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Hanwha Q Cells to Overtake Big 3 Chinese Solar Companies
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Hanwha Q Cells to Overtake Big 3 Chinese Solar Companies
  • By Jung Min-hee
  • July 2, 2015, 05:30
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Hanwha SolarOne solar panels installed on the roof of a farm building in France.
Hanwha SolarOne solar panels installed on the roof of a farm building in France.

 

According to industry sources on July 1, Hanwha Q Cells is expected to complete its solar cell and module factories this year and become number one in the global solar module sector as early as next year.

The company already ranks first in the solar cell sector by output, but fourth in the solar module market. Once Hanwha Q Cells becomes number one in the solar module sector as well, it will overtake Chinese companies, which currently rank first through third in the global market including Trina Solar, Yingli Solar, and Canadian Solar.

Considering the fact that the current leader, Trina Solar, aims to produce 4.8GW of solar modules this year, Hanwha Q Cells is expected to increase its module production to around 5GW.

The company said, “It is not difficult to become the leader in the solar module sector as well.” As of early next year, Hanwha Q Cells will manufacture about 3GW of solar modules itself, but it can become number one in the solar module sector in a short period of time depending on how much it will increase its output through OEMs, said a company official. Hanwha Q Cells currently produces solar modules through its global outsourcing arrangements, including Poland.

Industry sources say that it is possible that Hanwha Q Cells will build additional solar module factories in a bid to keep up with rapidly-rising market demand. The company currently produces solar modules in its factories such as Eumseong of North Chungcheong Province, China, and  Malaysia. Hanwha Q Cells announced the increase plan in May to boost its output to 500MW in the Eumseong plant. Also, the company signed an agreement with NextEra Energy Resources of the U.S. in April to provide 1.5 GW of solar modules, which is the largest single contract in the solar industry to date.