54% of the demand for silver came from industry in 2013 – a figure that’s set to rise to 57% this year, according to Thomson Reuters. That would represent a new all-time high for silver’s industrial usage.

Looking further ahead, precious metals consultancy firm, Metals Focus, says industrial demand for silver will grow by at least 5% annually through 2016. That’s higher than forecast global GDP growth during that period.

And silver usage cuts across a swath of industries – semiconductors, electronics, chemicals, and solar power.

Indeed, the latter is especially interesting at the moment…

The Silver/Solar Relationship

Silver is a key component in the manufacturing process for photovoltaic solar panels. Every solar panel contains about 20 grams of silver.

In China alone, the number of solar panels manufactured has doubled every year since 2003. And with no end in sight to this trend, it’s no wonder that Metals Focus says silver demand from photovoltaics will climb by 10% this year.

Overall, demand for silver from the solar power industry will continue to hit record highs in the years ahead, on the back of solar analysts, who say that global demand for solar power will double over the next five years.

http://www.wallstreetdaily.com/2014/08/09/solar-industry-silver/