Global BESS landscape became less consolidated in 2023, Tesla takes top spot

LinkedIn
Twitter
Reddit
Facebook
Email
Wood Mackenzie’s leaderboard.

Research firm Wood Mackenzie has released its latest global battery energy storage system BESS integrator report, for 2023, showing the market became more competitive with a smaller share by the top five.

The market share of the top five providers has fallen from 62% in 2022 to 47% in 2023, reflecting a trend of more companies entering the space at scale, particularly from China, which the firm noted in its report last year.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

EV and BESS firm Tesla has taken the top spot from inverter and BESS company Sungrow, as shown in the left of the infographic above, while the third-largest is power and industrial solutions firm CRRC, followed by pure-play BESS integrators Fluence and HyperStrong. Sungrow, CRRC and HyperStrong are based in China while Tesla and Fluence are US-headquartered. Six of the global top ten providers are China-based.

Wood Mackenzie’s Kevin Shang, principal research analyst, energy storage technology and supply chain, said: “The global BESS integrator market is becoming increasingly competitive, especially in China, resulting in declining market concentration. As a sector with a relatively low entry barrier, the BESS integrator industry has attracted a significant number of new players.”

The firm’s data includes both grid-scale and commercial & industrial (C&I) projects. Energy-Storage.news has reported extensively on the falling price of BESS because of increased competition.

However, Wood Mackenzie’s research showed that the regional energy storage markets of North America and Europe have actually become more, not less consolidated by the top three providers. In Europe, power solutions firm Nidec, Tesla and BYD – Tesla’s biggest competitor, also China-based – increased their market share, from around 54% in 2022 to 68% in 2023.

The same trend was noted in the US, with Tesla, Sungrow and Fluence remaining market leaders and increasing their share to 72% compared to 60% in 2022.

Wood Mackenzie also said Chinese companies strengthened their position in the Asia Pacific market although didn’t provide numbers in its press release.

“Tesla has the energy storage industry’s most vertically integrated supply chain, from manufacturing hardware to providing energy storage solutions. This enables Tesla to deliver continued improvements and new features to clients quickly and helps customers maintain storage assets for their entire lifespan,” Shang added.

“Importantly, established companies have also been bolstering their competitiveness in terms of price, performance of products and solutions across all regions.”

While the BESS landscape is becoming more competitive, providers are increasingly converging on the same, 20-foot 5MWh-plus form factor as the standard product, as covered in a recent article (Premium access).

11 November 2025
San Diego, USA
The 2024 Summit included innovative new features including a ‘Crash Course in Battery Asset Management’, Ask-Me-Anything formats and debate-style sessions. You can expect to meet and network with all the key industry players again in 2025 from major US asset owners, operators, RTOs and ISOs, optimizers, software and analytics providers, technical consultancies, O&M technology providers and more.
24 February 2026
InterContinental London - The O2, London, UK
This isn’t just another summit – it’s our biggest and most exhilarating Summit yet! Picture this: immersive workshop spaces where ideas come to life, dedicated industry working groups igniting innovation, live podcasts sparking lively discussions, hard-hitting keynotes that will leave you inspired, and an abundance of networking opportunities that will take your connections to new heights!

Read Next

July 9, 2025
A news roundup focusing on TerraFlow’s recent partnership with Storion, JinkoSolar’s deployment of distributed systems in Massachusetts and a credit facility for Lightshift.
July 9, 2025
Neoen Australia has increased the size of the BESS co-located at the 440MWp Culcairn solar PV power plant in New South Wales.
July 9, 2025
Australian renewables developer Edify Energy has submitted plans for a 2,400MWh solar-plus-storage project to Australia’s Environment Protection and Biodiversity Conservation (EPBC) Act.
July 8, 2025
Developer and independent power producer (IPP) Recurrent Energy, subsidiary of Canadian Solar, announced commercial operation of its 1,200MWh Papago Storage facility in Maricopa County, Arizona.
July 8, 2025
Developer Merus Power has delivered and commissioned a 38MW/43MWh battery energy storage system (BESS) in Lappeenranta, Finland.

Most Popular

Email Newsletter