Over 1.5 bn Oz of silver to be consumed through 2030
The ongoing revolution in green technologies, driven by the exponential growth of new energy vehicles (NEVs) and continued investment in solar photovoltaic energy, should further boost global industrial demand for silver over the next decade and beyond. These sectors, along with silver demand in nuclear power, are explored in a new report, The Role of Silver in the Green Revolution, released by the Silver Institute.
Silver’s importance to solar energy is well documented and the metal will continue to play a substantial role in this technology. It is estimated that roughly 820 million ounces (Moz) of silver will be utilized by global solar energy applications through 2030.
An often-overlooked application for silver is nuclear power, where silver is used in combination with other metals to produce the reactors’ control rods. One of the most common materials used is an alloy that is 80% silver, 15% indium and 5% cadmium.
Though small in terms of expected off take at 19 Moz of total silver demand through 2030, demand for silver in this area could rise with future growth of nuclear reactors globally.
