Silver used in solar cells reached a record 197.6 million ounces in 2024, driven by higher than expected photovoltaic capacity and faster adoption of new generation solar cells, according to the Silver Institute. The gain helped push global electrical and electronics demand for silver up 4 percent for the year.

Silver used directly in electronics and electrical applications also hit a record high, climbing 4 percent to 465.6 million ounces. The increase came even as thrifting and substitution of silver remained limited across most sectors, since the metal remains difficult to replace in applications ranging from printed circuit boards to radio frequency identification tags. Growth in power grid construction and automotive electrification added to the gains, alongside rising use in artificial intelligence related hardware such as supercomputers and advanced processors.

Silver's role in solar technology centers on its use as the world's best electrical conductor. Manufacturers turn silver powder into a paste applied to silicon wafers, allowing the metal to carry electricity generated when light strikes the wafer, either for immediate use or storage in batteries. That property, combined with the durability silver brings to electrical contacts in circuit boards and switches, keeps demand elevated even as some electronics makers experiment with cost reduction.

The combined record years for solar and electronics demand highlight how silver's industrial applications have become a larger share of total consumption, a trend the Silver Institute expects to continue as renewable energy and electrification investment expands across the United States and other major manufacturing markets.

Source: The Silver Institute - https://silverinstitute.org/silver-in-industry/