Hanwha Q Cells retains No. 1 spot in US solar panel market

Korean solar energy company Hanwha Q Cells said Wednesday it secured the top position in the US solar module market both for residential and commercial uses last year.

The company took up 33.7 percent of the residential module market, cementing its No. 1 ranking for five consecutive years, according to market tracker Wood Mackenzie. Its share in the commercial module market was 17.7 percent, topping the list for four years in a row.

Hanwha Q Cells' flagship solar panel series, "Q.peak Duo," saw the highest sales in the US solar panel market for the past several years, according to the firm.

A firm under defense-to-energy conglomerate Hanwha Group, Hanwha Q Cells offered an upbeat outlook for the renewable energy industry, as the US government is boosting incentives for the sector through the Inflation Reduction Act.

In the past year alone, home solar panel installations -- Hanwha’s main target area -- surged almost 40 percent in the US from 2021, according to the US Energy Information Administration.

The company plans to further strengthen its position in the US market once "Solar Hub," a solar production base 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," Hanwha Q Cells CEO Lee Koo-yung said in a statement.