In the ever-changing world of commodities, few metals stand out quite like silver. From solar panels to medical devices, its versatile applications span industries, placing silver at the forefront of where rising demand meets innovative applications. As we navigate the current global silver market, it becomes evident that silver is not just a precious metal, but a strategic asset poised for substantial growth and investment opportunities.
In contrast to gold’s limited industrial applications, silver’s diverse uses create a solid foundation of industrial demand. This robust demand, coupled with its historical performance as a hedge against inflation and economic uncertainty, positions silver as a valuable portfolio protector.
RISING INDUSTRIAL DEMAND
Industrial consumption of silver soared to unprecedented heights in 2023, reaching a staggering 654.4 million ounces (Moz). This surge is not a temporary spike, but a trend projected to continue with forecasts predicting a further 9% growth in 2024. The driving forces behind this rising industrial demand are twofold: economic growth, particularly in emerging markets recovering from Covid-19, and the technological revolution. The green energy revolution, with its strong manufacturing push, is a major contributor to this surge in demand for silver.
Green Technology Revolution
The surging tide of sustainability has propelled the demand for silver, particularly in the production of solar panels. With a projected 20% increase in photovoltaic (PV) usage, silver’s role in capturing renewable energy in the race to harness clean energy is more crucial than ever. As countries and industries strive to meet ambitious renewable energy targets, the demand for silver is expected to skyrocket.
Expanding Industrial Applications
This story is from the May, 2024 edition of Beyond Market.
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This story is from the May, 2024 edition of Beyond Market.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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