Even as Apple fans are anticipating the tech giant to launch an Apple TV set later this year, LG looks all set to launch its equivalent later this week. LG's offering will be the first television to include Google TV 2.0.

LG is releasing the TV as the company aims to gain a bigger market share in the smart TV space, with Google TV bringing the functionality of the Internet to the television.

"Google TV operates on the Google operating system, which enables Internet browsing, social networking and the Android market through the Google chrome browser," Shinhan Investment Corp. said.

The TV, which supports 3D and uses an LED screen, is available for $1,600 and $2,100 for 47- and 55-inch sizes respectively.

One analyst thinks this is the beginning of Apple's rivals joining together against the tech giant. "Apple's smart TV will spur cooperation within the most non-Apple camps such as strategic alliances among Google, Samsung, LG and smart TV content providers," Shinhan Investment Corp. analyst Soh Hyun-cheol predicted. He also said the launch of Apple's TV will have a similar impact to the launch of the original iPhone.

The analyst added that all parties should be looking at glasses-free 3D, which would require OLED panels. Shinhan said Samsung and LG are investing in the technology.

"Subsidies for Apple TV will be offered by telecom operators and cable providers, which should shorten the TV replacement cycle by about two years from the previous eight to ten years," Hyun-cheol said.

LG is also promoting its own smart TV platform, called "Netcast," as the company look to improve motion sensing technology and controls while "continuing to innovate" the UI. The platform was showcased at Consumer Electronics Show (CES 2012) earlier in January in Las Vegas.

Whether an Apple TV can dominate the smart TV market is unknown. Established manufacturers such as Samsung provide high-resolution displays with attractive designs at affordable prices. Apple's TV will likely be similar, though the question is at what cost? Most consumers don't buy TVs annually or every two years. Under the circumstances, Apple could run the risk of pricing itself out of the market from day one.

(reported by Jonathan Charles, edited by Dave Clark)