Wood Mackenzie
Wood Mackenzie, also known as WoodMac, is a global research and consultancy group supplying data, written analysis, and consultancy advice to the energy, chemicals, renewables, metals, and mining industries.

Massachusetts — As the residential solar-plus-storage market continues to grow, competition has increased amongst battery vendors, with new manufacturers gaining market share in recent years, according to a new analysis from Wood Mackenzie.

In Q3 2023, 11% of residential solar and 5% of non-residential solar installations were paired with storage. To track this competitive landscape, Wood Mackenzie has launched the US Distributed Solar-plus-storage Leaderboard. This new quarterly data product provides rankings and market shares for solar-plus-storage installers and battery manufacturers in the US distributed solar-plus-storage industry.

According to the report, Tesla, LG and Enphase remain the most popular battery vendors, holding 80% of the cumulative market from 2018 through Q3 2023.

“These companies continue to dominate the market; however, they have recently come under pressure from new entrants,” said Max Issokson, a research analyst at Wood Mackenzie and author of the new report. “Whereas Tesla and LG products were installed on 96% of residential solar-plus-storage projects in 2018, they made up 65% of installations in 2023 through Q3.”

Energy equipment companies such as SunPower, Generac, and SolarEdge have entered the market and carved out spots amongst the top seven manufacturers. FranklinWH, less than two years after launching their first storage project, ranks eighth among manufacturers nationally.

Residential solar-plus-storage installer market remains consolidated

“Compared to the residential solar installer landscape, the residential solar-plus-storage installer market is far more consolidated,” said Issokson. “The top five players in the residential solar-plus-storage ranking hold 59% of the market, while the top five players in the residential solar market hold just 24%.”

Tesla claims the top spot in the residential solar-plus-storage rankings with a market share of 30.2% in 2023 through Q3, followed by Sunrun at 20.5% and SunPower at 4.6%.

“These leaders have invested in storage for years, either in their own products or through relationships with vendors,” said Issokson. “But we have also seen smaller installers build expertise in installing and selling storage. As favorable solar-plus-storage policies grow, there’s much potential for regional installers to develop storage expertise and gain market share.”

The commercial solar-plus-storage landscape remains limited to a few key markets

Commercial solar-plus-storage remains limited to a few key markets with direct storage incentives. New York, Massachusetts, and California have accounted for 60% of installed non-residential solar-plus-storage capacity nationwide since 2018.

Borrego leads with 20% market share, driven by strong installations in California and Massachusetts. Nexamp follows with a market share of 7%, fueled by its installations in Massachusetts and New York, and American Renewables Construction comes in third with a market share of 6.8% from projects in Massachusetts.

Canada Greener Homes Grant program ending. What now? With Guest Bobby MacCannell, CEO of Brightworks Energy On THE CONVO

Previous article

Republicans raise concerns about Sunnova’s business practices and its involvement in a $3 billion DOE solar loan agreement

Next article

You may also like


Leave a reply