Aug 16

REC’s Q2 2017 Solar Market Insight report: more deals and bigger customer base in all regions

REC Group, the leading European brand for solar panels, has released its Solar Market Insight report for Q2 and the first half of 2017.
  • Q2 2017 module shipments totaled 301 MW
  • EMEA region accounted for largest share in shipments at 41%
  • Best Q2 volume ever for REC Group in the APAC region
  • Largest European manufacturer in India
  • Customer base in the U.S. expanded by 85%, number of deals increased by 240% in H1 2017

Thanks to its award-winning TwinPeak technology and newly-launched products, the premium panel manufacturer shipped 301 MW of solar panels in Q2 2017, with a strong 123 MW to the EMEA region, followed by the U.S. and APAC. While REC continues to upgrade its manufacturing lines to 100% PERC technology, REC has launched four new products so far in 2017, including the world’s most powerful 60 and 72-cell multicrystalline panels, helping to increase the number of deals by 140% in the first half of 2017, and grow its customer base by nearly 60% year-over-year.

Based on the successful growing of its national distribution network, REC Group has enjoyed tremendous growth in the flourishing Indian solar PV market during H1 2017. In a highly competitive and challenging environment, REC shipments to India showed a nine fold growth to 112 MW and the brand has emerged as the largest European brand of panels India.

“Moving into the second half of the year, we can proudly affirm our best-ever sales pipeline of firm orders as well as order bookings. This will lead to a growth in shipments across all regions in 2017,” expects Steve O’Neil, CEO at REC Group. “Moreover, we have a very balanced approach to serve all segments – rooftop and ground-mount – thanks to REC’s broad portfolio of premium products, high quality and reliability, as well as competitive cost.”

To support its technology leadership and competitive cost position, REC Group began in Q2 2017 shifting its entire multi-silicon wafer slicing to latest generation of diamond wire cutting technology. This investment will enable the industry leader for high-power multicrystalline solar panels to further cement its position and reputation as a highly trusted brand with the most reliable products. A report of REC’s Q2 2017 Solar Market Insight can be found here.

Position across all regions strengthened
EMEA accounted for the largest share of shipments in Q2 2017 with 123 MW, an increase of 27% compared to Q1 2017 and 24% year over year. Besides Germany, which was the top market for REC Group in Q2 2017 and 1H 2017, REC also shows strong sales performance in other key markets in EMEA such as the Netherlands, Spain and Belgium. The customer base across Europe has grown by 31% between 1H 2016 and 1H 2017 as the company benefits from its highly regarded brand and quality reputation. Business in EMEA shows a healthy split between residential and commercial & utility customers.

The APAC region has realized its best second quarter ever, with shipments of 86 MW (+244% quarter over quarter), leading to an overall record 1H 2017. The key markets are India and Australia, where REC Group has achieved sales records. Business in Japan shows robust demand, in particular from the commercial & industrial segment. REC grew the number of deals by 71% in 1H 2017 compared to last year.

In Q1 2017, the U.S. saw shipments rising to 92 MW (+46% compared to Q1 2017) due to a strongly growing and diversified customer base. In the first half of 2017, the number of customers grew by 85%, while the number of deals has increased by over 240% year over year. REC Group stayed at the top of the list as the joint #1 most popular brand of solar panels for residential installations in the entire U.S.

For further information please contact:
Agnieszka Schulze
Head of Global PR, REC Group
Leopoldstr. 175
80804 München
Tel.: +49 89 54 04 67 225
E-mail: agnieszka.schulze@recgroup.com

About REC Group:
Founded in Norway in 1996, REC Group is a leading vertically integrated solar energy company. Through integrated manufacturing from silicon to wafers, cells, high-quality panels and extending to solar solutions, REC Group provides the world with a reliable source of clean energy. REC’s renowned product quality is supported by the lowest warranty claims rate in the industry. REC Group is a Bluestar Elkem company with headquarters in Norway and operational headquarters in Singapore. REC Group employs more than 2,000 people worldwide, producing 1.4 GW of solar panels annually. Find out more at www.recgroup.com