Hanwha Q CELLS Maintains No.1 Position in Major US Solar Module Market

Maintaining 1st Place in Occupancy Rate for 5 Consecutive Years in Residential and 4 Years in Commercial Use

Hanwha Solutions Q CELLS Division (Hanwha Q CELLS) maintained its No. 1 market share in the U.S. residential and commercial solar module markets last year.

Global market research firm Wood Mackenzie announced on the 10th that Hanwha Q CELLS recorded a 33.7% market share in the U.S. residential module market last year, securing the top position for five consecutive years. The 33.7% market share Hanwha Q CELLS achieved in the residential market is the highest since the survey began in 2013. Hanwha Q CELLS also maintained the No. 1 position for four consecutive years in the commercial module market with a 17.7% market share.

Hanwha Q CELLS Dalton Plant, Georgia, USA. Photo by Hanwha Q CELLS

Thanks to the U.S. government's renewable energy support policies, the rapidly growing U.S. solar market is expected to continue its growth trend. The United States has been implementing the Inflation Reduction Act (IRA) since last year, investing approximately $430 billion (about 567 trillion KRW) to foster domestic eco-friendly industries and significantly increase renewable energy. According to the U.S. Energy Information Administration (EIA), the newly installed residential solar capacity in the U.S., where Hanwha Q CELLS recorded an overwhelming market share last year, increased by about 40% year-on-year to approximately 6 GW. Additionally, the EIA expects that 54% of all new power generation facilities installed in the U.S. this year will be solar power facilities.

Hanwha Q CELLS' leading sales position in the U.S. solar market for several consecutive years was largely driven by its flagship product line, the 'Q.PEAK DUO' series. Among the series, the latest product, Q.PEAK DUO G11S, maximizes output by using large wafers, achieving a maximum output of 605 Wp (Watt-peak). Hanwha Q CELLS also sold the 'Q.PEAK DUO Black' module, made in an 'All-Black' design, in the U.S., receiving positive responses from residential consumers who value aesthetics.

Based on high customer satisfaction and brand power, Hanwha Q CELLS has received favorable evaluations for several years at major global awards. Hanwha Q CELLS was selected as a 'Top Solar Brand' by the global market research institute EUPD for nine consecutive years in Europe and seven consecutive years in Australia until last year. In the U.S., it was chosen as the inaugural winner when the award was first presented last year. In Germany, recognized as a leader in renewable energy, Hanwha Q CELLS ranked first for three consecutive years until last year in the solar category of the 'Consumer Goods Award,' which is directly evaluated and awarded by German consumers. Recently, it received the main prize in the brand category at the prestigious 'iF Design Award 2023' in recognition of its brand communication capabilities.

Meanwhile, once the 'Solar Hub,' a solar production base currently being built in Georgia, U.S., begins operation in 2024, Hanwha Q CELLS' status in the U.S. market is expected to rise further. The Solar Hub is the first integrated solar production complex in North America capable of producing the entire solar value chain?from ingots, wafers, and cells to modules?in one location. Solar products produced here will be eligible for tax credit benefits from the U.S. government following the enactment of the IRA last year. Upon completion, Hanwha Q CELLS will have an annual production capacity of 3.3 GW each for ingots, wafers, and cells, and 8.4 GW for modules in the U.S. The 8.4 GW module production capacity is the largest in North America among companies manufacturing silicon cell-based modules.

CEO Lee Gu-young stated, “Despite the advances of major overseas solar competitors, Hanwha Q CELLS being chosen by the most customers in key markets is proof of its excellent quality and high brand value,” adding, “We plan to maintain our unshakable No. 1 position in the major U.S. solar markets even after the Solar Hub begins full operation in 2024.”

This content was produced with the assistance of AI translation services.