Global photovoltaic silver demand is forecast to fall 19% year over year to 151 million ounces in 2026, according to the World Silver Survey 2026, as solar-cell manufacturers accelerate silver thrifting and substitution even while global PV production continues to expand.
Key facts
- PV silver demand fell 6% in 2025, from 197.5 million ounces to 186.6 million ounces.
- The 2026 forecast is 151 million ounces, a further 19% annual reduction.
- Industrial silver demand is forecast to decline about 3% to 639.6 million ounces in 2026.
- The survey attributes the PV reduction to lower silver loading per cell and increasing use of alternative metallization, especially copper.
- The overall silver market is still forecast to record a 46.3-million-ounce deficit in 2026, its sixth consecutive annual deficit.
Why it matters
Solar has been one of the largest growth engines for industrial silver demand, because conductive silver paste is used to collect current from solar cells. The new forecast suggests efficiency gains in material use are now moving faster than growth in cell output.
For module and cell manufacturers, lower silver use reduces exposure to a volatile and relatively expensive input. Finer printing, fewer busbars, copper plating and other metallization changes can lower cost per watt, although manufacturers must still prove electrical performance, production yield and long-term reliability at scale.
For silver producers and investors, the result is more nuanced than a simple demand collapse. PV consumption is falling, but the broader market is still expected to remain in deficit as investment demand and other industrial uses absorb supply. The solar industry's material transition therefore changes the composition of silver demand without removing the wider supply constraint.
The trend is also relevant to technology competition. Cell makers that reduce silver loading without sacrificing efficiency or durability may gain a cost advantage, particularly as high-efficiency architectures scale to very large production volumes.
Sources
- World Silver Survey 2026 - Silver Institute and Metals Focus
- Silver Institute 2026 market outlook
- Mercom India summary - July 21, 2026
SolarXList summary based on publicly available industry research checked on July 22, 2026.