09 September 2025 | 00:40 UTC

2025 Tier 1 cleantech companies: Balancing growth, headwinds and sustainability goals

14 photovoltaic module suppliers, 12 PV inverters, 9 wind turbine suppliers and 12 BESS suppliers recognized in the inaugural S&P Global Commodity Insights Tier 1 Cleantech Company list.

The cleantech supply chain has been a cornerstone of the energy transition for nearly two decades. Through proactive, multi-billion-dollar investments, the industry has scaled manufacturing, reduced costs, and driven technological innovation -- bringing renewables and battery storage to the forefront of global energy strategies.

However, the exponential surge in global demand for renewables has turned the manufacturing of key components -- such as solar photovoltaic, onshore wind and battery energy storage systems -- into an increasingly crowded and competitive space. Attracted by the long-term promise of renewables leading global capacity additions through 2050, numerous new players have entered the market. As a result, over the past two years, the rapid expansion of cleantech manufacturing capacity has outpaced actual market demand. This imbalance has triggered sharp price declines in 2023 and 2024, placing significant pressure on manufacturers’ financial performance and balance sheets.

Today’s cleantech supply chains are navigating a complex environment shaped by oversupply, shrinking margins, and tightening trade restrictions -- particularly for Chinese manufacturers. At the same time, there is growing pressure from regulators, investors and customers to improve sustainability and traceability across the value chain. Companies are increasingly expected to demonstrate responsible sourcing, transparent operations and measurable corporate sustainability performance. These combined pressures are likely to persist through 2030, as the industry evolves toward a more diversified, resilient and sustainability-focused phase.

S&P Global Commodity Insights leverages its extensive history and deep expertise in cleantech supply chain market intelligence to deliver unparalleled insights through our Tier 1 company assessment. This comprehensive evaluation empowers industry players to navigate the top supplier landscape with confidence, identifying companies meeting Tier 1 criteria, including corporate sustainability.

What ‘Tier 1’ really means and why it matters now more than ever

In a market flooded with supplier rankings and fragmented scoring systems, S&P Global Commodity Insights introduces a new standard -- the Tier 1 Cleantech Companies recognition -- that is transparent, data-driven and built for long-term credibility.

A Tier 1 classification identifies a group of suppliers within a specific product category that meets a key threshold of criteria across multiple dimensions — market presence, financial health, sustainability and more. It is not a ranking or investment guidance.

In today’s overcrowded, and competitive market, cleantech manufacturers must differentiate themselves to win contracts, while project developers seek reliable, reputable partners. The Tier 1 designation helps both sides of the market make informed decisions by spotlighting suppliers that surpass a threshold of rigorous, relevant criteria.

This classification is especially timely as the industry faces heightened scrutiny around financial stability, sustainability and traceability.

S&P Global Commodity Insights' 2025 Tier 1 Cleantech Companies

Editor:

Barbara Caluag

S&P Global Commodity Insights' Tier 1 Methodology: What Sets It Apart

Unlike previous rankings or classifications that often rely on narrow metrics or undisclosed methodologies, this Tier 1 classification is a recognition that the company has met or surpassed rigorous, objective and clear criteria. It is designed to help cleantech manufacturers stand out in a crowded field, and to support developers and offtakers in identifying reliable partners.

The 2025 Tier 1 assessment evaluated global manufacturers across four core cleantech components: PV modules, inverters, wind turbines and BESS. 

As part of the Tier 1 Cleantech Companies 2025 selection process, we first identified the top 30 companies for each of the four technology categories, based on the largest shipments or installations globally in the previous year. Each company was then assessed across six key dimensions to ensure a comprehensive and balanced evaluation:

  • Market Presence and Share – capturing the company’s footprint and influence in global markets.
  • Total Capacity and Global Diversification – evaluating operational scale and geographic spread.
  • Financial Performance – assessing stability, profitability, and resilience.
  • Sustainability Metrics – powered by S&P Global's Corporate Sustainability Assessment.

To be classified as Tier 1, a company must exceed the minimum threshold in a majority of the dimensions. This dual approach -- using both absolute performance and relative positioning against industry averages -- ensures that the classification reflects both rigor and consistency.

Commodity Insights’ approach is built on four key pillars:

  • Annual Cadence: Unlike other systems that reshuffle rankings quarterly, this classification is updated annually. This reduces volatility and gives suppliers and buyers a stable reference point for planning and procurement.
  • Public Transparency: For the first time, the Tier 1 list will be publicly available, offering visibility and recognition to top-performing suppliers.
  • Comprehensive Scope: The inaugural 2025 launch includes four major cleantech components.
  • Credibility and Rigor: The methodology is grounded in proprietary data from the Energy Transition and Sustainability Group and Sustainable1 groups within Commodity Insights, ensuring that the classification reflects real-world performance and sustainability leadership.

A Framework Including Sustainability

This is the first supplier classification in the cleantech industry to embed sustainability as one of the key criteria. The Corporate Sustainability Assessment evaluates evaluates how companies manage sustainability risks and opportunities relative to peers within the same industry sector. It draws from company disclosures, stakeholder feedback, media analysis, and direct engagement through the CSA.

This is especially relevant as the industry faces growing pressure -- from regulators, investors, and customers -- to ensure traceability, transparency, and accountability across supply chains. With Europe and other regions tightening sustainability requirements, this methodology is not just innovative -- it is essential.

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