The Silver Institute, a trade association for leading silver producers expects overall industrial demand to increase by 27% through 2018, with demand from the PV industry increasing around 24% in that time frame.
The Silver Institute said that the silver demand in 2013 from the PV industry reached 88 million ounces and should reach annual demand of 109 million ounces through 2018, despite decreasing unit consumption.
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Increased global demand, led by key markets such as China, Japan, US and Europe are expected to be supported from emerging markets such as India and Latin America in the future. Demand is expected to also increase in the Middle East and North Africa within the timeframe.
According to the Silver Institute, silver industrial demand in Europe fell to 91Moz in 2013, compared to 105Moz in 2004, while Chinese industrial consumption had increased to 117Moz, up from 56Moz in 2004. China was said to have generated about 54% of global silver PV demand in 2012.
However, the trading price for silver has fallen rapidly since 2011, when it reached over US$46.06 per ounce to around US$17 per ounce in the second half of 2014.
According to the Silver Institute, 1MW PV modules on average, consumes approximately 90kg of silver paste material.