Tesla, an EV and BESS firm, has taken the top spot from inverter and BES company Sungrow, while CRRC, Fluence and HyperStrong are all based in China. Six of the global top ten providers are China-based. Wood Mackenzie’s research revealed that the global BESS integrator market is becoming increasingly competitive, particularly in China, resulting in declining market concentration. The research also revealed that North America and Europe’s regional energy storage markets have become more consolidated by the top three providers. In Europe, power solutions firm Nidec, Tesla and BYD increased their market share from around 54% in 2022 to 68% in 2023. In the US, Tesla, Sungrow and Fluence remained market leaders and increased their share to 72% compared to 60%.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
