Hanwha’s share in the market stood at 11.5 percent, up 4.3 percent from 2017. It is followed by two German firms, Heckert Solar and IBC Solar, which had 8.2 percent and 7 percent share each.
|Hanwha Q Cell|
Its major products in the module area are Q.HOME, a household energy storage solution that comprises modules, inverters and batteries, as well as Q.FLAT, a commercial solar power installation solution.
Despite the US and China being the two biggest markets for Hanwha, the Korean firm is moving to diversify its destinations as the trade conflicts between the world’s two largest economies are weighing on the solar power business.
Washington’s tariff increase on imported solar power products and Beijing’s cutting incentives resulted in falling demand and an oversupply in the global market.
“We will step up efforts to advance into the European premium market with our leading-edge technologies and products,” said Hanwha Q Cells CEO Kim Hee-cheul.
In August of last year, Hanwha Group announced the investment of 9 trillion won (8 billion) by 2022 for its solar power business, including expansion of facilities and plants of Hanwha Q Cells and Hanwha Energy.
By Shin Ji-hye (email@example.com)