Korean Smart Factory Market Emerges Sure-Bet For Future Growth

Smart Factory + Automation World 2022 opens today at COEX exhibition center in Seoul, Korea through April 8, highlighting cutting-edge smart factory and Big Data solutions, AI and robotic technologies.  

320 companies across the world are joining this 3-day trade show, occupying 1,500 booths in total, trending out future-proof smart factory solutions and technologies.

About 30,000 domestic and foreign buyers are expected to attend the trade show to get into talks with exhibitors.  

According to a main show organizer COEX, about 27,100 buyers had visited the trade show in 2021, signing up non-binding MOU contract to purchase US$31.5 million worth of software and hardware solutions combined, even if the COVID-19 pandemic had restricted movements of human and goods across borders.

The year-on-year gain in the number of visitors represents surging interests in smart factory and machine vision solutions, as the manufacturing industries across the world are now driving up a DX, or digital transformation campaign.

Especially in Korea, a global manufacturing hub for semiconductor, display panels, and other electronic parts and components, there has been strong movements to digitalize factory operations, implementing a wide variety of smart manufacturing solutions like AI, Big Data Analysis, machine vision, robots, AR/VR, 5G and cloud computing technologies.                                 

For example, about 54 machine vision solution providers are exhibiting their  technologies and solution across the floor spaces, spotlighting CMOS and CCD sensor-based machine vision cameras, thermal cameras, lens and other image processing software.

320 exhibitors are showcasing their smart factory and machine vision solution to capitalize on rapidly growing Korean DX platform market

Coming embedded with AI technology, these hardware and software solutions are widely used to inspect wafers, display panels, PCB boards, and other chip components.   

Among the 54 exhibitors are only three Korean makers like Keeworks, Crevis, and Laonpeople Co, Ltd.

“Machine vision camera and other components markets are one of the fastest growing  marketplaces in Korea, as the country’s manufacturers have been rapidly rebuilding  their factory operation around a smart factory platform,” Erin Sung, assistant manager of sales and marketing with Crevis Co., Kr.

According to Korea IR (Investor Relations) Service, Korean machine vision market is forecast to grow at a compounded growth rate of 6.9% from 665.9 billion won in 2018 to 993.9 billion won in 2024.

To cash in on the prospective growth scenario, foreign companies are racing to Korea to supply their machine vision solutions like cameras, lenses and other equipment and software.

Smart factory solution, smart sensor and robotics are also one of the hottest growth areas. About 117 domestic and foreign companies are exhibiting their hardware and software solutions, including Schneider Electric, SFA, Yamaha Motor, and THiRA-UTECH, just to name three. Also on display are crucial FA (factory automation) solution and components like sensors, PLCs, motion controllers, industrial PCs, FA system, robotic components. About 171 domestic and foreign exhibitors are showcasing their FA solutions