Loading ...Silver and gold are compared to each other as both metals are viewed by investors as inflation hedges and safe haven investments. However, in addition to its characteristic as a safe haven investment, silver is widely used in industrial applications. It is used in the manufacture of semiconductors, solar photovoltaic cells and batteries, in the fabrication of jewelry, in photography and has a variety of applications in nanotechnology. With the rapid adoption of solar energy across the world, the demand for silver from the solar photovoltaic industry is expected to rise rapidly. In this article, we will take a closer look at the trends in the demand for silver by the solar PV industry.
How is Silver Used in Solar PV Cells
Silver has the highest electrical and thermal conductivity of all metals. This property of silver makes it an important constituent of solar cells. It is used in the form of silver paste, which is used to conduct electricity out of solar cells. Approximately 20 grams of silver are used in each crystalline silicon solar panel, which accounts for around 85% of the total market. Roughly 80 metric tons of silver or approximately 2.8 million ounces of silver are needed to generate approximately 1 Gigawatt of solar power.
Growth in Installed Solar PV Capacity
Globally, installed solar capacity stood at 139 GW at the end of 2013. Installed solar capacity has risen exponentially from a paltry 1.3 GW in 2000. Most of this growth in installed capacity in the past has come from Europe, particularly Germany, with favorable government policies facilitating the incorporation of a greater share of renewable energy into the country’s energy mix. Europe accounted for around 75% of global installed solar PV capacity in 2010. However, the pace of new installed capacity in Europe is expected slow down due to a reduction in incentives for PV installations in some major markets, such as Germany. Read more