Through this state-led initiative to promote IT component sectors, South Korea will spend 528 billion won ($467.8 million) over the next seven years.
According to the same report, the government will invest 165.1 billion won to build a four-story panel production facility on an area of 12,913 square meters in Chungnam Techno Park, with 61 equipment including display evaporation systems.
The remaining 363 billion won will be spent on the R&D centre to conduct 66 research projects including encapsulation for flexible OLED panels, cost-cutting measures, the development of next-generation displays and technology convergence to create new markets.
Last year, the global display market amounted to $123.2 billion, of which LCDs represented 81.8 percent and OLED 19.2 percent, but it is anticipated that the rapidly-growing OLED market could soon overtake LCDs to command an 80.7 percent market share by 2035.
Korea is already home to the world’s largest OLED makers including LG Display in large-scale OLED panels and Samsung Display in smaller panels.
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