LG Plans To Pour In Billions For OLED Technology

Consumer electronics mogul LG has just disclosed its commitment to OLED technology in the coming years, beginning with intentions for a large panel plant in South Korea.The South Korean multinational electronics firm will shell out more than $8.7 billion to produce OLED panel factory, aiding to bolster the company’s presence in the smartphone and tablet market. The OLED factory will be referred to as P10, which will be headquartered in Paju, Gyeonggi Province and will spend around a couple of years to finish. The size of the factory is tipped to be as big as 14 combined football fields and will reach a height of around 328 feet.As per report made by PCMag, LG will focus in large-size OLED TV panels and flexible OLED panels for wrist-worn devices and automotive displays.

The CEO and President of LG Display Dr. Sang Beom Han, stated that the construction is anticipated to start in the first half of 2017.The company’s intention displays its unrelenting investment in OLED Televisions but the technology could also become a chief source of revenue. Apple is allegedly planning to pounce on OLED technology for its iPhones beginning from 2018. LG Display intends to answer Apple’s need by enhancing the OLED capacity and to become a consistent source of OLED screens.According to The Verge, LG’s rivals Samsung and Sony have shunned away from utilizing the technology for Television in lieu of LCD panels.

However, Panasonic has followed LG in supporting the technology, unveiling its first commercial OLED TVs earlier this year,As of late, Samsung Electronics takes over 90% of the worldwide market for small and mid-size OLED panels, and the firm began production at a new domestic facility last April. The company also enjoys rising sales just like Huawei of China.


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