Pv Industry Demand for Silver Could Rise by 20% This Year

Demand for silver in the photovoltaic industry hit 193.5 million ounces in 2023, according to the Silver Institute. It predicts that demand will grow by another 20% in 2024.
PV Magazine International 5:20 pm on April 19, 2024

The article discusses the demand for silver in the photovoltaic (PV) industry, which is expected to rise by 20% this year. The report by the Silver Institute highlights a significant increase in demand from 118.1 million ounces in 2022 to 193.5 million ounces in 2023. Summary in five major bullet points:

• PV Industry Demand**: The demand for silver in the PV industry is expected to rise by 20% this year, driven by the growth of solar power and energy storage.
• Record High Demand**: Silver demand across all industrial use rose by 11% to 654.4 million ounces in 2023, a record high.
• Silver Deficit**: The report highlights a silver deficit of 184.3 million ounces in 2023, which is 30% less than last year's likely all-time-high deficit.
• Solar Industry Growth**: Solar is one of the fastest-growing uses of silver in the world, and its demand is expected to grow by 9% in 2024, reaching 710.9 million ounces.
• Price Trend**: The average price for silver stood at $23.35 per ounce in 2023, up from $21.73 per ounce in 2022.