Solar photovoltaic demand for silver reached a record 212 million ounces in the second quarter of 2026, up 18% year-over-year, according to the Silver Institute. Solar now accounts for 22% of total silver demand, up from 15% in 2023.
The growth is driven by accelerating global PV manufacturing capacity additions. China alone added 85 GW of new solar module production capacity in the first half of 2026, with leading manufacturers including LONGi, Tongwei, and JA Solar all reporting expanded silver-intensive TOPCon cell production lines.
Silver loading per cell has increased as manufacturers shift to higher-efficiency TOPCon and heterojunction (HJT) architectures. TOPCon cells use approximately 15-20 mg of silver per watt, compared with 10-12 mg for older PERC technology. HJT cells consume 25-30 mg per watt.
The Silver Institute projects solar demand to reach 850-900 million ounces for the full year 2026, representing a 20-25% increase from 2025. This structural demand growth is expected to absorb a significant portion of the estimated 1,100 million ounces of annual silver mine production.
Solar-driven silver demand is a structural growth story that manufacturing softness won't reverse. For procurement teams in electronics and solar manufacturing, the 18% YoY increase in silver intensity per cell means your per-unit silver consumption may grow faster than your production volume. Factor this into your 2027 commodity budgets now — the silver market could shift into a structural deficit by early 2027.