Between 2015 and 2024, silver demand has undergone significant shifts across various sectors, as highlighted in the Silver Institute’s World Silver Survey 2024 report. The most dramatic growth has been in the photovoltaic industry, where silver usage for solar panel production surged from 60 million ounces in 2015 to an anticipated 232 million ounces in 2024, driven by the global expansion of solar energy. Similarly, the electrical and electronics industries (excluding solar panels) saw an increase in silver consumption from 213 million ounces to 254 million ounces, reflecting advancements in technology and the growing demand for consumer electronics. Other industrial applications of silver, such as batteries and medical tools, also grew significantly, rising from 133.7 million ounces to 173.5 million ounces.
In contrast, some sectors experienced declines or modest growth. Physical investment in silver, such as coins and bars, dropped sharply from over 309 million ounces in 2015 to a forecasted 212 million ounces in 2024, reflecting shifting investment preferences. Photography-related silver usage declined due to the rise of digital technology, while silverware demand remained stable with a slight increase from 58.3 to 58.8 million ounces. Jewelry demand showed modest growth, rising from 202.5 million ounces to 211.3 million ounces over the same period. Overall, the booming photovoltaic sector has been the primary driver of silver demand growth, while other sectors have seen more gradual changes or declines due to technological advancements and changing market trends. Silver remains a critical material for industries tied to renewable energy and electronics.
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