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Solar panel demand is expected to continue to rise in the coming years,
which will further boost demand for silver products.

Solar Panel Industry Boom Will
Boost Silver Demand to Record Highs

According to a CPM Group’s report on silver supply and demand, the increasing demand for silver products in 2023 can be attributed almost entirely to strong demand in the solar panel industry.

The demand in this sector, which has quickly become the third largest application of the metal behind more established uses such as jewellery and electronics, reached a record 192.1 Moz in 2023.

CPM stated that the primary factor for the rise is that governments around the world are looking to meet their emissions targets, but a further reason is the Russia-Ukraine war and the resulting drive to diversify energy sources away from fossil fuels. A significant increase in panel production offsets any loss of demand through thrifting (the reduction in silver consumption per panel) and given by the fact that solar energy is the cheapest renewable energy source, demand in this sector is expected to continue to rise in the coming years, which will further boost demand for silver products.

As a result, silver demand from this source is forecast to reach another record high in 2024, with silver demand projected to reach 198.6 Moz during the year, almost double the 100 Moz demand in 2021.

Source: Umicore, the world leader in circular materials technology and recycling, operates one of the world’s most sophisticated precious metals recycling facilities and their plants can recover 28 precious and non- ferrous metals from – industrial residues, electronic scrap, batteries, automotive and industrial catalysts and fuel cells. The recovered materials are transformed into pure metals or new products. Umicore is also a pioneer in recycling rechargeable batteries: its battery recycling plant in Belgium has an annual capacity of 7,000 tons of lithium-ion batteries and battery production scrap, the equivalent of 35,000 electric vehicle batteries. For further information on Umicore’s operations, Click Here.

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