Silver demand for PV manufacturing may have peaked in 2019
A Silver Institute study says demand for the precious metal for solar manufacturing accounted for 11% of global consumption last year but reduced solar generation capacity up to 2023 will eat into that figure and 'thrifting' technological advances will kick in after that point.
The 100 million ounces of silver used by the solar manufacturing industry last year could mark a high water mark, according to industry body The Silver Institute.
The Washington DC-based organization made the prediction in its Silver's Important Role in Solar Power report, which predicted a retreat in the amount of solar generation capacity to be rolled out worldwide up to 2023.
Demand from the solar sector amounted to 11% of the overall silver market last year but the PV industry is expected to require an average of 70-80 million ounces per year out to 2030, according to the institute.
The report, written by U.S.-based commodities advisor CRU Consulting, forecasts solar-related silver demand will decrease up to 2023 because of lower volumes of solar generation capacity being deployed and will subsequently be affected by technological advances aimed at reducing the amount of the material used in silver pastes.
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