Technology peripheralsIt IndustryKorean panel manufacturers plan to regain the world's No. 1 position and increase investment significantly
News on May 18, according to ITBEAR technology information, Korean panel manufacturers plan to increase investment in the next five years to promote the development of the panel industry. Although manufacturers such as Samsung Display and LG Display have obvious advantages in OLED panels required for smartphones and TVs, their shares in the global panel market are still not the highest and have been surpassed by domestic manufacturers. Korean panel manufacturers decided to jointly invest more than 65 trillion won to ensure technological innovation and regain the number one position in the global market.
Relevant people from South Korea’s Ministry of Industry, Trade and Energy said on Thursday local time that Korean panel manufacturers such as Samsung Display and LG Display plan to expand their presence in the global panel market by developing next-generation panel technology and expanding OLED panel production lines. The share will increase to more than 50% by 2027. They intend to significantly increase their market share over the next few years, up from 37% last year.
In addition to increasing market share, Korean panel manufacturers also plan to increase the self-sufficiency rate of materials, components and equipment required for panel production to 80%. Last year's self-sufficiency rate was 65%. The purpose of this measure is to reduce dependence on external supplies and improve the competitiveness and sustainable development capabilities of the Korean panel industry.
The investment plan was announced by South Korea’s Ministry of Industry, Trade and Energy after a meeting with panel industry executives, according to ITBEAR Technology Information. Executives attending the meeting included the chief technology officers of Samsung Display and LG Display, as well as vice presidents of Samsung Electronics and senior leaders from multiple other companies.
In the early 21st century, South Korea's panel industry developed rapidly and replaced Japan as the world's largest panel producer in 2024, a position it has maintained until 2020. However, with the rise of domestic competitors, Korean panel manufacturers realize the need for further investment and innovation to maintain their leading position and cope with the challenges of the global market.
The investment plan for the next five years shows the confidence and determination of Korean panel manufacturers in the panel industry. They will devote themselves to technology research and development and production capacity expansion, and strive to return to the peak of the global panel market. With the implementation of these efforts, Korean panel manufacturers are expected to once again gain a competitive advantage in the global market and inject new impetus into the development of South Korea's technology industry.
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