Energy efficiency adoption continues to reach new heights, as savings outweigh the once-burdensome costs. As technology has continued to advance, smart energy and efficiency technologies have become increasingly affordable for businesses, consumers and governments.
Businesses continue to search for ways to cut costs and help streamline profits. Upgrading old, outdated and inefficient energy systems are now becoming one of the latest targets to improve a company’s bottom line. With greater incentives coming from the new U.S. tax code overhaul, businesses are presented with an even more enticing opportunity to upgrade energy systems.
Consumers and governments make up a smaller portion of the energy efficiency market, but interest and technology adoption continues to grow at a very fast rate. According to a report from the National League of Cities, around 66% of U.S. cities have begun to develop and implement smart city technology. Smart lighting and energy efficiency technologies are a key component of smart city improvements.
According to recent data from LEDinside, the global smart lighting market is forecast to grow from $4.6 billion in 2017 to $13.4 billion in 2020. Furthermore, the data showed that industrial and commercial use makes up 60% of the total global smart lighting market. The report notes that residential will see the fastest growth between 2017 and 2020. However, industrial and commercial is forecast to still make up over 50% of the total market in 2020.
One company that is already positioning as a leader within the smart lighting industry is Innovest Global, Inc. (OTC Pink: IVST).
Innovest Global Expands Energy Division With Two Business Development Offices Opening
Innovest Global, Inc. (OTC Pink: IVST) operates as a diversified holding company or conglomerate, across numerous key niches: industrial/commercial energy efficiency solutions, B2B safety supply, telemedicine, national call center and auto sales.
The company’s Innovest Energy Group subsidiary is not the only revenue-generating part of the company, but it has seen explosive growth to kick off 2018. Innovest Global, Inc. (OTC Pink: IVST) recently announced revenues mid-quarter revenues of $388,000, as the company is currently on track to beat management’s estimate of $500,000 per quarter.
In response to the growth of the energy division and the sizable opportunity to take advantage of market trends, Innovest Global, Inc. (OTC Pink: IVST) recently announced that it will be opening two new business development offices in Demopolis, Alabama and Grand Rapids, Michigan.
The establishment of these two offices will allow the energy division to begin implementing its strategy within those local regions. Based on the massive success the energy division has had just in its home state, management is confident they will be able to replicate their quality customer service and product servicing in the new territories.
Overall, Innovest Global, Inc. (OTC Pink: IVST) continues to be positioned as a leader within the emerging smart lighting and energy efficiency industries. As industrial and commercial application continue to make up a majority of the global smart lighting market through 2020, Innovest looks primed for massive revenue growth over the long haul.
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