LIfe’s beyond consumers for Life’s Good — LG is looking to transform itself into a B2B giant as it eyes smart factories for its future growth
LG’s smart factory division will advance automated technology development
When you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
LGis set to expand beyond consumer goods, transforming itself into a business-to-business (B2B) giant as it eyes smart factories for future growth.
According toThe Korea Economic Daily,LG recently launched a smart factory business division under its research and development center, signaling a significant shift from its traditional home appliances brand.
The South Korean giant has identified B2B services, specifically for smart factories, as its new growth area. It aims to leverage its domestic and overseas plants in conjunction with its operating expertise. Smart factories offer the promise of fully automated production processes, from assembly to packaging, while also utilizing big data and deep learning technology to enhance work and power usage efficiency.
Turnkey services
The company’s smart factory division, comprising dozens of employees, will spearhead automated technology development. This includes mobile robot systems to manage the sales process, from automated factory design to construction and management know-how.
Market tracker Statista predicts the global smart factory market will grow to $244.8 billion this year, up from $153.7 billion in 2019. LG is set to tap into this market growth by offering turnkey services for smart factories, covering the entire automation process from planning, designing, building, and operating them.
Currently, most smart factory projects focus on consulting and upgrading parts of production lines. However, LG’s approach is holistic, extending beyond mere construction to provide ongoing consulting at the factory upgrade level.
Smart factories collect and process data in real time through the Internet of Things (IoT), analyzing the information to control each process. With companies globally seeking to enhance production efficiency through digital transformation, the demand for smart factories is on the rise.
Are you a pro? Subscribe to our newsletter
Sign up to the TechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed!
The Korea Economic Dailyreports that LG has already converted part of its six home appliance production lines into smart facilities at its main production base in Changwon, South Gyeongsang Province, as well as at its home appliance plant in the US state of Tennessee.
More from TechRadar Pro
Wayne Williams is a freelancer writing news for TechRadar Pro. He has been writing about computers, technology, and the web for 30 years. In that time he wrote for most of the UK’s PC magazines, and launched, edited and published a number of them too.
This new malware utilizes a rare programming language to evade traditional detection methods
Google puts Nvidia on high alert as it showcases Trillium, its rival AI chip, while promising to bring H200 Tensor Core GPUs within days
Arcane season 2 confirms the hit series isn’t just one of the best Netflix shows ever made – it’s an animated legend that’ll stand the test of time
