Successful Solar Hanwha Q CELLS Surpasses 35% Market Share in Major US Markets

19 Consecutive Quarters No.1 for Residential, 14 Quarters for Commercial
Commercial Modules Achieve Record High Market Share in 10 Years

Hanwha Solutions Q CELLS division recorded the highest market share ever again in the major U.S. solar module market in the first quarter of this year.

According to a survey by global energy research firm Wood Mackenzie, Hanwha Q CELLS achieved a 35.0% market share in the U.S. residential module market and a 35.3% share in the commercial module market in the first quarter of 2023. As a result, Hanwha Q CELLS has maintained the No. 1 market share position for 19 consecutive quarters in the U.S. residential market and 14 consecutive quarters in the commercial market. Hanwha Q CELLS' commercial market share this time is the highest since the survey began in 2013. Hanwha Q CELLS is the only manufacturer to record more than 35% market share in the U.S. residential module market.

Hanwha Q CELLS Dalton Plant, Georgia, USA
[Photo by Hanwha Q CELLS]

The United States has enacted the Inflation Reduction Act (IRA) and is expanding renewable energy and fostering domestic industries with a budget of about $430 billion. As a result, the U.S. solar equipment market has maintained steady growth. The size of the U.S. residential module market increased by about 30% year-on-year in the first quarter of this year. The commercial module market also showed meaningful growth with about a 10% increase year-on-year.

Hanwha Q CELLS plans to strengthen its position in the local market that prefers domestic products by selling high-quality products produced in the U.S. Hanwha Q CELLS produces and sells high-efficiency modules at its solar module factory in Dalton, Georgia, and plans to invest more than 3 trillion won by next year in Dalton and Cartersville, Georgia, to build a complex production complex called the ‘Solar Hub’ that covers the entire solar value chain. Once the Solar Hub is operational, it is expected to increase profitability by receiving Advanced Manufacturing Production Tax Credit (AMPC) benefits applied at each stage of ingot-wafer-cell-module.

Lee Gu-young, CEO of Hanwha Q CELLS, said, “As the global trade environment and major countries’ energy policies shift toward low-carbon energy, the demand for renewable energy is rapidly growing. Hanwha Q CELLS will respond to the surging solar demand based on its global production bases, sales networks, and research and development centers, including in the U.S.”

Hanwha Q CELLS recently won the ‘2023 Solar Top Brand’ award selected by the global market research firm EUPD for 10 consecutive years in Europe and for 2 consecutive years in the U.S. In Germany, it was selected for the ‘Consumer Goods Award’ in the solar sector for four consecutive years until 2023, chosen directly by local consumers.

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