More than 60% of home battery installations inspected in Australia are ‘substandard’
(theconversation.com)
48V is low voltage in every jurisdiction, isn't high enough for dry skin conduction, and 99% of these installations will run on that. The need to run every inch in conduit is goofy. This is less about safety and more about code that exists to increase costs.
I can see running the solar input in conduit, perhaps, but then we might be talking 500V in order to use smaller gauge wire.