Companies nurture robots as new growth engines

• Published date: 27 February 2023
• Publication title: The Korea Times

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.

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...