by Mike Maharrey
Silver Seek
Industrial demand for silver set a record in 2023 driven by a significant increase in silver offtake in the solar energy sector.
This was one of several stories on the silver market featured in the latest edition of Silver News published by the Silver Institute.
Industrial demand for silver came in at 654.4 million ounces in 2023.
According to the Silver Institute,
“Higher than expected photovoltaic (PV) capacity additions and faster adoption of new-generation solar cells raised global electrical and electronics demand by a substantial 20 percent.”
Other green energy initiatives, including power grid construction and vehicle electrification, also boosted silver demand.