LG Electronics (LG) is expanding its business-to-business (B2B) area and making significant strides into the global smart factory market. The company is capitalizing on its expertise in constructing and operating intelligent autonomous factories to achieve its vision of achieving a revenue of KRW 100 trillion by 2030, with the B2B sector targeting revenue exceeding KRW 40 trillion.
Earlier this year, LG established the Smart Factory Business Division within its Production Engineering Research Institute (PRI) and initiated the commercialization of its intangible assets, including smart factory construction technology and operational solutions. These innovations will be highlighted at MODEX 2024, the premier supply chain experience trade show, held in Atlanta, Georgia, USA.
LG’s smart factory business delivers production automation solutions, AI-driven production planning, operations, and the Digital Twin solution. The company aims to enhance customers’ manufacturing competitiveness by offering optimal solutions across all stages, from factory planning and design to construction and operation. Additionally, continuous improvement consulting services for factory upgrades will be available.
LG has extensive manufacturing expertise across diverse sectors such as home appliances, air solutions, TVs, vehicle components, and robotics. The company provides cutting-edge equipment and communication technologies, including big data-enabled integrated monitoring systems and predictive quality evaluation systems.
In addition, LG has secured essential digital technologies for building automated processes, including AI, big data, and the Internet of Things (IoT). The company has developed an intelligent production system where deep learning-enabled robots execute tasks guided by the company’s Digital Twin solution. This solution simulates actual machinery, equipment, and logistics systems in a virtual environment, facilitating smooth integration and optimization of manufacturing processes.
LG has been recognized for possessing world-class smart factory technology that encompasses hardware, software, and automation solutions. Notably, the LG Smart Park in Changwon and the Tennessee factory in the USA were selected as Lighthouse Factories by the World Economic Forum.
With these capabilities, LG strengthens collaboration with various partners to expand the smart factory ecosystem. Following the signing of an MOU with LS ELECTRIC for the “Establishment of Smart Factory Business Cooperation System and Mutual Benefit Enhancement,” LG is forming unions with numerous global partners to advance smart factory technology through cloud and data analysis.
Song Shi-yong, head of LG Electronics’ Smart Factory Business Division stated:
In light of LG’s robust portfolio of smart factory solutions, we are committed to partnering with customers throughout their manufacturing journey by delivering optimal solutions across all stages, from planning and design to construction and operation
He further elaborated on plans to introduce a Total Factory Offering System, which will provide a comprehensive solution in collaboration with LG and its global partners.
