Silver demand from the PV industry expected to fall 19% in 2026

Photovoltaic silver demand fell 6% in 2025 to 186.6 million ounces and is forecast to drop another 19% to about 151 million ounces in 2026. The decline is driven by thrifting and substitution, which cut silver use per cell. For traders this is the main industrial offset to a tight silver market.

• PV silver demand 2025: 186.6 Moz, down 6%
• 2026 forecast: about 151 Moz, down 19%
• Drivers: thrifting and substitution