DEEP RESEARCH · HANWHA SOLUTIONS

Hanwha Solutions and Sunic System: The Perovskite Tandem Value Chain

A report on Hanwha Qcells’ commercial-area tandem cells and Sunic System’s deposition-equipment position

Published: 2026-02-08 · Solar value chain, earnings, and equipment-market analysis · Naver Blog and public sources

0. Bottom line first

1. Technology inflection: from silicon to tandem

Official fact: The source gives the theoretical efficiency limit of single-junction silicon cells as 29.4% and mass-produced module efficiency as 22-24%. It describes perovskite-silicon tandem as a technology that can raise theoretical efficiency above 44%.

Interpretation: As silicon efficiency plateaus, tandem becomes less optional in premium high-efficiency modules. Hanwha Solutions’ edge is not only cell technology, but the combination of commercialization capacity, U.S. manufacturing, and policy premium.

2. Hanwha Solutions’ competitive position

• Hanwha Solutions’ Qcells division is expanding from module manufacturing into a total energy-solutions provider.
• The source’s key technology fact is a 28.6% world-record conversion efficiency on a commercial M10 330.56cm² wafer at the end of 2024.
• A tandem-cell pilot line has been built in Jincheon, moving the project beyond R&D into mass-production verification.
• Commercial production is targeted between the second half of 2026 and 2027.
• The 3.3GW integrated ingot/wafer/cell/module site in Cartersville, Georgia is the basis for a Non-FEOC premium because it excludes Chinese wafers.

3. Earnings and valuation

Interpretation: The source reads 4Q25 weakness as temporary external and accounting effects rather than structural damage. Full Cartersville operation and AMPC receipts are the center of the 2026 turnaround.

4. Sunic System’s equipment option

Sunic System is an OLED deposition-equipment company with strengths in micro OLED and Gen-8.6 large-area deposition. Tandem cells require thin, uniform perovskite absorber and charge-transport layers, making vacuum deposition a potentially critical manufacturing solution.

• The source says Sunic equipment is about 40% cheaper than Canon Tokki while providing comparable uniformity.
• The global perovskite manufacturing equipment market is presented as growing from about USD 1.2bn in 2025 to USD 4.1bn, about KRW 5.5tn, in 2032 at a 15% CAGR.
• Deposition systems are cited as the largest segment at about 38% of the equipment market.
• The 2035 global deposition-equipment market is estimated at more than USD 2bn, about KRW 2.7tn.
• If Sunic takes only 10-15% share, the source sees potential for hundreds of billions of won in annual new revenue.
• A KRW 11.6bn energy-industry deposition-equipment contract in October 2025 is interpreted as possibly tied to Hanwha Solutions or a related tandem pilot/early production line.

5. Market outlook and investment points

• The 2025 market is cited at about USD 342mn, around KRW 450bn, to as much as USD 1.94bn.
• The aggressive 2035 scenario is USD 66.58bn, about KRW 90tn, with 69.4% CAGR.
• The conservative 2035 scenario is about USD 24.19bn, about KRW 32tn.
• Growth drivers are silicon efficiency limits, IRA/NZIA-style policy support, and new applications including BIPV, VIPV, and space solar.