Hanwha Q Cells captures 35% of US solar module market

Hanwha Q Cells Co., a unit of South Korea’s chemicals-to-construction conglomerate Hanwha Group, retained its leading position in the US residential and commercial solar module markets in the first quarter of this year, securing over 35% market shares in both segments, the company said on Monday.

According to global energy research firm Wood Mackenzie, the company's market share in the commercial module market exceeded its previous record set in 2013, reaching 35.3%, and maintained a 35.0% share in the residential module market. This represents Hanwha Q Cells' 19th consecutive quarter leading the residential market and 14th for the commercial market.

The US continues to drive renewable energy expansion and domestic industry growth through the Inflation Reduction Act (IRA). In line with these initiatives, Hanwha Q Cells, with its manufacturing base in Dalton, Georgia, is poised to ride this wave of renewable energy commitment.

Hanwha Q Cells unveiled plans to channel more than 3 trillion won ($2.3 billion) into its Dalton and Cartersville, Georgia facilities by 2024. This investment is slated to create the Solar Hub, a comprehensive production complex covering the entire solar value chain. Upon full operation, Solar Hub will be eligible for the Advanced Manufacturing Production Tax Credit (AMPC), applicable to each stage of the production process, from ingot and wafer creation to cell and module assembly.

"With the global trade environment and energy policies rapidly shifting toward low-carbon energy, renewable energy demand is also surging," CEO of Hanwha Q Cells Lee Koo-Yung said. "Leveraging our global production facilities, sales networks, and research and development centers, including those in the US, Hanwha Q Cells is poised to actively meet the burgeoning solar demand and bolster our global market standing."

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