On February 23, according to Yonhap News Agency, LG Electronics decided to withdraw from the solar panel business.

As early as 2014, South Korea's Samsung and LG Electronics have withdrawn or reduced the scope of solar energy operations. LG decided to withdraw from the CIGS (Copper Indium Gallium Selenide) thin film solar cell market, leaving only the crystalline silicon solar cell business.

LG Electronics' decision to exit the solar panel business on February 22 was approved by LG's board of directors in South Korea after a comprehensive review of the impact of increased material and logistics costs and severe supply constraints on the solar business.

Currently, LG Electronics is the second largest solar module manufacturer in South Korea. In 2020, LG Electronics ranked second in the U.S. residential solar market with a 13.3 percent market share, according to energy consultancy Wood Mackenzie. In addition, in the commercial solar market, LG Electronics ranked third with a 10.3% share.

Facing stiff competition from Chinese rivals, it's not just South Korean manufacturers who are pulling out of the solar panel business. In January 2021, according to Nikkei, the Panasonic Group will withdraw from the production of solar cells and solar panels.