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| Hyundai Motor Group tests autonomous driving delivery service using robots in Rolling Hills Hotel in Hwaseong, Gyeonggi Province on Dec. 16, 2022. Courtesy of Hyundai Motor Group |
By Kim Hyun-bin
Major conglomerates view the robot business as a future growth engine. Competition is heating up with the market expected to grow to 177 trillion won ($140 billion) in four years, according to industry officials, Monday.
According to market researcher, Brand Essence Market Research and Consulting, the service robot market is expected to expand from $35.24 billion in 2021 to $140.94 billion in 2027. Samsung Electronics, Hyundai Motor Group, and LG Electronics are interested in developing and marketing a wide range of robots from medical workers to museum curators.
Samsung Electronics plans to introduce its first robot within this year. At a press conference at the beginning of the year, Han Jong-hee, vice-chairman of the Device Experience (DX) division at Samsung Electronics, said, "We plan to introduce an assistive device robot named 'EX1' within this year."
The 'EX1' can be worn on the hips and knees to help the elderly walk and exercise. Samsung Electronics has applied for more than 10 robot patents related to technology assisting people's movements.
Samsung Electronics has been steadily reviewing investments in the robot industry. In 2021, Samsung Electronics Chairman Lee Jae-yong announced that he would invest 240 trillion won over three years, citing robotics and artificial intelligence (AI) as future growth engines.
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| Robots manufacture washing machines at LG Electronics Tennessee plant. Courtesy of LG Electronics |
Samsung Electronics also started cultivating robot specialists with the Korea Advanced Institute of Science and Technology (KAIST) this year. This is also the first time that Samsung Electronics has created a robot-related training course linked to universities. As a recruitment-linked master's course, 10 students each year will join Samsung Electronics after obtaining their degree.
Hyundai Motor Group is also in the process of commercializing robots by targeting the health care service market. Initially, the company planned to develop industrial purpose robots, but decided to also develop medical robots. Hyundai Motor Company's robot brand, X-ble, helps patients and disabled people with rehabilitative training exercises.
"The robot industry is one of the promising future industries and companies are considering investing in various businesses. We are considering investments to achieve synergy with the current business and seeking various ways to compete in a rapidly changing industrial environment," an official at a major conglomerate said.
Based on its unique self-driving technology, Hyundai Motor is also developing delivery robots. At the end of last year, a self-driving delivery service test project using robots was carried out at a residential and commercial complex in Suwon and at a hotel in Hwaseong, Gyeonggi Province.
LG Electronics has also chosen robots as a new growth engine and invested earlier than other local conglomerates. In 2003, LG Electronics unveiled Korea's first robot vacuum cleaner, Roboking, followed by Chloe Guidebot in 2017, which guides visitors at airports. LG Electronics' strategy is to increase its market share by introducing robot solutions that can be applied to various places such as hotels, hospitals, and restaurants. Recently, Q-I, which serves as a curator in museums, was also released.
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