Construction Lubricants Market Revenue and Share Study Analysis to 2030 | Google Inc. (U.S.), AiQ Smart Clothing (Taiwan), GENTHERM (U.S.), Clothing+ (Finland), Textronics, Inc. (U.S.)
Market Overview
The smart textiles market is expected to grow from USD 2.3 billion in 2021 to USD 6.6 billion by 2026; it is expected to grow at a CAGR of 23.2 % during the forecast period. The smart textiles market has been witnessing significant growth over the past years
Smart textiles are also known as smart clothing or smart garments. They are the fabrics, which have digital components such as light, battery, smart chips, and other small electronic devices fitted into it. Such fabrics are innovatively designed and engineered to meet the requirements of major end user such as military, sports, textile, automotive, and healthcare. Based on the functioning of the fabric, there are two major types of the smart textiles namely: performance enhancing and aesthetic. The performance enhancing is a type of smart textiles, which is mainly used in athletic, sports and military applications.
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Challenge: Product protection and thermal consideration
Smart textiles such as smart shirts and health monitors that are worn continuously function in rugged conditions involving dust and moisture. Materials used in packaging and assembly remain sensitive to external temperature and moisture. The operating temperature of the device is decided based on reliability requirements and the comfort level of users. These thermal design challenges are significant enough since it is required for the comfort and longevity of the product.
Competitive Analysis
Some of the key players in the global smart textile market are -
Wear AG (Germany)
Google Inc. (U.S.)
AiQ Smart Clothing (Taiwan)
GENTHERM (U.S.)
Clothing+ (Finland)
Textronics
Inc. (U.S.)
Outlast Technologies LLC (U.S.)
Sensoria Inc. (U.S.)
Thermosoft International Corporation (U.S.)
Ohmatex ApS (Denmark).
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Based on the end use industry, the global smart textile market is classified into military & defense, building & construction, automotive, textile, medical, sports, and others. The military & defense segment is the largest consumer of smart textiles, which is holding over 30% share of the market. This is majorly attributed to the continuously increasing global threat driving the huge investment in defense expenditure by the major countries such as India, China, the U.S., and Russia.
Market Segmentation
The global smart textile market is segmented on the basis of type, application, end use industry, and region.
On the basis of the type, the market is divided into passive smart textile, active smart textile, and very smart textile. Among these segments, the passive smart textile is holding the largest share of the market on account of lower cost as compared to its counterpart and relative lesser complex operations.
By the application, the market is categorized into sensing, architecture, medical, energy harvest, thermo-electricity, and others. The sensing segment is growing at a robust growth rate during the review period. This growth trend is primarily attributed to the increasing demand for the protective gears with health tracking devices. Also, the sensing is the most significant characteristic of the smart textiles.
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Regional Analysis
The global smart textile market is geographically spanned across five major regions: North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Among them, Asia Pacific is projected to grow at the highest CAGR due to the surging demand from automotive, defense and sports industry, along with the building & construction industry. The major market in this region are India, China, South Korea, and Japan. North America is the second most significant region, in terms of the growth rate, in the global smart textile market. The U.S. is the largest contributor to the regional market on account of considerable presence of well-established and leading end use industries such as aerospace & defense, and marine. Europe is also an important region in the global smart textile market. The leading markets in this region are the U.K., Germany, France, and Italy, wherein the demand for smart textiles is mainly fetched by the automobile industry. In the recent years, Latin America is witnessing a rapid industrialization and pacifying political and economic conditions in Brazil and Colombia. Lastly, the Middle East & Africa is also anticipated to gain a momentum on the backdrop of increasing demand from construction and automotive industry.
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