S&P Global Energy has released its 2026 Tier 1 Cleantech Companies list, highlighting leading suppliers across key segments, including solar modules, PV inverters, wind turbines, battery energy storage systems (BESS), and, for the first time, battery cells.
The annual classification identifies manufacturers that meet S&P Global Energy’s criteria for market leadership, financial strength and corporate sustainability. Unlike traditional Tier 1 supplier lists, the framework is not presented as a ranking or investment recommendation, but as a classification based on multiple performance indicators.
The 2026 edition includes 15 PV module suppliers, 12 inverter manufacturers, 10 wind turbine suppliers, 12 energy storage system providers and 10 battery cell manufacturers. “The 2025 edition comprised 14 PV module suppliers, 12 inverter manufacturers, 9 wind turbine suppliers, and also 12 energy storage system providers,” Edurne Zoco, executive director, Clean Energy Technology at S&P Global Commodity Insights, told pv magazine. “There were no Tier 1 battery cell manufacturers in 2025 since we did not announce this category.”
Selection criteria
S&P Global Energy said the 2026 methodology expands on last year’s inaugural edition by incorporating credit risk as a core evaluation criterion through S&P Global Market Intelligence’s RiskGauge framework.
RiskGauge is a credit risk assessment model that uses financial statements, market signals, and macroeconomic indicators to estimate a company’s probability of default. By integrating RiskGauge into its methodology, the S&P Global Energy aims to provide a more comprehensive assessment of companies’ financial resilience alongside their operational and sustainability performance.
The financial assessment complements existing sustainability criteria, which are based on S&P Global’s Corporate Sustainability Assessment (CSA). Together with market position and operational scale, these metrics are intended to provide a broader view of supplier resilience as manufacturers navigate financial pressures created by overcapacity and margin compression.
“The CSA compares companies across 62 industries via industry-specific questionnaires that assess, on average, 23 sustainability topics in 110 questions. Based on their performance, companies receive scores ranging from 0 to 100 and percentile rankings for financially relevant sustainability criteria,” Zoco explained.
Main metrics are market presence, production capacity and geographic diversification, financial performance, and sustainability performance. To qualify as Tier 1, suppliers must exceed minimum thresholds across a majority of these categories. The assessment covers manufacturers with the largest global shipment or installation volumes in each technology segment before applying the broader evaluation framework.
The methodology is updated annually rather than quarterly, with S&P Global Energy saying this provides a more stable reference point for procurement decisions while recognizing sustained operational performance.
Selected suppliers
The 2026 Tier 1 PV module supplier classification includes Canadian Solar, Chint New Energy Technology, First Solar, GCL System Integration, Hanwha Solutions, Hengdian Group DMEGC Magnetics, JA Solar, JinkoSolar, Longi, Risen Energy, Shanghai Aiko Solar, TCL Zhonghuan Renewable Energy, Tongwei and Trina Solar, and Waaree Energies Ltd.
“For the first time, the module ranking includes an Indian manufacturer,” Zoco stated.
Moreover, S&P Global Energy recognized Enphase Energy, Ginlong Technologies, GoodWe, Growatt, Huawei, Ningbo Deye, Sineng Electric, SMA Solar Technology, SolarEdge Technologies, Sungrow, TBEA Sunoasis and Zhuzhou CRRC Times Electric as Tier 1 PV inverter suppliers for 2026.
The 2026 Tier 1 energy storage system supplier classification, meanwhile, includes BYD, Canadian Solar, CATL, Envision Group, Fluence Energy, Gotion High-tech, Huawei, LG Energy Solution, Sungrow, Tesla Energy, Trina Solar and Xiamen Hithium Energy Storage Technology.
As for the battery cells, the inaugural classification includes BYD, CALB, CATL, Envision AESC, EVE Energy, Gotion High-tech, Guangzhou Great Power Energy and Technology, LG Energy Solution, Rept Battero Energy and Xiamen Hithium Energy Storage Technology.
Varying growth trajectories
The release of the list comes as cleantech supply chains face diverging market conditions. While global solar installations are expected to decline in 2026 for the first time on record before returning to modest growth, battery storage deployments are forecast to expand rapidly, driven by rising electricity demand, electrification and increasing grid flexibility requirements. Wind installations, meanwhile, are expected to post comparatively moderate growth.
S&P Global Energy said the solar module industry continues to deal with oversupply, aggressive price competition and weak margins, prompting gradual consolidation through acquisitions and market exits. Many manufacturers are also diversifying into battery energy storage systems as they seek new revenue streams and integrated product offerings.
The inverter market is also undergoing significant change as manufacturers adapt to emerging local-content requirements and cybersecurity regulations, particularly in Europe and the United States.
Meanwhile, strong expectations for storage demand have encouraged new entrants into both the battery cell and BESS markets, while established battery manufacturers continue operating at high utilization rates.
