How Clean-Tech Demand Is Shaping Silver Prices in 2025

Clean-tech demand, particularly from solar photovoltaic adoption, is now a significant driver of the silver market. In 2024, the sector accounted for 19% of global silver demand, creating a tangible supply shortfall as industrial consumption hit a record 680.5 million ounces. This shift is transforming silver from a speculative asset into a strategic industrial input, amplifying price sensitivity to production growth.

Solar PV applications require high-purity silver paste, with each incremental deployment adding measurable demand. While substitutes exist, they often come with cost or efficiency trade-offs, reinforcing silver's entrenched role. Beyond solar, broader electrification and electronics trends are further tightening supply.

The market's structural deficit highlights silver's dual identity—caught between its monetary heritage and growing industrial indispensability. As clean-tech adoption accelerates, these demand pressures show no signs of abating in 2025.