Smart and Interactive Textiles Market size is estimated to reach US $ 16,421.2 million by 2030 owing to the rising product demand in military & defense, medical & healthcare, transportation and consumer & retail applications according to the report by Global Market Insights Inc.
The spur in the market growth during the forecast period is due to the increasing usage of smart textile in the sports industry to monitor the sweat, muscle movement, metabolic activities, heart rate and other body vitals.
However, the growth will not be as straight as it seems!
According to the analysis presented in the report, higher manufacturing cost of smart fabric than conventional fabric owing to the requirement for high-end products is likely to hinder market growth before it goes back to upwards trajectory.
“Manufacturers also have to encounter incompatibility issues between the material and electronic devices. Additionally, the absence of standards and regulations for the market is anticipated to impede market growth as it makes it challenging for major players to scale up and commercialise new and incremental technologies,” says the report.
Of the entire smart textiles segment, the chromic segment is expected to exceed US $ 4.10 billion by the end of 2030. It’s worth noting here that chromic material-based smart textiles refer to materials that change their colour reversibly according to the external environmental conditions.
The CAGR of smart textiles used for industrial applications will hover around 25.90 per cent from 2022 to 2030. Smart textiles are widely adopted for industrial applications to protect workers from environmental hazards, conduct energy and ability to communicate with other devices.
The report further says that Asia Pacific has recently accounted for a significant share owing to the growing military expenditure in the emerging economies of the region, including China and India, coupled with the low production cost of smart fabrics due to low labour cost.
