Hanwha Group is on track to become the No. 1 player in the North American photovoltaic market for two consecutive years.
Hanwha Q CELLS ranked first in the U.S. residential solar market with a 14.5 percent share in 2018, beating Sunpower and LG Electronics, according to a report released by Wood McKinsey. The company widened the gap with its competitors this year. Its market share increased to 27 percent in the first quarter and 27.6 percent in the second quarter.
Much credit goes to Kim Dong-kwan, an executive director of Hanwha Q CELLS who is in charge of overseas sales.
The Solar Cell Business Division of Hanwha Chemical, the parent company of Hanwha Q CELLS, continues to make a profit. It posted 48.9 billion won in operating profit in the first quarter and 32.3 billion won in the second quarter. Industry insiders say that the Solar Cell Business Division has entered a stable growth phase by increasing its overseas business, especially in developed countries.
In addition, the global solar power industry is switching to high value-added and high-efficiency products. In the past, Chinese low-cost products flooded the market, hurting Hanwha Q CELLS which focuses on high-end products. However, as the market has recently shifted to premium products, Hanwha's competitiveness has rebounded.
Meanwhile, Hanwha Q CELLS will participate in Solar Power International 2019, the largest photovoltaic exhibition in the United States to be held in Salt Lake City for three days from Sept. 24 (local time).
Hanwha Q CELLS will showcase its Q. PEAK DUO G9 prototype which has significantly increased output compared to existing products in consideration of customer preference for high-power products. While current modules consist of 120 cells and 144 cells, the Cupid Duo G9 consists of 132 cells and 156 cells so it can provide a high output of up to 455 Wp.
Also on exhibit will be the Cupid Duo G6 Plus Series released in the United States with an extended warranty of 25 years, more than double the ordinary warranty of 12 years.