LG reveals efficient OLED light panels will hit the market in November

LG plans to bring OLED technology into the commercial lighting sector to challenge existing LED bulbs with a range of new products set to be unveiled in November capable of matching the performance of current options.

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The firm’s LG Chem arm has created OLED panels that have an efficacy of 100 lumens per watt and a life of 40,000 hours that is far greater than the 60 lumens per watt that current OLED panels can achieve.

In comparison, fluorescent lights offer 100 lumens per watt and 20,000 hours of life and LED panels reach the same 100 lumens per watt level yet last for 50,000 hours.

One of the stumbling blocks for OLED panels is that the cost currently comes in at 10 times that of LED ones and LG Chem representatives have expressed a willingness to try and bring prices down.

"We think the significance is in being able to bring the efficacy up to LED standards. We expect unit costs to ultimately decrease by five-fold or more through ongoing developments,” read a statement, according to CNET.

OLED lighting panels are expected to see traction in North America and Europe thanks to consumers that want a more eco-friendly offering and thus the products are more likely to achieve success commercially.

LG already has over 50 lighting companies on board including Acuity Lighting and sounds bullish on the chances of OLED lighting plus is excited about automotive lighting where OLED panels are already being trialled in headlights and trail lights.

Related: LG unveils OLED TV with Swarovski crystal studded stand

The Korean firm is also one of those at the forefront of developing OLED TV sets that culminated in the world’s first 4K OLED TV set on sale to the public for an eye-watering £7,095.