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Energy Transition North America 2021

HS Markit is predicting a continued increase in the adoption of solar photovoltaic (PV) in the next two years. 

This is according to a recent whitepaper released by the research firm.

According to the research firm:

  • Over 100GW of 1500V solar PV inverters are forecasted to be shipped in the next 2 years as the adoption increases.
  • The use of solar PVs has over the past decade increased as a result of a decline in costs. For instance, utility-scale solar PV has fallen by 50% between 2013 and 2018.
  • The solar PV technology is now considered mature and continued decline in costs is slim.
  • Stakeholders have shifted focus towards improving the performance and reliability of solar technologies to drive down the levelised cost of electricity of solar systems.
  • Trending is the increased focus towards achieving higher direct current voltages as a result of the growing number of 1500V solar PV inverters on the market.
  • India is expected to be the second largest utility-scale market behind China over the coming three years.
  • China will account for 84% of utility-scale/high power inverter shipments by 2020. In 2015, China accounted for 11% of all shipped solar PV inverters.

On the other hand, the market for 1500V solar pv inverters is expected to be challenged by:

  1. The unavailability of components such as fuses and switches
  2. Lack of PV modules with 1500V output
  3. Limited safety standards, buildings codes, and electricity regulations allowing adoption in rooftop solar systems