Hyundai/Singtel advance smart mobility and industry 4.0
“Hyundai is delighted to work with Singtel, implementing next-generation communication solutions that will enhance mobility experiences for our customers. We also hope to explore future innovative solutions and business opportunities with Singtel to help realise Singapore’s Smart Nation vision,” commented Hong Bum-Jung, Senior Vice President of HMGICS at Hyundai Motor Company.
What does the MoU signing mean for Singapore?
In signing the MoU, both Hyundai and Singtel will collaborate on multiple ventures to support smart manufacturing and connectivity for electric vehicle battery subscription services.
Smart Manufacturing: Industry 4.0
By combining Hyundai’s expertise in developing innovative automotive and manufacturing solutions with Singtel’s 5G, internet of things (IoT) and next generation info-communications technologies, the two plan to develop industry 4.0 advanced digital solutions to transform the ways vehicles are manufactured.
As part of their efforts the two will develop and pilot a 5G-enabled smart factory use case for Hyundai’s intelligent manufacturing platform at its new ‘state of the art’ Hyundai Motor Group Innovation Centre Singapore (HMGICS), with potential to scale up the deployment globally.
In addition to their smart manufacturing developments, Hyundai and Singtel will work together to explore innovative solutions, services and technologies to revolutionise mobility.
Working together to develop an IoT communications solution for the batteries powering Hyundai’s electric vehicles (EVs) in Singapore, the IoT system will enable Hyundai to monitor the batteries’ real-time status and performance.
With these data driven insights, Hyundai can enhance its EVs’ reliability, and advance Singapore’s EV ecosystem and Smart Nation vision.
“Our collaboration with Hyundai Motor is timely given the Singapore Government’s decision to phase out internal combustion engine vehicles by 2040 and the recent Budget announcement on new policies to encourage more Singaporeans to switch to driving electric vehicles. By pushing the boundaries of what is possible with 5G, IoT and other advanced technologies, we also want to build up Singapore’s smart manufacturing and Industry 4.0 capabilities and strengthen its innovation ecosystem,” added Andrew Lim, Managing Director, Government and Large Enterprise, Group Enterprise at Singtel.
Four Factory of the Future Market Trends to Keep an Eye on
Global Smart Manufacturing Market
Attributed to the rapid growth in the adoption of automated systems in industrial processes, the is predicted to grow from US$$175bn (2020) to US$303bn by 2026 with a compound annual growth rate (CAGR) of 6.4% between 2019 and 2026.
While COVID-19 has somewhat slowed down the market’s growth, it is expected that by the second to third quarter of 2023 there will be a ‘considerable’ rise in growth for the market.
Key players in the industry: Schneider Electric, General Electric, Siemens, Honeywell International Inc., Rockwell Automation Inc., FANUC Corporation, and Emerson Electric Co.
Industrial Automation Market
Making people’s lives easier, and their work more accurate and effective, the global demand for automated technologies such as robotics - especially in science and technology - is driving its increase in global market value.
Key players in the industry: ABB, Siemens, General Electric, Schneider, Endress+Hauser, Yokogawa, Honeywell, WIKA, Azbil, Fuji Electric, 3D Systems, and HP.
Smart Factory Market
Expected to grow from US$80.1bn (2021) to US$134.9bn by 2026, the - with a CAGR of 11% between 2021 and 2026 - is experiencing growth driven by fiscal policies adopted to keep manufacturing facilities afloat during COVID-19.
Other driving factors include resource optimisation, cost reduction in production operations, increased demand for industrial robotics, rising demand for technologies, and the growing significance of energy efficiency.
Key players in the industry: Emerson Electric Co., General Electric, Rockwell Automation, Inc., Schneider Electric SE, ABB Ltd., Siemens AG, Mitsubishi Electric Corp., Honeywell International Inc., Endress+Hauser AG, and Yokogawa Electric Corp.
Artificial Intelligence (AI) in Manufacturing Market
“It is undeniable that the manufacturing industry is at the forefront of artificial intelligence implementation,” says . “Manufacturers are using AI-powered analytics to increase performance, product quality, and employee protection, from substantial reductions in unplanned downtime to better crafted goods.”