Thinking about the closure of Bowens. Where is the flash industry headed?

People on various forums and on photo industry blogs have suggested that Bowens, a long time maker of electronic flash equipment for photographers, was forced out of business because they either could not compete with the lower priced gear coming out of China or because they were unable to innovate fast enough in order to stay relevant to consumers. 

Of course I think there is a quite different reason for their demise and it's one that must be haunting Profoto, Elinchrom, PhotoGenic, and even Alien Bees. I think there is a tidal wave of change coming in the practice of photography and it's rendering traditional working methodologies, gear and business constructs obsolete. And it's happening at an accelerating pace...

While photography is a growing hobby and pastime the traditional approaches to photography as a business are in flux. The mainstay customers for studio electronic flash gear (especially stuff that plugs into the wall); the kind of lighting Bowens was selling, was aimed at, and mostly purchased by, photography studio owners. The gear was set up in a "camera room" and used on a daily basis for years and years. Every studio had its own collection of electronic flashes and as technology advanced the studio owners might upgrade or add to their collection. 

In the beginning nearly everything on the market was some variation of a central power pack/generator and an orbit of flash heads with long cables that were plugged into the generators. When I taught photography in the early 1980's the only people we knew who