The following content is sponsored by Outcrop Silver & Eloro Resources
This graphic draws on data from the Silver Institute's World Silver Survey 2024 to examine the photovoltaic (PV) sector's increasing contribution to global silver demand. From 2015 to 2024, silver demand for PV applications nearly quadrupled, rising from 5.59% of total demand (59.6 million ounces) to a projected 19.03% (232 million ounces).
By 2024, nearly one-fifth of global silver demand is expected to come from solar energy applications, surpassing the share driven by physical investment, which has declined over the same period. This marks a pivotal shift in silver's market dynamics as solar technology becomes a key driver of demand.
Looking ahead, the trend is likely to persist. Data from the International Energy Agency (IEA) suggests substantial increases in solar capacity additions through 2030, further bolstering the role of PV in the silver market.
The surge in PV-related silver demand has contributed to notable price growth. In 2015, silver traded at $14–$17 per ounce. By 2020, prices exceeded $20 per ounce, driven by rising industrial demand and supply chain constraints. In 2024, silver prices reached approximately $34.9 per ounce, reflecting the combined effects of heightened industrial use, including PV, and reduced mine output.
Year | % of total silver demand | Million ounces |
2015 | 5.59% | 59.6 |
2016 | 8.23% | 81.6 |
2017 | 10.22% | 99.3 |
2018 | 8.71% | 87 |
2019 | 7.46% | 74.9 |
2020 | 8.93% | 82.8 |
2021 | 8.08% | 88.9 |
2022 | 9.23% | 118.1 |
2023 | 16.19% | 193.5 |
2024 | 19.03% | 232 |
Sponsors
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Outcrop Silver is a leading exploration and development company focused on advancing the high-grade Santa Ana silver project in Colombia. The company leverages a seasoned team with extensive regional experience to expand its mineral resources through strategic exploration. Outcrop Silver is committed to responsible mining and community engagement, prioritizing sustainable development. With a deep understanding of Colombia's mining landscape and a strong track record, the company aims to transform Santa Ana into a significant silver producer, contributing to both local economic growth and industry standards. Learn more about Outcrop Silver at https://outcropsilver.com/ | Eloro Resources Ltd. is an exploration company focused on developing a world class silver and tin project in Bolivia's Potosí Department. Our flagship project, ISKA ISKA , ranks in the top five of global undeveloped resources in scale for both tin and silver. This truly significant grass roots discovery remains open in multiple directions with further potential to both expand and enhance. This world class deposit benefits not only from its proximity to infrastructure, but more importantly, from our connection to Bolivia through our management team and community involvement. Our goal at Eloro is clear - expand resources, attract partnerships, and establish itself as a key player in the mining sector. Learn more about Eloro Resources at https://elororesources.com/ |
Source: Silver Institute, World Silver Survey 2024
The information presented here may contain inaccuracies and is subject to rounding. We do not guarantee that all information is complete or correct. We accept no responsibility for any errors, omissions, or outcomes resulting from the use of this information. This is not investment advice.