S&P Global Commodity Insights released the list of Tier 1 companies in cleantech, which includes 14 suppliers of photovoltaic modules, 12 of photovoltaic inverters, nine of wind turbines and 12 of battery energy storage systems (BESS).
S&P Global 2025 Tier 1 Modules
S&P Global 2025 Tier 1 Inverters
S&P Global 2025 Tier 1 Energy Storage Systems
S&P Global 2025 Tier 1 Turbines
According to S&P Global, a Tier 1 company is one that meets rigorous criteria across several dimensions, such as market presence, financial health, and sustainability, within a specific product category. The classification is not a ranking, but rather a list of qualified suppliers, organized alphabetically.
The Tier 1 designation serves as a seal of trust in a competitive and saturated market, helping buyers and developers identify solid and reliable partners, especially at a time of heightened demand for financial stability, traceability, and sustainable performance.
The report highlights that the cleantech sector has been crucial to the global energy transition, with billion-dollar investments that have boosted production and technological innovation.
However, the study points out that the rapid growth in manufacturing capacity over the past two years has outpaced market demand, causing sharp price declines in 2023 and 2024. This imbalance, according to S&P Global, has put pressure on the financial health of manufacturers, who face increasingly tight margins and intense competition.
According to the consultancy, the situation is aggravated by trade restrictions, especially for Chinese companies, and by the growing demand from investors and regulators for sustainable practices and greater transparency in the production chain.
"Companies need to demonstrate responsible sourcing of materials and sustainable performance to maintain their relevance in the market," says Edurne Zoco, an analyst at S&P Global.
The Tier 1 classification, created by S&P Global, identifies suppliers that meet rigorous criteria for market presence, financial health, and sustainability. This distinction is crucial for project developers and buyers seeking reliable partners in a sector characterized by volatility and regulatory demands.
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