The US Silver Institute’s “Worlver Silver Survey 2022” report shows that the price of the metal will fall slightly this year despite growing demand from the solar industry.
The report also reveals that demand for silver in the solar industry can reach 161.1 Moz this year, which would represent a 15% increase over 2022.
“The growth in the production of PV cells was much faster than saving silver, and this in turn helped drive a 6 percent rise globally demand for electronics and electricity”, the institute’s experts referred to last year’s performance. “In 2023, we expect industrial manufacturing to reach a new all-time high, driven by continued growth in solar applications and healthy contributions from other industry segments.”
Global demand for silver achieved 1,055.6 Mozi and 1,242.4 Mozi in 2021 and 2022, respectively, and this year is expected to drop 6% to 1,167.0 Mozi.
The average silver price for 2023 is expected to rise to $21.30 an ounce, which would be about 2% lower than a year earlier. The Silver Institute said it is waiting the price goes down $18 an ounce in the last quarter.
“Coupled with record silver demand and lower mining output, the silver market posted its second consecutive annual structural deficit, at a remarkable 237.7 Mozilla last year,” the report’s authors said, adding that the combined deficits of the previous two years were “comfortable”. ” offset by the cumulative surpluses of the past 11 years.
“This year is expected to see strong silver demand again,” they added. “Industrial manufacturing should hit an all-time high, boosted by continued gains in the solar market and healthy contributions from other industrial segments.”