Silver in photovoltaics: impact on prices
How global solar demand is transforming the silver market.
Silver is an essential component of photovoltaic cells: each solar panel contains 10-20g of silver in the form of conductive paste. With the explosion of global solar, this demand is transforming the market.
Key figures: In 2025, the photovoltaic sector consumes approximately 180 million ounces of silver per year — 20% of total global demand. In 2015, this figure was only 50 million ounces (7%).
Impact on prices: Industrial demand structurally supports the floor price of silver. Even during financial market downturns, solar demand creates an incompressible consumption base.
Technical innovations: HJT (heterojunction) cells and tandem perovskite/silicon cells use more silver than classic PERC cells. However, the industry is working to reduce silver per watt (from 20mg/W in 2015 to 10mg/W today).
2030 outlook: The Silver Institute estimates photovoltaic demand could reach 250 million ounces by 2030 if climate targets are maintained. This would create a structural supply deficit — potentially very bullish for the silver price.