The demand for silver in the PV industry became 197.6 million Ounces in 2024, according to a new report from the Silver Institute. It says that the average silver price last year was $ 28.27 per troy ounce, an increase of $ 23.35 in 2023.
The global silver demand fell by 3% to 1.16 billion Ounces in 2024, according to the report “World Silver Survey 2025”, recently published by the Silver Institute.
“The impact of American rates will be an important risk for the silver question this year,” said the Silver Institute. “A longer period of increased rates, or a further escalation of global trade wars, can lead to significant disruptions of the supply chain and a highly lower global GDP growth. These will weigh on industrial, jewelry and silverwork demand, although physical investments can benefit from the rising safe harbor attractions.”
The experts from the Institute predict that the demand could fall somewhat to 1.15 billion grams this year. “After a series of records of all time in recent years, the industrial manufacture will remain flat in 2025, because the profit in the use of Silver in PV collection ease,” said the Silver Institute.
The industrial demand reached 680.5 million ounces last year, with the PV industry needed 197.6 million ounces, slightly by 192.7 million ounces in 2023.
The authors of the report noticed the ability of PV manufacturers to reduce silver content – a process called “thrifting” – more effective than other industries. “Although the flowering and replacement was limited in most sectors, remarkable claims within the PV segment led to a strong reduction of silver loads,” said the Silver Institute.
The average price for silver was $ 28.27 per Troy Oune in 2024, an increase of $ 23.35 per Troy Oune in 2023.
“In the early 2025 win, with silver of more than $ 34 by mid -March in the midst of rising uncertainties surrounding US trade and foreign policy,” explained the Silver Institute. “After that the silver price was weakened, after the American tariff announcements. Nevertheless, the Silver Price was still four percent for this year so far from 7 April.”
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