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Industry Primers

Bottom-up NAICS industry primers written for both public-market and private investors. Leaf industries are researched from the ground up; every group, subsector, and sector above them reads as a contrast across the industries beneath it.

2122 industries · 24 sectors · NAICS 2022

Researched with AI assistance from official U.S. statistics and independent sources, with citations on every page. Figures are not individually verified against pinned evidence — primers marked Evidence-verified are. Industry research, not investment advice. Methodology.

National industryNAICS 335132

Commercial, Industrial, and Institutional Electric Lighting Fixture Manufacturing (U.S.)

NAICS 2022 code 335132 — a Histometrics industry primer

NAICS is the North American Industry Classification System, the standard the U.S. government uses to group businesses.


1. Overview

This is the industry that makes the light fixtures — technically "luminaires" — installed in offices, warehouses, factories, schools, hospitals, stores, parking lots, and streets. Not the lamps you buy for a bedside table; the recessed troffers in a ceiling grid, the high-bay fixtures over a distribution center, the wall packs on a loading dock, and increasingly the sensors and software that dim and schedule them.

Why an investor cares: lighting is a large, steady, unglamorous piece of the buildings economy. Demand comes in two streams — new construction and retrofit (replacing old fixtures with efficient ones) — and the retrofit stream keeps flowing even when construction slows, because energy savings pay for the upgrade. Domestic factory shipments in this industry ran about $7.0 billion in 2022 [3]. The catch, covered below, is that a large share of what Americans buy is imported, so the domestic-manufacturing number understates the market an investor is really betting on.

Public vs. private ways in. There are very few pure public plays. Acuity Inc. (the former Acuity Brands) is the flagship U.S. manufacturer and the clearest listed way in; LSI Industries is a small-cap; Orion Energy Systems is a micro-cap; the global leader, Signify, is listed in Amsterdam. Most of the rest of the industry is either owned by private-equity firms or is a division of a foreign conglomerate — which is itself a signal about how the money works here. Details in sections 4 and 10.


2. What it is, and how it's structured

Scope. NAICS 335132 covers establishments that primarily manufacture non-residential electric lighting fixtures: ceiling and recessed fixtures, fluorescent and LED (light-emitting diode) troffers, industrial high-bay and low-bay fixtures, wall packs, emergency and exit lighting with battery backup, institutional fixtures for schools and hospitals, commercial pendants and chandeliers, luminous-panel ceilings, non-residential solar and grow-light fixtures, and the housings and trim that go with them [1].

What it excludes (and where those activities live instead):

  • Residential fixtures — the lamps, sconces, and fixtures sold for homes — are NAICS 335131 (Residential Electric Lighting Fixture Manufacturing).
  • Bulbs, lamps, and other lighting equipment — the light source itself, plus flashlights, vehicular lighting, and lighting parts — are NAICS 335139 (Electric Lamp Bulb and Other Lighting Equipment Manufacturing).
  • LED chips and packaged LEDs (the semiconductors) are semiconductor manufacturing (334413), not this code.
  • Pure lighting-controls electronics can fall under other electrical-equipment codes, though many controls now ship built into the fixture and are counted here.

Those exclusions are economically important: statistics for "lighting," "LED lighting," or HTS 9405 imports are not automatically statistics for this industry.

(Note: in the older NAICS 2017 vintage this same activity was code 335122; you will still see "335122" in some datasets. The 2022 revision renumbered it to 335132 — this was a code change, not the creation of a new industry; historical series labeled 335122 should not be treated as a different market [2].)

Operating model. A fixture manufacturer typically designs the optical system, housing, thermal management, drivers, sensors and controls; fabricates or purchases metal and plastic parts; sources LEDs, drivers and other electronics; assembles and tests the luminaire; obtains safety and performance certifications; and manages a very large catalog of configurations. The product is often specified by an architect, lighting designer or engineer well before purchase. It then reaches the project through independent manufacturer representatives, electrical distributors, contractors, energy-service companies (ESCOs), or direct national-account relationships. Acuity says its lighting products are sold principally through geographically assigned independent agents, internal representatives, retail channels, direct corporate accounts and OEM relationships [7]. Orion describes a second model — turnkey retrofit projects combining audits, engineering, fixtures, installation, project management and maintenance [17].

This makes the business less like commodity bulb manufacturing than it first appears. Specification position, breadth of certified products, photometric files, controls compatibility, lead times, agent relationships, warranties and the ability to customize a product all matter. At the same time, standard troffers, strips, wraps and high bays can be aggressively price-competitive.

Ownership mix. The domestic base is a few hundred firms — 404 firms operating 453 establishments in the most recent counts [3][4] — averaging roughly 39 employees per plant. It is a mix of one or two large, publicly traded or private-equity-owned platforms and a long tail of small, often family-owned regional manufacturers and specialty/assembly shops. Many "manufacturers" in the field are really designers and assemblers who source components (LED chips, drivers, sheet-metal housings) globally and add value through engineering, listing/certification, and channel relationships.


3. How big it is

Our ground-truth federal figures for NAICS 335132:

Metric Value Source (year)
Value of shipments / receipts $6.95 billion Economic Census (2022) [4]
Firms 404 Economic Census (2022) [4]
Establishments 453 County Business Patterns (2023) [3]
Employment 17,519 County Business Patterns (2023) [3]
Annual payroll $1.21 billion County Business Patterns (2023) [3]
Average pay (payroll ÷ employment) ≈ $69,300 derived from [3]
SBA small-business size standard 600 employees SBA (2023) [5]

SBA is the U.S. Small Business Administration; its 600-employee threshold — high, as manufacturing standards go — means most firms in this industry count as "small" for federal contracting.

The undercount caveat — this one matters. Federal manufacturing statistics measure only what U.S. factories ship. They do not capture imports. The United States is a large, import-dependent lighting market: total lamp-and-lighting-fixture imports (customs heading HS 9405, which is broader than 335132) were about $9.2 billion in 2024, and the overall U.S. lighting-fixtures market is estimated near $20 billion [21][22]. So the ~$7 billion domestic-shipments figure reflects value added in U.S. plants, not the size of the commercial-lighting economy an investor is exposed to. A meaningful slice of "American" fixtures are engineered here but built, or partly built, abroad. When you read the federal numbers, read them as the domestic-production floor, not the ceiling.

Where domestic value comes from. A Department of Energy supply-chain study found that 89% of value added in a domestically manufactured LED luminaire was attributable to the United States, even though LED-die and package production was concentrated in Asia and lamp production was dominated by China [6]. The value is in design, assembly, certification, and channel — not in making the semiconductor.


4. The investable universe

There is no clean pure-play basket here. One large listed U.S. manufacturer, one small-cap, one micro-cap, one foreign global leader, and a crowd of private/PE-owned brands.

Public companies with meaningful commercial-lighting exposure

Company Ticker / listing ~Scale (latest FY) Notes
Acuity Inc. (formerly Acuity Brands) AYI (NYSE) ~$4.3 B total revenue; lighting segment (ABL) $3.6 B [7][8] Largest U.S. commercial-lighting maker; brands include Lithonia, Holophane, Gotham, Peerless, Hydrel, American Electric Lighting, nLight, SensorSwitch, plus a growing controls/"intelligent spaces" arm
LSI Industries LYTS (Nasdaq) ~$573 M total; lighting ~$248 M [16] Small-cap; lighting + retail "display solutions"; strong in petroleum/retail verticals
Orion Energy Systems OESX (Nasdaq) LED-lighting revenue ~$48 M (FY 2025) [17] Micro-cap; project-oriented retrofit, maintenance and EV-charging platform
Signify N.V. LIGHT (Euronext Amsterdam) €5.8 B total 2025 [10] Global #1; owns Philips professional lighting, Cooper Lighting Solutions, Color Kinetics and Interact; foreign-listed, U.S. investors access via the local shares or ADR/over-the-counter
Legrand LR (Euronext Paris) Diversified electrical Owns Wattstopper lighting controls; lighting-adjacent rather than a pure fixture maker [23]
ams OSRAM / Zumtobel / Fagerhult AMS (SIX) / others (Vienna, Stockholm) Component/architectural European component and architectural-lighting names with some U.S. presence

ADR = American Depositary Receipt (a foreign share wrapped for U.S. trading).

Former public plays that exited commercial lighting (a telling pattern): Eaton (NYSE: ETN) sold its Cooper Lighting Solutions business to Signify for $1.4 billion in 2020 [12]; Hubbell (NYSE: HUBB) sold its commercial-and-industrial lighting business (approximately $515 million of 2020 sales) to GE Current for about $333 million in 2022 [13][14]. Two large, well-run diversified electricals decided commercial lighting wasn't where they wanted their capital.

Major private / PE-owned owners

  • Current (HLI Brands) — owns the former GE lighting business plus Hubbell's former commercial-and-industrial lighting; owned by private-equity firm American Industrial Partners [14].
  • Cooper Lighting Solutions — now inside Signify [12].
  • Cree Lighting — passed from Cree/Wolfspeed to IDEAL Industries (2019) and then to CLNA Holdings / the ADLT family of private lighting companies (2023) [15].
  • Others — RAB Lighting, WAC Lighting, Kichler, Lumenpulse, Satco/Nuvo, LEDVANCE (China-owned), H.E. Williams (third-generation family-owned, manufacturing in Carthage, Missouri), MaxLite, Amerlux, and numerous architectural or application specialists [18][22].

Bottom line for allocators: to own this industry directly on public markets, Acuity is the primary vehicle, LSI is the small-cap satellite, Orion is the micro-cap project-driven play, and Signify is the international leader. Everything else is diversified-electrical exposure or private.


5. How the money works

Owners in this industry make money by engineering and selling configured hardware at a healthy gross margin through a specification-and-distribution channel, and increasingly by attaching higher-margin controls and software. The metrics that matter are manufacturing metrics, not utility or real-estate ones.

  • Gross and operating margins. This looks like manufacturing but earns like a branded specialty product. Acuity's lighting segment (ABL) runs roughly 46% gross margin and 16% operating margin — fiscal 2025 was 45.8% gross and 16.4% operating [8] — high because much of the value is design, specification relationships, listings/certifications, brand, and controls, not just bent metal. Small-cap and commodity-fixture makers earn less: LSI's lighting operating margin was approximately 12%; Orion's lighting gross margin was 26.6% before corporate expenses [16][17].
  • The channel is distinctive. Fixtures are largely sold specification-driven: manufacturers employ independent sales agents (reps) who get their products "specified" by architects and engineers into a project, then sell through electrical distributors to contractors. Large accounts, retrofit programs, energy-service companies (ESCOs), and online channels are growing alongside. Winning the spec is the moat.
  • Two demand streams, different cycles. New construction is cyclical and tracks nonresidential building. Retrofit/renovation is steadier and driven by energy-payback math — an efficient fixture that cuts a building's lighting energy can pay for itself in a few years, and utility rebates and tax deductions shorten that further. Retrofit is the counter-cyclical cushion. Acuity's internal estimate is that its addressable new-construction and renovation markets are roughly equal [7].
  • Input costs and capacity. Key inputs are steel, aluminum, copper, plastics, wire, LEDs, drivers, ballasts, microchips, power supplies, rare-earth materials, petroleum-based inputs, and labor. Acuity generally buys on the open market, does not engage in significant commodity hedging, and may make purchase commitments extending up to 12 months [7]. Margins swing with commodity and freight costs and with plant capacity utilization; the business carries project backlog, so book-to-bill and lead times matter.
  • Price, mix, and "product vitality." Because LED prices have fallen for years, unit price deflation is a constant headwind; makers offset it by shifting mix toward higher-value luminaires, connected/controls content, and newer products (Acuity tracks the share of sales from recently introduced products as a health metric).
  • Project lumpiness. Large projects make quarterly results volatile. LSI attributed a 5% decline in fiscal 2025 lighting sales to large fiscal 2024 projects that did not recur; Orion's 22% decline in fiscal 2025 LED-lighting revenue similarly reflected fewer large projects and weaker ESCO and distribution-channel activity [16][17].

A useful mental model: revenue ≈ construction-and-retrofit activity × specification win-rate × price/mix; profit is protected by design and channel, and by moving up into controls and software where competition is thinner.


6. What drives demand

  • Nonresidential construction. Offices, warehouses/logistics, factories, retail, hospitality, education, and healthcare buildings. This is the swing factor. Consensus forecasts put nonresidential building spending up only about 1.7% in 2025 and 1–2% in 2026 — modest [19].
  • Where the growth is uneven. Data centers are surging and warehouse/industrial demand is resilient, while offices are shrinking and some manufacturing construction softened in 2025–26 [19]. Fixture makers with the right vertical mix (industrial, data center, institutional) fare better than those tied to offices and retail.
  • Retrofit and energy efficiency. The single most durable driver. Replacing fluorescent and legacy fixtures with LED cuts energy use sharply; utility rebates, energy codes, and building-performance standards push owners to upgrade. For many manufacturers, retrofit is now as important as new build [19]. DOE estimated that commercial buildings contained 1.6 billion lighting installations in 2020; LEDs represented 47% of commercial installed units while linear fluorescent represented 48% [9]. LED penetration varied by sector: education had only 21%, versus 45% in warehouses and storage, 46% in offices, and 64% in food service [9]. The remaining fluorescent base is the retrofit runway.
  • Controls, connectivity, and IoT. Occupancy sensing, daylight dimming, scheduling, networked/"connected" lighting, Power over Ethernet (PoE), and human-centric lighting add value (and margin) on top of the fixture. This is where growth and differentiation are concentrating; the Internet of Things (IoT) turns a light fixture into a building-data node. DOE reported in 2023 that roughly two-thirds of commercial buildings still had no lighting control beyond a switch — a large upgrade opportunity, but one that shifts value from sheet metal toward electronics, protocols, software, commissioning, and cybersecurity [11].
  • Incentives. Utility rebate programs, the federal Section 179D energy-efficient-commercial-buildings tax deduction, and public/institutional budgets (schools, hospitals, municipalities) all pull demand forward.

7. Regulation

Regulation here is mostly about energy and safety, and it is generally a demand tailwind for efficient product.

  • Energy codes. Building energy codes — ASHRAE 90.1 (a standard from the American Society of Heating, Refrigerating and Air-Conditioning Engineers) and the IECC (International Energy Conservation Code), plus California's Title 24 — cap lighting power and mandate controls like occupancy sensors and daylight dimming. Each tightening cycle obsoletes older fixtures and pulls demand toward new, controllable ones. DOE determined that the 2022 edition of ASHRAE 90.1 would improve whole-building site energy efficiency by approximately 9.8% relative to the prior edition — a whole-building estimate, not a lighting-only forecast, but code adoption supports lower lighting-power density and more controls [11].
  • Federal efficiency standards. The U.S. Department of Energy (DOE) sets efficiency rules under the Energy Policy and Conservation Act (EPCA); the phase-out of inefficient general-service lamps has accelerated the move to LED across buildings (that rule bites hardest on lamps, NAICS 335139, but it drags fixtures along).
  • Safety and listing. Fixtures must be safety-listed (UL — Underwriters Laboratories — or equivalent) and installed to the National Electrical Code (NEC). Emissions (FCC), hazardous-substance limits (RoHS), and FTC labeling also apply.
  • Rebate gatekeeping — the DLC. The DesignLights Consortium (DLC), a nonprofit, runs a Qualified Products List (QPL) that roughly 700 utility and efficiency programs require before a commercial fixture is eligible for rebates [20]. Getting a product onto the DLC QPL is effectively a license to compete for rebate-driven demand.
  • Trade policy. Tariffs are now a first-order regulatory variable (section 9). "Buy American"/Build America provisions on federally funded projects can favor domestic manufacturing.

8. Competitive dynamics & consolidation

The domestic manufacturing base is fragmented, but with a clear leader. Federal concentration measures for 335132 show the top 4 firms with about 34% of shipments, the top 8 with 49%, and the top 20 with 64%; the Herfindahl-Hirschman Index (HHI, a standard concentration gauge where anything under 1,500 is "unconcentrated") is just 388 [4]. Add imports, and the effective competitive field is more crowded still. Acuity is the standout domestic scale player; below it sits a long tail.

The consolidation story is really a story of big electricals leaving. In a five-year span the ownership map was reshuffled: Eaton sold Cooper Lighting to Signify (2020) [12]; Hubbell sold its commercial-and-industrial lighting to GE Current, which private-equity owner American Industrial Partners combined into "Current"/HLI Brands (2022) [14]; and Cree Lighting changed hands twice, landing with a private lighting group (2023) [15]. The pattern: diversified industrials exited commercial lighting because it is slower-growing, commoditizing, import-pressured, and lower-margin than their core electrical-infrastructure businesses — leaving lighting to focused operators and private equity.

Where the competitive edge is moving. With bare fixtures commoditizing, differentiation is migrating to controls, connectivity, software, and services — stickier, higher-margin, and harder to import. Acuity's push into "Intelligent Spaces" (controls and building software) is the clearest expression of that strategy [8]. Globally, Signify remains the largest player but has been shrinking, cutting costs and jobs as conventional lighting declines faster than connected lighting grows [10][11].


9. Risks

  • Cyclicality. New-construction demand tracks nonresidential building and interest rates; a construction downturn hits volumes and pricing. Retrofit cushions but does not fully offset this.
  • Import competition and price deflation. LED fixture prices have fallen for years; low-cost imports (historically ~40%+ of U.S. LED-lighting imports from China) keep constant downward pressure on commodity product. DOE found Asian concentration in LED dies and packages and Chinese dominance in LED lamps [6][21].
  • Trade-policy whipsaw. Section 301 tariffs plus 2025 tariff rounds put roughly a 25% additional duty — total burdens commonly cited around 30–50% — on Chinese-origin fixtures [21]. This raises costs and disrupts supply chains but also shields domestic manufacturers; the net effect swings with policy and is hard to underwrite. Manufacturers can qualify alternate suppliers, redesign products, surcharge customers or raise prices, but the lag between cost inflation and price realization can compress margins [16].
  • The LED replacement cycle is maturing. The great one-time wave of fluorescent/halogen-to-LED retrofit is largely done, and LEDs last 15–25 years — so a chunk of replacement demand has been pulled forward, and long product life structurally lengthens the replacement cadence. You now sell a fixture once for two decades.
  • Input-cost and freight volatility (steel, aluminum, electronics) can compress margins between price resets.
  • Channel and technology disruption — online sales, direct-to-large-account models, and shifting connectivity standards (PoE, Matter/IoT) can erode the traditional agent-and-distributor moat. Long product warranties create a mismatch between near-term revenue recognition and field failures years later.
  • Customer/channel concentration in electrical distribution. This can be material for smaller firms; Orion notes that losing a major customer or a large group of purchase orders can materially affect a period [17].

10. How to invest, and the outlook

Public routes.

  • Direct: Acuity Inc. (NYSE: AYI) is the primary listed way to own the U.S. commercial-lighting manufacturer, and it carries the controls/software upside as well [7][8]. LSI Industries (Nasdaq: LYTS) is the small-cap satellite [16]. Orion Energy Systems (Nasdaq: OESX) is the micro-cap, project-driven exposure with lighting, maintenance and EV-charging activities [17]. Signify (Euronext Amsterdam: LIGHT) gives global exposure including the U.S. Cooper brand, but it is a foreign-listed turnaround story [10].
  • Adjacent: diversified electrical and controls names — Legrand (controls), ams OSRAM (components), and the former owners Eaton and Hubbell (now electrical-infrastructure plays) — offer indirect exposure. There is no pure-play lighting ETF (exchange-traded fund); broad exposure comes through industrials and building-products funds.

Private routes. Private equity has become the natural owner of this industry — American Industrial Partners (Current/HLI Brands) and the ADLT family (Cree Lighting) are examples [14][15]. For private investors, the openings are: buying or rolling up the long tail of small regional fixture manufacturers and sales-agencies; owning ESCO/retrofit-service businesses that monetize the energy-savings stream; and backing lighting-controls and building-software startups where the margins and growth are migrating. The 2022 sale of Hubbell's ~$515 million-revenue C&I lighting business for ~$333 million shows that substantial portfolios do transact outside public markets [13][14].

For private diligence, the most revealing items are sales by brand, agent and end market; specification win rates; backlog quality; price-cost timing; domestic-content eligibility; controls attach rate; sourced versus manufactured content; lead times; warranty reserves; certification coverage; SKU-level inventory turns; customer and project concentration; and maintenance or software revenue.

Near-term drivers (forward-looking). Demand should stay modest but positive, tracking low-single-digit nonresidential construction growth into 2026, with data centers and warehouses strong and offices weak [19]. Tariffs remain a two-edged sword — a cost and supply-chain risk, but a competitive shield and reshoring tailwind for U.S. plants. The durable structural story is the shift of value from the fixture to the system: whoever wins controls, connectivity, and software should out-earn whoever is left selling bare metal. The structural caution is the maturing LED cycle and long product life, which cap unit-volume growth. Energy codes, utility rebates, and Section 179D keep a floor under retrofit demand. Net: a low-growth, cash-generative, consolidating industry where returns favor scale, specification strength, and a credible move up into intelligent-buildings technology — not a high-growth secular bet.

A note on statistics. The most common misreporting is threefold: treating 335132 as the entire lighting market; treating the 2022 change from 335122 as an industry discontinuity; and comparing global company revenue or broad LED-luminaire estimates with Census shipments from U.S. manufacturing establishments. Streetlights, bulbs, LED chips, residential fixtures, imported finished products, controls software, distribution, installation and maintenance can all appear in an investor's commercial-lighting thesis while sitting partly or wholly outside this NAICS code.


Sources

  1. U.S. Census Bureau. "2022 NAICS Definition — 335132 Commercial, Industrial, and Institutional Electric Lighting Fixture Manufacturing." 2022. https://www.census.gov/naics/ (see also https://www.naics.com/naics-code-description/?v=2022&code=335132)
  2. Federal Register. "NAICS 2017 to 2022 Concordance (335122 → 335132)." 2022. https://www.govinfo.gov/content/pkg/FR-2022-07-05/pdf/2022-13250.pdf
  3. U.S. Census Bureau. "County Business Patterns (CBP), NAICS 335132." 2023. https://www.census.gov/programs-surveys/cbp.html
  4. U.S. Census Bureau. "2022 Economic Census — Concentration Ratios and Product Shipments, NAICS 335132." 2022. https://www.census.gov/programs-surveys/economic-census.html
  5. U.S. Small Business Administration. "Table of Size Standards (NAICS 335132 — 600 employees)." 2023. https://www.sba.gov/document/support-table-size-standards
  6. U.S. Department of Energy. "2020 LED Manufacturing Supply Chain (89% domestic value-add; Asian LED-die concentration)." 2020. https://www.energy.gov/cmei/ssl/articles/2020-led-manufacturing-supply-chain
  7. Acuity Inc. "Form 10-K, Fiscal Year Ended August 31, 2025 (channel, input costs, addressable-market estimate)." 2025. https://www.sec.gov/Archives/edgar/data/1144215/000114421525000082/ayi-20250831.htm
  8. Acuity Inc. / GlobeNewswire. "Acuity Reports Fiscal 2025 Fourth-Quarter and Full-Year Results (ABL $3.6 B; 45.8% gross, 16.4% operating margin)." 2025. https://www.sec.gov/Archives/edgar/data/1144215/000114421525000076/ayi-20251001x8xk_ex991.htm
  9. U.S. Department of Energy. "2020 U.S. Lighting Market Characterization (1.6 B commercial installations; LED penetration by sector)." 2020. https://www.energy.gov/sites/default/files/2024-08/ssl-lmc2020_apr24.pdf
  10. Signify N.V. / Yahoo Finance. "Signify reports full-year 2025 sales of EUR 5.8 billion." 2026. https://finance.yahoo.com/news/signify-reports-full-2025-sales-060000177.html
  11. U.S. Department of Energy. "Optimization of Lighting Systems (two-thirds of commercial buildings have no controls beyond a switch); Building Energy Codes (ASHRAE 90.1 2022 ~9.8% efficiency improvement)." 2023. https://www.energy.gov/cmei/ssl/articles/optimization-lighting-systems; https://www.energycodes.gov/determinations
  12. Signify / Business-News-Today. "Eaton to sell Cooper Lighting Solutions to Signify for $1.4 bn (completed March 2020)." 2020. https://business-news-today.com/signify-acquires-cooper-lighting-solutions/
  13. Hubbell Incorporated. "Hubbell Completes Sale of Commercial and Industrial Lighting Business to GE Current ($332.8 M)." 2022. https://hubbell.gcs-web.com/news-releases/news-release-details/hubbell-completes-sale-commercial-and-industrial-lighting
  14. American Industrial Partners / Current (HLI Brands). "GE Current completes acquisition of Hubbell C&I lighting to create Current (~$515 M 2020 sales)." 2022. https://www.currentlighting.com/newsroom/ge-current-daintree-company-completes-acquisition-of-hubbell-commercial-industrial-lighting; https://www.sec.gov/Archives/edgar/data/48898/000119312521308782/d241555dex991.htm
  15. inside.lighting / Wolfspeed. "Ideal Industries Sells Cree Lighting (to CLNA/ADLT); Cree had sold Cree Lighting to IDEAL in 2019." 2023 / 2019. https://inside.lighting/news/23-09/ideal-industries-sells-cree-lighting
  16. LSI Industries Inc. "Form 10-K and Fiscal 2025 Results (net sales $573.4 M; lighting $248.4 M; ~12% operating margin)." 2025. https://www.sec.gov/Archives/edgar/data/763532/000143774925028862/lyts20250630_10k.htm
  17. Orion Energy Systems. "Form 10-K and Fiscal 2025 Results (LED-lighting revenue $47.7 M; 26.6% lighting gross margin; turnkey model)." 2025. https://www.sec.gov/Archives/edgar/data/1409375/000095017025090385/oesx-20250331.htm; https://www.sec.gov/Archives/edgar/data/1409375/000095017025090169/oesx-ex99_1.htm
  18. H.E. Williams. "Third-generation family-owned manufacturer, Carthage, Missouri." 2025. https://hew.com/
  19. American Institute of Architects / inside.lighting. "Consensus Construction Forecast — nonresidential building spending ~1.7% (2025), 1–2% (2026); data centers surging, offices shrinking; retrofit emphasis." 2025. https://inside.lighting/news/25-07/12-insights-construction-economists-2025-26-outlook
  20. DesignLights Consortium. "DLC Quick Facts — Qualified Products Lists required by ~700 utility/efficiency programs." 2025. https://designlights.org/fact-sheet/
  21. inside.lighting. "No, LEDs Are Not Exempt From China Tariffs (base duty + 25% Section 301; total burdens ~30–50%)." 2025. https://inside.lighting/news/25-04/no-leds-are-not-exempt-china-tariffs
  22. Research and Markets / BusinessWire. "United States Lighting Fixtures Market Report 2025 — market ~$20 B, import-dependent; profiles Acuity, Cree Lighting, Fagerhult, Kichler, LEDVANCE, Lumenpulse, RAB, Satco, WAC, Zumtobel, Yankon, Tospo." 2025. https://markets.financialcontent.com/clarkebroadcasting.mymotherlode/article/bizwire-2025-8-18-united-states-lighting-fixtures-market-report-2025; Eightx. "Lighting imports (HS 9405): U.S. imports ~$9.17 B (2024); China 36.7%." 2026. https://eightx.co/blog/lighting-import-origins
  23. Legrand. "Wattstopper Lighting Control Systems; Legrand–Zumtobel strategic partnership." 2025. https://www.legrand.us/wattstopper