Press Release Clean Energy & Ocean Solutions

Hanwha Qcells Holds No. 1 Market Share, Surpasses 35 Percent in U.S. Residential and Commercial Solar Sectors

July 12, 2023
  • Hanwha Qcells secured a 35 percent market share in the U.S. residential module market for Q1 2023, earning the No. 1 market share position for the 19th consecutive quarter.
  • The company also attained a 35.3 percent market share in the U.S. commercial solar market, holding its No. 1 spot for over four years.
Hanwha Qcells has achieved its No. 1 market share in both U.S. residential and commercial solar markets for Q1 2023.

The U.S. PV Leaderboard Report for Q1 2023 by Wood Mackenzie has positioned Hanwha Qcells in the top spot of the U.S. residential and commercial solar markets

Hanwha Solutions Qcells Division (Hanwha Qcells), a dominant provider in complete energy solutions, continues to lead the solar industry in both the U.S. residential and commercial markets, according to the Q1 2023 U.S. PV Leaderboard Report (the “Leaderboard Report”) issued by leading energy research and consultancy firm Wood Mackenzie.

According to the Leaderboard Report, Hanwha Qcells obtained a 35 percent market share in the U.S. residential solar module market for Q1 2023, marking 19 consecutive quarters occupying the No.1 position. Over one-third of U.S. households chose Hanwha Qcells panels, meaning the company has set a new record for the highest market share achieved by an individual supplier over the past ten years.

The Leaderboard Report also ranks Hanwha Qcells as the U.S. commercial market leader with a 35.3 percent market share for Q1 2023. Hanwha Qcells has held this No.1 position in the commercial segment for more than four years.

Hanwha Qcells is the only manufacturer to secure a market share of more than 35 percent in both the U.S. residential and commercial module markets.

“Hanwha Qcells stands by the quality of its products and is proud that our customers agree that we’re a reliable choice for solar,” said Hanwha Qcells CEO Justin Lee. “We are building a company that wants to go above and beyond for our customers, making it easy for them to take advantage of clean energy technology that is affordable, reliable, and sustainable.”

Hanwha Qcells is set to maintain its leading market performance in the U.S. by making a significant investment of over $2.5 billion to establish a comprehensive solar supply chain within the country. The recent announcement marks the largest investment in the history of American solar and sets Hanwha Qcells up as the only company in the U.S. to establish a fully integrated, silicon-based solar supply chain from raw material to finished panel.

Hanwha Qcells

Hanwha Qcells (Hanwha Solutions Qcells division) is one of the world’s leading clean energy companies, recognized for its established reputation as a manufacturer of high-performance, high-quality solar cells, and modules, a portfolio of intelligent storage systems, and a growing international pipeline of large-scale renewable energy projects. Hanwha Qcells also provides renewable electricity retail services and packages to end customers the world over. The company is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with its diverse international manufacturing facilities in the U.S., Malaysia, China, and South Korea. Hanwha Qcells strives to offer Completely Clean Energy through the full spectrum of photovoltaic products, storage solutions, renewable electricity contracting, and large-scale solar power plants. Through its growing global business network spanning Europe, North America, Asia, South America, Africa, and the Middle East, Hanwha Qcells provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental, and residential markets.

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Hanwha Solutions

Hanwha Solutions aims to deliver sustainable solutions for the planet through smart energy solutions and customer-focused materials. The Company operates its business through three divisions: Qcells, Chemical, and Insight. The Qcells Division offers total energy solutions from photovoltaic module manufacturing, power plant operation to electricity retailing service. Long recognized as a prominent leader in the chemicals industry, the Chemical Division is growing into a global green energy materials company with its cutting-edge solutions for eco-friendly materials. The Insight Division is providing differentiated solutions through comprehensive development and financing for projects such as cities, smart green industrial complexes, renewable energy, premium real estate and premium content. With its innovative technologies for sustainable growth, Hanwha Solutions strives to become a global leader in bringing a better future for humanity.

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Safe-Harbor Statement

This press release contains forward-looking statements. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and Qcells’ operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Except as required by law, Qcells does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.