Dutch consumer appliance giants Philips have announced the development of a new LED light that could kill off the fluorescent light bulb.
Unveiling their product to today at their headquarters in Eindhoven, Philips claims the new light is more cost effective, energy efficient and environmentally friendly than traditional lights.
“This is a major step forward for the lighting world,” said Rene Van Schooten, chief executive of Philips’ light sources division, speaking to the Associated Press.
“It will bring an enormous savings in energy,” he added.
The product, currently at its prototype phase, is headed for mass production and will be available from 2015, with Mr Van Schooten expecting the lamp to replace at least half of fluorescents within 10 years.
He said that initially, prices of Philips’ LED tubes will be higher than fluorescent lights. But taking into account electricity costs, the increased efficiency in 2015 will make them cheaper to own within a year, as opposed to three years at present.
The announcement signals Philips intention to become more involved in the business and industry sectors still dominated by fluorescent lights, having made big moves into the residential market.
The company stands to both gain and lose out, as not only are Philips currently the biggest producer of LEDs, but also fluorescent tubes.
Philips lighting sales in 2012 amounted to more than 10% of its estimated €70m (£59.6m) global market, standing at €8.4bn (£7.1m).