Hanwha Q Cells No. 1 in US solar power market

South Korean solar panel maker Hanwha Q Cells topped both residential and commercial solar power module markets in the US last year, industry data showed Sunday.

Hanwha Q Cells controlled 25.2 and 13.3 percent of each sector last year, up 11.1 and 5 percentage points on-year, respectively, becoming the first solar power module manufacturer to top both markets since 2013, according to data compiled by energy consulting firm Wood Mackenzie.

“With unrivaled technology and quality, Hanwha Q Cells will march forward to increase its foothold in the premium US solar power market,” Hanwha Q Cells CEO Kim Hee-cheul said.

The US residential solar power market grew 15 percent on-year by adding 2.8 gigawatts of capacity last year. Also, an extra demand of 1 gigawatt is expected in California alone by 2024 as the state government requires newly built houses to be equipped with solar panels starting this year. Meanwhile, the US commercial solar power market added 2 gigawatts of capacity last year.

By Kim Byung-wook (kbw@heraldcorp.com)