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.
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