South Korean Energy Firm Leads Germany's Solar Module Market

Source: Streetwise Reports   02/17/2019

The company intends to continue capturing market share throughout Europe.

Hanwha Q CELLS Co. Ltd. (HQCL:NASDAQ) announced in a news release it moved into the lead spot of having the greatest share of Germany’s solar module market in 2018, according to EuPD Research. South Korea-based Hanwha manufactures photovoltaic panels and offers an array of related products, applications and solutions, from modules and kits to systems and sizable solar power plants.

The market share domination resulted from various efforts. One is the company targeting the premium solar market in the country, concentrating on high-efficiency modules and providing customer-oriented solutions for residences and businesses.

Another was the expansion of Hanwha’s sales network, through its Q.PARTNER program, which “provides various collaborative services such as online and offline education for solar installers and offers insightful marketing materials to partner companies,” the release noted. In Germany, 640 companies have joined the program.

Marketing during high-profile sporting events has helped Hanwha become a known brand to Europeans. For instance, the company is a sponsor of RB Leipzig, a German Bundesliga football team.

Also, Germany is receptive to Hanwha’s products and remains focused on its planned Energiewende, or energy transition, the company noted. Accordingly, the country aims to have 65% of its power production be renewable by 2030.

“We will continue to accelerate Hanwha Q CELLS’ market penetration not just in Germany but the whole of Europe,” CEO Hee Cheul Kim said in the release.

In the United States, the company garnered top market share position in the residential solar market in Q3/18, data from Wood Mackenzie Power & Renewables, a worldwide energy consulting firm, showed.

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