LG plans to boost smart factory sales seven-fold over next 5 years

LG plans to boost smart factory sales seven-fold over next 5 years

Workers use LG Uplus’ a switchboard diagnosis device at the telecom firm’s center in Incheon. Courtesy of LG Uplus

By Kim Yoo-chul

LG Uplus, one of the country’s leading telecom companies, plans to boost sales of its smart factory solutions over the next five years.

In an online news conference, a senior LG Uplus executive said the company plans to expand sales of its smart factory solutions seven fold over the next five years by teaming up with affiliates including LG Electronics and LG Chem.

“We are on track to gain reference regarding this business and LG Uplus will try to provide customized solutions that will match diverse businesses and factory sizes,” its smart infrastructure unit chief Seo Jae-yong said, Thursday.

Smart factories utilize automation solutions designed for manufacturing processes to streamline workflow. Advanced and faster telecom networks are required for the smooth operation of smart factory systems.

In other words, smart factories can self-optimize performance, self-adapt to changing conditions and run autonomously. The global smart manufacturing market size was valued at $236.12 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.4% from 2021 to 2028, according to market watcher, Grand View Research, based in the U.S.

During the conference, the LG executive said its fifth-generation (5G) and long-term evolution (LTE) telecom technologies will help clients save relevant costs, for easy monitoring and minimized waste.

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