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