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Silver industrial demand hits record high, up 11% in 2023
In 2023, silver industrial demand surged by 11%, hitting a new record of 654.4 million ounces. Photovoltaic (PV) usage alone soared by 64%, surpassing expectations. Green economy applications were the driving force behind this growth, particularly in electrical and electronics, power grid construction, and automotive electrification. With demand consistently outpacing supply for the third year in a row, the market faced a structural deficit of 184.3 Moz. The World Silver Survey 2024, released by the Silver Institute, examines key aspects of the 2023 silver market and provides an outlook for this year. It was produced ... (full story)