Wood Mackenzie’s Analysis: Tesla, LG, And Enphase Lead Amid Growing Competition In US Distributed Solar-Plus-Storage Market

As the residential solar-plus-storage market expands, Wood Mackenzie’s latest analysis reveals increased competition among battery vendors, with new manufacturers gaining market share. In Q3 2023, 11% of residential solar and 5% of non-residential solar installations included storage. The newly launched US Distributed Solar-plus-storage Leaderboard by Wood Mackenzie provides rankings and market shares for solar-plus-storage installers and battery manufacturers in the US distributed solar-plus-storage industry.

Tesla, LG, and Enphase remain dominant, capturing 80% of the cumulative market from 2018 through Q3 2023. Despite their continued dominance, these giants face growing pressure from new entrants such as SunPower, Generac, and SolarEdge. FranklinWH, a newcomer, secured the eighth spot among manufacturers nationally within two years of launching its first storage project.

In the residential solar-plus-storage installer market, the top five players hold 59% of the market, emphasizing consolidation. Tesla leads the rankings with a 30.2% market share in 2023 through Q3, followed by Sunrun at 20.5% and SunPower at 4.6%. The residential solar installer landscape, in contrast, is less consolidated, with the top five players holding just 24% of the market.

While commercial solar-plus-storage is limited to select markets with direct storage incentives, Borrego leads with a 20% market share, primarily driven by installations in California and Massachusetts. Nexamp and American Renewables Construction follow with market shares of 7% and 6.8%, respectively, focusing on installations in Massachusetts, New York, and California.