According to the Silver Institute, global demand for industrial silver is expected to increase by 8% this year due to strong demand across all key sectors, including the photovoltaic industry.
Overall global silver demand is expected to rise 8% year-over-year to reach 111.2 billion ounces in 2022, according to independent US precious metals research consultancy The Silver Institute.
“The increase will be driven by record silver industrial manufacturing, which is expected to improve 5%, as silver use expands in traditional and critical green technologies,” the analyst said. . “The prospects for using silver in the photovoltaic (PV) industry remain promising. Government commitments to carbon neutrality have led to a rapid expansion of green energy projects.
Considering that the global photovoltaic market could cross the threshold of 200 GW of newly deployed capacity this year, The Silver Institute also predicted that the demand for silver in the solar industry could reach an all-time high in 2022, without providing figures. precise.
“Industrial silver uptake (accounting for more than half of total silver demand) is expected to strengthen further, setting a new record in 2022. Continued improvements in the global economy will provide an additional boost to industrial applications of cash, mitigating short-term headwinds from supply chain bottlenecks and challenges in some regions from the ongoing Covid pandemic,” he also said.
The average silver price for 2022 is expected to reach $24.80 an ounce, about 1% lower than $25.14 a year earlier. The Silver Institute said that despite the slight drop, this year’s average price still represents a historically high annual average.
Due to rising silver prices, silver’s share of PV module costs rose last year by around 5% to around 10% of the total, according to US analyst Matt Watson .
In June 2020, The Silver Institute noted that photovoltaic producers’ ability to reduce silver content in solar cell production – a process called “thrift” – had declined since 2016, but they forecast the average of 111 mg of metal precious necessary for each solar energy. cell in 2019 would still fall to 80mg by 2030. With silver prices rising, or at current levels, the savings rate is expected to continue to rise.
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