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Terawatt PV Research’s first quarterly U.S. solar manufacturing report rates 22 companies in a pyramid based on production and manufacturing capital expenditure. First Solar is the sole AAA-rated company, and the 22 firms collectively account for more than 95% of U.S. production output and manufacturing capex, according to the report.
Terawatt PV Research has included 22 U.S. solar photovoltaic manufacturers in the first edition of its domestic Ratings Pyramid, a ranking based on reported production and manufacturing capital expenditure. The Q3 2026 assessment names First Solar as the only AAA-rated company and says the companies covered together represent more than 95% of U.S. production output and manufacturing capex.
The ratings appear in the inaugural Solar Manufacturing USA Quarterly, a market research report focused exclusively on U.S. solar manufacturing. Terawatt PV Research released it around the Solar Manufacturing USA 2026 event in Austin, Texas, held September 22–23. The analysis examines companies across production, capex, technology, global activities and ownership, and U.S.-specific strategy.
The report says six companies are rated A or higher. The AAA, AA and A categories generally include companies producing at more than one stage of the value chain, or in the final stages of capex spending. B- and C-rated companies are typically active in one part of the silicon-based chain. The report identifies ES Foundry and Suniva as cell manufacturers and SEG Solar, Illuminate and Waaree Energies as module makers; it does not provide their individual grades in the supplied material.
Terawatt says the 22 companies collectively account for more than 95% of U.S. production output and manufacturing capex, which it describes as validation of its data collection and benchmarking. The source material does not specify the underlying output totals, capex amounts, or the precise period used to calculate that coverage.
Why Production and Capex Shape the Ratings
The assessment places actual manufacturing output and capital spending at the center of a debate that often relies on announced factory capacity or investment plans. Terawatt argues those announcements can overstate what the industry is producing or spending, particularly when planned projects and early factory ramps are counted alongside established operations.
That distinction matters for readers tracking the scale and competitiveness of U.S. solar manufacturing. A facility’s stated capacity does not show how much product it is making, while investment goals may not match spending already committed to buildings, equipment and technology. Production and capex can also help indicate how fixed manufacturing costs, ramp-up expenses and financing affect a company’s resilience when selling prices change.
The ratings are a research framework, rather than a direct measure of each company’s financial health or future success. The supplied report summary does not include company-level figures or explain how the letter grades map to specific production and capex thresholds, limiting readers’ ability to compare individual firms from the pyramid alone.
From Capacity Announcements to Output
Solar manufacturing announcements commonly cite planned factory capacity, but capacity and production are different measures. A new facility may take time to hire workers, stabilize production and improve yields. Terawatt says an effective ramped-capacity figure can help describe a factory’s potential, but argues that production at operating sites is the more useful measure for tracking and forecasting industry output.
The report applies similar scrutiny to investment announcements. It defines manufacturing capex as spending to acquire, upgrade and maintain physical assets, including factory equipment and technology. Terawatt argues that this measure gives a more grounded view of investment than promotional targets, which may include proposed expansions or estimates of broader local economic benefits.
Production and capex capture different parts of the business. Output affects potential revenue, while capex shapes depreciation, financing needs and cash use. The report says their relationship can help analysts understand manufacturers’ operating leverage and exposure to price changes. The source material does not supply the full rating methodology or the company-by-company evidence used for the Q3 classifications.
““Market research is about tracking production, not capacity.””
— Terawatt PV Research
Details Behind the Company Grades
The supplied report material does not list all 22 companies, show each company’s grade, or provide the production and capex figures behind the rankings. It also does not spell out the rating thresholds or the precise measurement window for the claim that the group accounts for more than 95% of U.S. output and capex. Those details are needed to independently compare the ratings or assess how the pyramid may change over time.
The report describes the ratings as a snapshot for Q3 2026. It remains unclear from the available material how Terawatt treats companies with incomplete production data, recently commissioned factories, or planned spending that has not yet become capex. The supplied excerpt also ends before completing its discussion of technology changes and their effect on manufacturers.
Quarterly Ratings and Further Data
The report is intended to provide quarterly coverage of U.S. solar manufacturing, making later editions the next opportunity to see whether company grades, production and capex assessments change. The source material does not state a publication date for the next report or describe a schedule for releasing company-level data.
Readers assessing the current pyramid can look for the full report’s methodology and supporting figures, including how production is measured, which capex counts, and how each rating threshold is set. Without those details, the present findings establish the size and broad structure of the initial assessment, while leaving the basis for individual company comparisons open.
Key Questions
What did Terawatt PV Research release?
It released the inaugural Solar Manufacturing USA Quarterly, a report focused on domestic U.S. solar manufacturing that includes a ratings pyramid for Q3 2026.
How many manufacturers are in the pyramid?
The Q3 2026 ratings pyramid includes 22 U.S. solar PV manufacturers. Terawatt says the group represents more than 95% of U.S. production output and manufacturing capex.
Which company received the top rating?
First Solar is the only AAA-rated company in the pyramid, according to the report. Six companies are rated A or higher, but the supplied material does not name all six.
What measures determine the ratings?
The new methodology is based on production volumes and manufacturing capital expenditure. The report also analyzes technology, global activities and ownership, and U.S.-specific strategy. The available source material does not give the exact grade thresholds.
Why does the report emphasize production over capacity?
Capacity indicates potential output, while production measures what factories make. Terawatt argues that announced capacity can be misleading when facilities are still ramping up, so it prioritizes operating output and actual manufacturing capex in its industry assessment.
Source: rss
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