According to CoinMeta, the silver market is expected to experience a supply shortage for the sixth consecutive year in 2026. Although the demand from manufacturing, jewelry, and investment-grade silver bars and coins is anticipated to decline by 5% to 1.08 billion ounces, it will still exceed the total supply from mines and recycling by 35 million ounces. The demand for silver in the photovoltaic industry is expected to drop significantly by 21%. Newman, the Managing Director of Metals Focus, stated that the peak demand for photovoltaic silver has passed and that it will continue to weaken in the future, but it remains an important part of the silver market. Analysts from BMO pointed out that photovoltaics contributed 55% of the increase in silver demand over the past five years, but by 2030, this sector is expected to account for about half of that increase, becoming a significant drag on the market. BMO believes that traditional methods of measuring shortages are misleading and suggests focusing on the balance between supply and the actual consumption by manufacturers and jewelers. They predict that there will be an increasingly large surplus in the market, and the excess silver will need to be absorbed by investors. At the same time, Newman expects industrial silver consumption to grow by 4.5% this year, excluding solar energy.