The sector will be responsible for 14% of total demand for silver this year compared with 5% in 2014.
Demand from the sector could reach 170-180 million ounces if new PV installation exceeds 400 gigawatts by 2025, said Philip Newman at consultants Metals Focus.
However, solar panel manufacturers, having long been mindful of silver supplies after the price briefly hit $50 per ounce in 2011, will continue to reduce silver loadings through structural design improvements, Newman added. Meanwhile, growth in mine production is largely beholden to other metals projects for which silver is a by-product, ANZ said in a note.
“We estimate the silver market is entering a period of tightness unseen for decades,” ANZ said, estimating demand from the solar industry at 225-million ounces in 2025.
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