Global data center power capacity has grown 53-fold since 2000, climbing from under 1 gigawatt to roughly 50 gigawatts by 2025, a buildout that new research commissioned by the Silver Institute says is quietly reshaping demand for the metal alongside solar power and electric vehicles. The analysis, conducted by Oxford Economics for a report titled "Silver, The Next Generation Metal," points to several technology sectors where silver's role in electrical conductivity is becoming more pronounced.

Solar photovoltaic installations have already driven one of the sharpest shifts in industrial consumption patterns. Silver used in solar panels rose from about 11% of total industrial demand in 2014 to 29% in 2024, reflecting the scale of global renewable energy buildout over the past decade.

The automotive sector is emerging as another significant growth driver. Battery-electric vehicles require substantially more silver than traditional combustion-engine vehicles, with each EV typically consuming between 25 and 50 grams of the metal, a 67% to 79% increase compared with conventional cars. Silver demand tied to the global automotive sector is projected to grow at a compound annual rate of 3.4% between 2025 and 2031. Electric vehicles are expected to overtake internal combustion vehicles as the larger share of automotive silver demand by 2027, and to account for 59% of that demand by 2031.

Taken together, the data suggests industrial applications, rather than jewelry or coins, are increasingly setting the pace for long-term silver consumption trends as electrification and computing infrastructure both expand.

Source: The Silver Institute -- https://silverinstitute.org/silver-demand-forecast-to-expand-across-key-technology-sectors/