On the morning of September 12, local time, at the Sands Expo Center in Las Vegas, United States, the first day of RE+ 2023 Solar Exhibition, the most influential exhibition in the field of new energy in North America, QW SOLAR (SZ. 300716), just returning from a successful trip in Southeast Asia, once again showcased their core product, the "GIWA 5" series of high-efficiency heterojunction (HJT) module products (key parameters: 730W maximum module power, 23.50% maximum module efficiency, 25-year product warranty, and 30-year linear performance warranty) at booth 3441 on the second floor of Sands. QW SOLAR's booth design for this event fully integrates a splendid new color scheme with practical American style, combining technology, aesthetics, and customer experience, creating a remarkable debut for themselves in North America.
According to data from Mordor Market Research, the compound annual growth rate of the renewable energy market in the United States is projected to exceed 6% from 2022 to 2027. During this period, factors such as the increase in solar and wind installations, government support policies, the declining cost of solar panels, and additional subsidies for renewable energy are expected to drive the development of the renewable energy market. Additionally, the North American solar photovoltaic market is expected to grow at a compound annual growth rate of over 20% from 2020 to 2025. Factors such as improved environmental awareness, regulations, and the decreasing cost per kilowatt of solar power are expected to contribute to this market growth.
According to Solarzoom, the United States, as the world's second-largest solar market, is accelerating the deployment of photovoltaic installations. On one hand, in response to the anti-circumvention investigations against four Southeast Asian countries, the U.S. has introduced policies and proposed not to impose new tariffs on imported components within two years. On the other hand, to curb inflation, the U.S. House of Representatives voted in favor of the "2022 Inflation Reduction Act" (IRA). This bill approves an investment of $369 billion in climate change and clean energy, which will accelerate the continuous growth of the U.S. solar market.
Against the backdrop of the booming renewable energy and photovoltaic markets in the United States and globally, the RE+ 2023 Solar Exhibition (formerly known as Solar Power International or SPI), held from September 12th to September 14th, has attracted the attention of global clean energy investors. The exhibition, co-hosted by the Solar Energy Industries Association (SEIA) and the Smart Electric Power Alliance (SEPA), is not only the largest solar professional exhibition and trade show in North America but also one of the most influential international exhibitions in the solar industry worldwide. According to conference data, the previous RE+ exhibition in 2022 had a total of 814 companies from around the world participating, with over 27,000 professional visitors from 115 countries in attendance. The scale and attendance of this year's event are expected to surpass last year's, attracting numerous domestic leading battery cell and component manufacturers and brands showcasing their core products, aiming at the North American market.
The RE+ exhibition has attracted industry professionals, government representatives, investors, and media from around the world, providing a great platform for exhibiting companies to showcase their advanced technologies and innovative products. Through extensive communication and interaction with the influx of investors and professional visitors at the event, representatives from QW SOLAR have fully felt the enthusiasm coming from the heart of the Nevada desert and the tremendous demand for high-quality heterojunction products in the world's second-largest solar market.
As one of the most sought-after representatives in the global photovoltaic industry, heterojunction (HJT) technology utilizes advanced materials and process techniques, resulting in high photoelectric conversion efficiency and significant cost reduction. It demonstrates outstanding performance and has broad application prospects in the field of renewable energy, attracting considerable attention in the North American market. As a rising brand in the photovoltaic industry, QW SOLAR focuses on the research, development, and innovation of HJT technology, considering it as its core competitiveness. In February 2023, QW SOLAR took the lead in introducing the 720W high-power "GIWA 5" series of efficient heterojunction module products. These products adopt low-silver content paste and light-transmissive encapsulation technology. Continuous optimization is conducted on the cell grid lines and spectral matching, resulting in a maximum module output power of 730W and a conversion efficiency of up to 23.5%. The path of cost reduction and efficiency enhancement becomes increasingly clear.
According to statistical data from Solarzoom, the current global production capacity of HJT heterojunction cells is 26.31GW, with an additional 52.7GW of capacity in the pipeline for entry, production, and output. It is expected to reach a shipment of 15GW throughout the year. Another third-party organization, PV-Infolink, previously predicted that the new HJT production capacity would exceed 40GW this year, and global shipments would reach a new level of 10GW.
QW SOLAR currently has established and owns the Shandong Base (located in Zaozhuang City), the Anhui Base (in Sixian County), and the Shanghai Headquarters Marketing Center. In the future, QW SOLAR plans to invest in the construction of bases in Guangdong and Northwest China, forming a structure of four major bases and one headquarters marketing center. The first phase of the Shandong Base, with a capacity of 6GW of high-efficiency heterojunction photovoltaic modules, has gradually achieved mass production, while the Anhui Base is currently under intensive construction. Once the Shandong and Anhui bases are fully completed, QW SOLAR will have a total production capacity of 10GW for high-efficiency HJT photovoltaic cells and 20GW for high-efficiency HJT photovoltaic modules, better meeting the growing demand in domestic and international markets.
Over the past decade, China's photovoltaic industry has overcome numerous challenges through constant maneuvering, achieving a significant reduction in electricity costs and becoming a major force in the global energy transition. Participating in the RE+ exhibition is one of QW SOLAR's important strategic initiatives to expand its international market influence and seek more cooperation opportunities. Faced with rapidly changing and evolving international markets, QW SOLAR will continue to invest in research and development, enhance its technological capabilities, and consistently provide customers with high-quality photovoltaic products and solutions. While focusing on cutting-edge solar product technologies such as N-type heterojunction and industry-leading energy integration solutions, QW SOLAR will continue to invest in the research and innovation of perovskite tandem cells. Leveraging its advanced heterojunction technology and extensive industry experience, QW SOLAR actively seeks close collaboration with global partners to jointly promote the development of local photovoltaic projects and sustainably provide high-performance photovoltaic module products and services for gigawatt-scale photovoltaic systems worldwide, meeting the diverse energy needs of global markets.
