- Wood Mackenzie’s US PV Leaderboard places Sunrun on top spot with its residential market share of 13%; it is also the leading TPO market financier
- Tesla has been pushed out of top 3 with the company’s business strategy of hiring subcontractors
- Freedom Forever grows its clout as it entered 12 new markets in 2021, emerging as a competition for Titan Solar Power in 2022
- Hanwha was the leading module supplier to both residential and commercial segments
US market research firm Wood Mackenzie sees residential solar installer Sunrun as the top installer in this space for the 5th consecutive year with 13% market share, and says even though its market share slips, the company maintains a comfortable lead over competitors.
The US PV Leaderboard for 2021, part of Wood Mackenzie’s US Distributed Solar Service, puts Titan Solar Power on the 2nd spot, followed by Freedom Forever on the 3rd. It is Freedom Forever that with its 3.9% market share shifted out Tesla from the top 3 on the rankings to spot 4.
Expect Tesla to continue slipping further on the list as it increasingly opts for subcontractors for installation services, in keeping with its business model. Freedom Forever instead pushed up its installation volumes by 80% in 2021 and entered 12 new markets, emerging as a potential competitor for Titan Solar Power in 2022 as they follow similar business models of relying on 3rd party sales companies and compete for sales volumes.
“Outsourcing sales to third-party companies – a customer acquisition strategy also used by Sunrun – continues to be a popular tactic for top installers looking to create efficiencies as they expand their geographic footprints,” opine analysts.
SunPower that acquired Blue Raven in October 2021 sits pretty on 5th spot, and heading into 2022 the company holds 2.7% market share, right above Momentum Solar with 2.2% market share and Trinity Solar Power with 2% on 6th and 7th positions, respectively (see Blue Raven Acquired By SunPower In US).
Among other findings of the report, analysts say commercial installer Borrego broke 10% of total market share for 2nd year in a row. Enphase came back up on 1st position among residential inverter suppliers in Q4/2021, beating SolarEdge even as both the companies control more than 90% market share in the US for 2nd year in a row.
Hanwha Q Cells was the top residential module supplier for the 4th consecutive year, and top commercial module supplier for 3rd consecutive year.
Top 5 largest players, led by GoodLeap, financed over 70% of the residential market in 2021, up from 60% in the previous year. Sunrun was the leading 3rd party owned (TPO) market financier.
“While TPO capacity volumes grew in 2021, loan volumes continue to dominate new growth and now represent over 60% of the market. We expect this trend to become the norm over the next couple years before the investment tax credit expires for customer-owned systems in 2023,” according to the analysts. “Market consolidation ramps up competition between financiers, driving down interest rates and dealer fees.”