Smart Fabrics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global smart fabrics market witnessed 4.4 million units shipments in 2020, and it is expected to reach a shipment value of 9.47 million units by 2026, registering a CAGR of 14.1% over the forecast period (2021 – 2026). Smart textiles are fabrics that are manufactured and designed to integrate technologies that offer the user with increased functionality. R&D toward wearable textile-based personal systems, such as health monitoring, protection and safety, and healthy lifestyles, gained major interest over the last few years. In April 2020, MIT developed smart clothing that follows the most important indicators of human health, i.e., heart rate, respiratory rate, and temperature. This was achieved through sewing into the fabric of sensitive sensors that fit the skin.
Key HighlightsThe Smart Fabrics Market is fragmented because multiple vendors have been witnessed raising funding in 2019 and early 2020 to be channelized onto productions. For instance, Xenoma raised funds through additional investment by AOKI and TOYOSHIMA. These instances cater to market rivalry. Further, when considering the integrator level stakeholders, the presence of forward integration has been witnessed. With companies like Hexoskin and Sensoria, the competition has risen with respect to end consumer manufacturability. Recent developments in the market are -
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