CRU: The silver needed for solar cells will be halved by 2028

According to a report released by CRU Consulting on behalf of the World Silver Council, the silver required to produce conductive silver paste on the front and back of most solar cells has almost halved, with the average silver demand per cell going from 130 milligrams in 2016 to just about 65 milligrams
in 2028.

CRU: The silver needed for solar cells will be halved by 2028

The report's authors explain that the amount of silver used in solar cell manufacturing has dropped significantly from 400 milligrams to 130 milligrams between 2007 and 2016
.
The report also predicts that battery production will increase from the current 4.
7W to 6W by 2030, while silver use will decrease by 10.
5 milligrams
per watt.

However, analysts at CRU said silver's unbeatable conductive nature meant there were "physical limits" to the possibility of further reductions in silver loads in battery production, as efficiency losses outweighed the benefits
of cheaper raw materials such as copper or aluminum.

Over the next decade, non-silver PV technologies are not expected to gain significant market share, as they tend to have shorter lifespans, while the global PV market is moving
towards more compact and efficient solar panels.

CRU predicts that module efficiency could rise to around 25% by 2030, which will result in a 24%
reduction in the number of panels needed to generate the same amount of power.

"These two factors, savings and increased efficiency, may reduce silver loads, thereby significantly increasing the growth rate of solar installations to prevent a decline
in silver demand.
" In the long run, however, the industry's current growth will not be realized
.
The report states
.

As a result, CRU experts predict that silver demand in the PV industry will reach about 70 million to 80 million ounces per year until it falls to 50-55 million ounces in the mid-2020s
.
By 2030, demand is expected to recover, at about 66 million ounces
per year.

In a separate report released in May, the World Bank predicted that the price of silver would fall sharply to $13.
42 an ounce
by 2030.
However, commodity prices are not expected to change
significantly until 2021.
Analysts expect the price to be $16.
45/oz in 2021, after which silver prices fell sharply, and are expected to reach $15.
04/oz
in 2025.

According to a report released by the World Silver Council in April, global silver industry demand increased by about 4%
from 5.
768 billion ounces in 2016 to 5.
99 billion ounces last year.
This surge was primarily due to record growth in the photovoltaic industry, which drove demand for silver as a component of silver paste in solar cells, increasing from 79.
3 million ounces in 2016 to 94.
1 million ounces in 2017, an increase of about 19%
year-over-year.

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