Industrial Demand for Silver to Set Record in 2023

Industrial Demand for Silver on Pace to Set Record in 2023 NOVEMBER 20, 2023 Industrial demand for silver is expected to set a record in 2023. According to a forecast by Metal’s Focus in conjunction with the Silver Institute, industrial silver demand is on pace to rise by 8% to a record 632 million ounces. Investment in photovoltaics, power grid, and 5G networks, along with growth in consumer electronics and rising vehicle output are key drivers behind the elevated industrial demand. Industrial demand accounts for more than half of the total silver demand each year. According to a separate report, industrial demand…