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By Maria Sheahan FRANKFURT (Reuters) – Lighting companies like Philips and Osram are scrambling to develop more advanced technology as a price war for LED bulbs threatens to eat into profits and bring on a period of low growth as the long-life bulbs become more common. The market for light-emitting diodes (LEDs) is growing rapidly as companies, hotels and shops switch from incandescent light bulbs, which are being banned in countries around the world, to these more efficient and durable lights. But the initial cost of buying LED bulbs for home use, while falling rapidly, is still higher than alternatives such as compact fluorescent lighting (CFL) or halogen, leaving consumers hesitant to adopt the new technology. Analysts see the overall lighting market starting to shrink from around 2017, when LED will account for more than half of the lighting market.