Increasing solar energy demand is important industrial use of silver: HSBC
A report shows demand for solar panels is strong, which has positive ramifications for silver consumption, said HSBC in a research note.
According to HSBC, a report from GTM Research and the Solar Energy Industries Association (SEIA) saying the number of solar panels installed in 2011 in the U.S. more than doubled from 2010 and is likely to be strong again this year. Solar installers built 1,855 MW of photovoltaic projects in the U.S.in 2011, up from 887 MW in 2010.
“Silver is required to make the paste that is applied to the panels. But the precise impact on silver consumption of an increase in U.S. solar demand is hard to quantify,” bank added.
“Panel producers are seeking to reduce the amount of silver used in panel construction, and the U.S. share of the global market was only about 7% last year, behind Germany, Italy, and China. Nevertheless, solar energy continues to expand and is an important component of industrial demand for silver,” HSBC concluded.
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