Korea’s Hanwha Q CELLS tops solar module markets in U.S.

Hanwha Q CELLS Co.’s solar module factory in Dalton, Georgia, U.S. [Photo provided by Hanwha Q CELLS]

Hanwha Q CELLS Co., a solar module-making unit of South Korea’s chemicals-to-construction conglomerate Hanwha Group, achieved its highest-ever market share in the U.S. residential and commercial solar module markets in the first quarter of this year.

Citing data from market research firm Wood Mackenzie, Hanwha Q CELLS announced on Monday that it recorded a market share of 35 percent in the U.S. residential solar module market and 35.3 percent in the commercial module market in the first quarter of this year. The company has maintained its position as the top player in the residential market for 19 consecutive quarters and in the commercial market for 14 consecutive quarters.

Hanwha Q CELLS is the dominant player in the residential solar module market for home use and the commercial market for commercial rooftops. Its 35% share is the highest since Wood Mackenzie began tracking the market in 2013.

The U.S. solar market is growing rapidly due to the enactment of the Inflation Reduction Act (IRA), which fosters the green industry. According to Wood Mackenzie, the U.S. residential module market grew about 30 percent year-on-year, and the commercial module market also showed growth in the 10 percent range.

Hanwha Q CELLS is investing more than 3 trillion won ($2.29 billion) to enhance its local production capacity to tap into the rapidly growing U.S. solar market. Hanwha Q CELLS currently operates a solar module factory in Dalton, Georgia, with a second plant under construction.