrobial fabrics and wearable health monitoring devices, which saw increased demand.
- Accelerated Digital Transformation: The pandemic accelerated the adoption of digital platforms for marketing and sales in the smart textile industry. Companies increasingly turned to e-commerce, online marketing, and virtual product demonstrations to reach consumers and maintain sales, even during lockdowns and social distancing measures.
- Focus on Healthcare and Safety: Many smart textile companies shifted their focus towards healthcare and safety applications. The development of smart textiles for medical monitoring, personal protective equipment (PPE), and other healthcare-related products became a priority to meet the immediate needs arising from the pandemic.
- Resilience in Supply Chain Management: To mitigate the impact of supply chain disruptions, companies invested in resilient supply chain management. They diversified suppliers, localized production when feasible, and adopted digital tools for supply chain visibility and agility to better respond to unforeseen disruptions.
- Research and Innovation: The disruption caused by the pandemic accelerated research and innovation within the smart textile industry. Companies and research institutions focused on developing advanced materials and technologies that could enhance the functionality and adaptability of smart textiles. This led to the creation of more versatile and resilient smart textile products, which has further driven market growth. Additionally, collaborations and partnerships between academia and industry have flourished, promoting knowledge sharing and innovation in the field.
List of the prominent players in the Novel Smart Textile Market:
- Adidas Group
- Nike Inc.
- Google (Project Jacquard)
- Under Armour Inc.
- Samsung Electronics
- OMSignal
- DuPont
- Sensil® by NILIT
- Carrington Textiles
- AiQ Smart Clothing
- I. du Pont de Nemours and Company (DuPont)
- Textronics Inc.
- Schoeller Textil AG
- Ohmatex
- GENTHERM
- Others
Table of Contents: https://www.custommarketinsights.com/report/novel-smart-textile-market/#table-of-contents
About Us:
Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.
Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.
Contact Us:
USA Corporate Office
CMI Consulting LLC
1333, 701 Tillery Street Unit 12, Austin, TX, Travis, US, 78702
Sales & Support +1 801 639 9061
Email : [email protected]
Website : https://www.custommarketinsights.com/
