According to Maximize Market Research, the Global Smart Textile Market was valued at USD 3.21 Billion in 2021 and is estimated to reach USD 18.47 Billion by 2027, increasing at a CAGR of 28.40% percent during the forecast period.
The objective of the research is to provide a thorough examination of the global Smart Textile market, encompassing all industry participants. The study includes a basic evaluation of difficult data, as well as information on the industry’s history and current state, as well as estimates of market size and trends. The research examines all areas of the industry, with an emphasis on prominent companies such as market leaders, followers, and entrants by region. The report includes a PORTER, SVOR, and PESTEL analysis, as well as the expected influence of microeconomic variables on the market by region. The company’s external and internal elements that are expected to have a favorable or negative impact have been analyzed, resulting in a report.
Smart Textile Market Dynamics:
Advanced Technologies Are Being Adopted by Smart Textiles:
New technologies such as the Internet of Things (IoT) and artificial intelligence have altered the textile sector (AI). To monitor and exchange the wearer’s data, such as heart rate, blood pressure, perspiration, and temperature, new smart gear is being created that incorporates Bluetooth Low Energy (BLE), artificial intelligence (AI), edge computing, and cloud data. AI can access and collect historical and real-time operational data, as well as provide insights that can assist the user in being more productive.
Smart Textile Market Insights:
The smart textile market is divided into two types: passive smart textile and active/ultra-smart textile. In terms of revenue, the active/ultra-smart textile segment was dominating in 2020, accounting for about 28.40% percent of the entire market. Sensors and actuators are used in active/ultra-smart textiles to allow them to perceive and respond to stimuli. They’re used in the production of uniforms for firemen, sports, military people (bulletproof jackets), and other professionals. It is more pleasant to use textile-based objects when they can adapt to their environment.
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COVID-19 Impact Analysis on Global Smart Textile Market:
The rapid emergence of the COVID-19 pandemic has influenced smart textile demand, particularly in 2020 and 2021. Companies have been compelled to adopt remote working strategies as a result of the epidemic. Lockdown imposed in practically all major nations to combat the spread of COVID-19 has affected the supply chain and interrupted manufacturing activity, resulting in production delays. The demand for sports and fitness apparel/accessories combined with smart applications and sensors that can monitor heart rate and oxygen level has grown, which is expected to promote the growth of the smart textiles market. However, during the pandemic crisis, hospitals in several countries, such as the United States, are adopting smart textiles in various forms, such as heated blankets and socks.
Smart Textile Market Segmentation:
Maximize Market Research has segmented the global Smart Textile Market based on type and distribution channel.
Passive Smart Textile
Shape Memory Textiles
Wearable Smart Electronic Textiles
List of Smart Textile Market Key Players:
AIQ Smart Clothing
Intelligent Clothing Limited
International Fashion Machines Inc.
Schoeller Textiles AG
Vista Medical Limited
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Maximize Market Research is a market research, analytics, and solutions provider that helps firms make better business decisions by providing strategic and tactical support. Maximize Market Research offers data mining, information management, and revenue growth solutions and concepts. In the shortest time possible, the company delivers services to industries, people, and organizations all around the world. Maximize Market Research is well-positioned to analyze, estimate, and expect the market size, as well as the competitive landscape of industries since businesses all over the globe, are attempting to keep up with the pace of changing market, industrial, and technical conditions.
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