Perovskite tandem-cell solar panels shows promise for greater silver usage
Demand for silver in 2024 is largely supported by appetite for more solar panel (photovoltaic) installations, underpinned by intriguing newer, more efficient technologies such as tandem-cell solar panels. These new panels feature a thin layer of perovskite placed on a bed of silicon. Efficiencies vary from 16% to as high as over 30%, and more affordable panels will translate to higher demand for renewable energy worldwide. According to year end estimates by the Silver Institute and Metals Focus, silver demand for industrial applications is expected to increase by 7% year on year, to 700 million ounces. Overall demand for silver is expected to top 1.2 billion ounces in 2024.