Silver prices will spike as record solar demand strains silver supply through 2026 - Metals Focus
“Over the past decade, industrial silver consumption has grown steadily, raising its share of total demand to around 50%, chiefly through help from the vigorous development of electronic and electrical related applications,” the analysts wrote in the latest Precious Metals Weekly report. “In 2021-22, silver industrial fabrication hit successive record highs, with volumes in 2022 16% higher than the 2010 total.
Following record PV installations in 2022, Metals Focus projects another new high for installed capacity this year. “In the latest global PV market outlook released by Solar Power Europe, the installed capacity forecast for this year has increased significantly by 33% compared with the previous version, and the forecast for 2024 has also increased by 42%,” they added. “As for the medium term in 2025 and 2026, the adjustments are even higher, at 47% and 54%, respectively.”
Silver paste is the second-biggest cost component for PV manufacturers after silicon wafers, representing up to 9% of the total cost of PERC cells, up to 12% of TOPCon and up to 16% of HJT cells. “We are witnessing a rapid migration of solar technology from P-type cells to N-type TOPCon and HJT,” they write.
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