S&P Global Energy has released its 2026 Tier 1 cleantech companies list, identifying leading global suppliers across solar, wind and energy storage technologies at a time of significant change in the power equipment market.
The latest list includes 15 photovoltaic module suppliers, 12 inverter manufacturers, 10 wind turbine suppliers, 12 energy storage system providers and 10 battery cell producers, reflecting the growing importance of storage in the global energy transition.
Market conditions remain uneven across technologies. Global solar photovoltaic installations are expected to decline in 2026 for the first time on record, followed by only modest recovery from 2027 with limited annual growth through the rest of the decade. Wind capacity additions are also projected to grow at a steady but moderate pace.
In contrast, battery storage is emerging as a key growth segment. Installations are set to expand rapidly, supported by rising electricity demand driven by electrification and data centres, alongside the need to stabilise increasingly complex power grids.
These diverging trends are already reshaping the supply chain. Solar manufacturers have faced three years of oversupply, falling prices and compressed margins, triggering consolidation as weaker players exit or are absorbed by larger firms. Many companies are diversifying into battery energy storage systems to capture new revenue streams and offer integrated solutions.
The inverter segment is also facing new pressures, particularly in Europe and the US, where proposed regulations on local manufacturing and cybersecurity are influencing procurement strategies and increasing compliance requirements.
Meanwhile, strong expectations for storage demand have attracted new entrants into the battery and energy storage system market. Established battery producers are operating at high utilisation rates to meet rising demand, while Chinese manufacturers continue to strengthen their presence in global wind markets.
S&P Global introduced its Tier 1 cleantech companies recognition in 2025 as a data driven framework to identify suppliers that meet high standards across market presence, financial strength and sustainability performance. The classification is not a ranking or investment recommendation but a benchmark for identifying reliable partners in a competitive market.
The 2026 methodology incorporates credit risk as a core metric using RiskGauge, providing a standardised view of financial health across companies. This comes as many suppliers face financial pressure following years of rapid expansion and declining margins.
Sustainability remains central to the assessment, with performance measured through S&P Global’s Corporate Sustainability Assessment, which evaluates how companies manage environmental and social risks and opportunities across their operations and supply chains.
The Tier 1 photovoltaic module suppliers for 2026 are:
The assessment evaluates leading manufacturers based on global shipments and installations, followed by analysis across four key dimensions:
Companies must meet minimum thresholds across most criteria to qualify as Tier 1. The classification is updated annually, providing a stable reference point for developers, financiers and procurement teams navigating an increasingly complex supplier landscape.
Author: Bryan Groenendaal
June 11, 2026
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