Jo Joo-wan, Chief Executive Officer (CEO) of LG Electronics, said on 5th, "LG Electronics is leading innovation based on nearly 70 years of industry expertise in the transformation of manufacturing."
On that day, Joo-wan noted on his social media service (SNS), "Recently, the manufacturing industry is undergoing a generational transformation, requiring artificial intelligence (AI), data, and sustainable and agile operations."
As corporations actively adopt next-generation production systems due to social and structural changes such as population aging, workforce reduction, evolution of trade policies, and supply chain restructuring, the growth of smart factories is expected to continue.
According to market research firm Precision Research, the global smart factory market size is expected to more than double from $155.6 billion (approximately 211 trillion won) last year to $386.4 billion (approximately 525 trillion won) by 2034.
With over 60 manufacturing plants in more than 40 countries, LG Electronics is focusing on this market growth and has started the full-scale commercialization of smart factory technologies and solutions as part of expanding its business-to-business (B2B) efforts last year.
Joo said, citing a guest article titled "Smart Factory: Innovation Opening a New Era in Manufacturing" published in the company's newsroom by Song Si-yong, who is responsible for smart factory business at LG Electronics, "LG Electronics supports turnkey smart factory projects in various industrial sectors and is committed to helping partners around the world enhance productivity, reduce defect rates, and build long-term operational resilience."
Song noted in the guest article, "The order volume for smart factory solutions this year is expected to reach 400 billion won, and it is projected to exceed 1 trillion won by 2030."