Hanwha Q Cells holds No.1 position in US solar module market

Hanwha Q Cells Co., a unit of South Korea’s chemicals-to-construction conglomerate Hanwha Group, secured the top position in the US residential and commercial solar module market last year.

According to global market research firm Wood Mackenzie on Wednesday, Hanwha Q Cells captured a market share of 33.7% in the US residential module market, maintaining its top spot for five consecutive years.

In particular, Hanwha Q Cells achieved the highest market share recorded since the survey began. It also held the No. 1 position in the US commercial module market with a 17.7% market share for four years in a row.

The US solar market is expected to continue its growth trajectory, driven by government support measures for renewable energy, including the Implementation of the Inflation Reduction Act.

According to the US Energy Information Administration (EIA), the US residential solar installations last year increased by approximately 40% to about 6 gigawatts compared to the previous year. The EIA forecasts that 54% of all newly installed power generation capacity in the US this year will be solar power.

Moreover, Hanwha Q Cells is expected to further strengthen its position in the US market once the "Solar Hub," a solar production base currently under construction in the state of Georgia, becomes operational next year.

Solar Hub will be the first integrated solar production complex in North America, capable of producing the entire solar value chain from ingots to wafers, cells and modules in one place.

"Our company's success in becoming the preferred choice of customers in key markets is a testament to our exceptional quality and strong brand value," CEO of Hanwha Q Cells Lee Koo-Yung said .He expressed confidence in maintaining Hanwha Q Cells' unrivaled position in major US solar markets even after the full operation of Solar Hub.

Write to Hyung-Kyu Kim at khk@hankyung.com