The South Korea Smart Factory market is predicted to grow with more than 12.50% CAGR from 2024 to 2029, due to energy efficient factor.
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South Korea has emerged as one of the world's top industrial economies. The nation is in the best possible position to remain competitive during the Fourth Industrial Revolution. This involves the integration of digital technology and intelligent manufacturing processes. Manufacturing is the backbone of the Korean economy, accounting for 30% of total GDP. The Korean government is advising businesses to adapt to the latest industrial trend, digitalization. Both Korea's commercial and public sectors have agreed to increase the number of local smart factories. A smart factory is a fully integrated technology-based manufacturing system that links the whole production process. The Korean private and public sectors have agreed to boost the number of domestic smart factories, with the goal of having 30,000 such manufacturers running countrywide using cutting-edge digital and analytical technology by 2023. Furthermore, promises aim to establish 20 smart industrial zones by 2030 as part of measures to sustain Korea's declining working-age population. According to the target, 2,000 new AI-powered smart factories will be constructed by 2030 to keep up with the rapid expansion of full digitalization and automation in the Fourth Industrial Revolution. In 2022, the Korean government has invested more than USD 1.5 billion in R&D programs to encourage SME enterprises to progress and grow automated technology. As a result, smart factories are increasingly directed toward automated manufacturing settings that use artificial intelligence (AI) optimization and real-time monitoring via Industrial Internet of Things (IoT) devices. Government-funded research and testbed projects will encompass big data, cyber-physical systems, smart sensors, wireless networks, and cooperation robots. MOTIE's government strategy calls for 4,500 smart factories in each of ten important areas by 2025.
According to the research report "South Korea Smart Factory Market Overview, 2029," published by Bonafide Research, the South Korea Smart Factory market is predicted to grow with more than 12.50% CAGR from 2024 to 2029. In South Korea, efforts are ongoing to create a comprehensive smart manufacturing environment. This entails establishing an integrated network of cyber-physical systems, IoT devices, and advanced data analytics platforms to optimize production processes, reduce downtime, and enable data-driven decisions. The use of artificial intelligence in smart industries is becoming increasingly common. Artificial intelligence applications are utilized for predictive maintenance, quality control, and process optimization. Machine learning algorithms examine data from sensors and production systems to detect patterns, make predictions, and increase overall manufacturing efficiency. The use of digital twin technology is gaining traction in South Korea's smart manufacturing scene. Digital twins generate virtual versions of physical production systems, enabling simulation, analysis, and optimization. This technology enhances decision-making, improves product design, and optimizes operational processes. Efforts are being made to extend smart manufacturing benefits to small and medium-sized enterprises (SMEs). Initiatives and support programs aim to facilitate the adoption of smart factory technologies among smaller businesses, contributing to a more widespread transformation of the manufacturing sector. Collaboration between different industries and sectors is a notable trend. Cross-industry partnerships and collaborations between manufacturers, technology companies, and research institutions foster innovation and the exchange of best practices in smart factory implementation.
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