[Irvine, United States, April 27, 2020] Qcells, a renowned total energy solutions provider in solar cell and module, energy storage, downstream project business and energy retail, announced today the achievement of earning top market share in the U.S. residential and commercial solar module markets, once more affirming its strong leadership in the industry.
According to the Q1 2020 U.S. PV Leaderboard report by leading energy research and consultancy firm Wood Mackenzie Power & Renewables, Qcells nearly doubled its market share in the U.S. residential market in 2019 to 25.2%, a marked increase from the 14.1% market share in the previous year. The Leaderboard report also ranked Qcells as the U.S. commercial market leader with 13.3% market share --- a performance that confirmed Qcells as an unrivaled module manufacturer in the distributed generation market segment.
It is the first time for Qcells to attain No.1 market share in both the U.S. residential and commercial segments. Qcells became the first module manufacturer in PV Leaderboard history to have over 25% market share in the U.S. residential market. In addition, Qcells also managed to break a quarterly commercial market share record with 23.019% in Q4 2019.
The U.S. is recognized as one of the most important solar markets in the world. Its growth is due to a range of factors, including favorable policies such as the Investment Tax Credit (ITC) and Renewable Portfolio Standards (RPS) set by states, underpinned by increasingly affordable solar prices and a growing awareness of the environmental and economic value of solar energy. This year, the U.S. solar market is expected to reclaim its position as the second-largest solar market with around 14.9 GW of new-build capacity, overtaking India, according to BloombergNEF.
Commitment to quality driving Qcells growth
Qcells continues its effort to meet customer needs with the c-quality range of solar modules. primary products in the U.S., the Q.PEAK DUO BLK-G6+ solar module, provides customers with a maximum output of 345 Wp and a 25-year product and performance warranty. It provides long-term reliability with one of the lowest degradation rates in the industry, which guarantees 85% of its initial performance after 25 years. Furthermore, its all-black facade offers optimal aesthetic appeal for residential and commercial rooftops.
Qcells began production at its new Dalton facility in Georgia in February 2019 in efforts to provide customers with American products. The factory is the largest single solar module manufacturing facilityin the Western Hemisphere with 1.7 GW of module production capacity. Since inauguration-edge technology, engineered in Germany, has been further developed in the U.S.
Hee Cheul (Charles) Kim, CEO of Qcells, said:" It is inarguable that the U.S. is and will always be one of the most important markets for most solar companies, including Qcells. Achieving No.1 market share in the U.S. residential and commercial segments is clear evidence competitiveness, ambition and ability to consistently deliver customer satisfaction. Qcells will continuously make every effort possible to provide customers with top quality products and services in the U.S. to further strengthen our market leadership."
Qcells is a renowned total energy solutions provider in solar cell and module, energy storage, downstream project business and energy retail. It 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. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East, Qcells provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets. For more information, visit: www.q-cells.com.
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 -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.