Silver prices have surged by more than 30% since the beginning of 2026, reaching new highs and prompting companies to reduce their silver holdings. The metal's superior electrical conductivity makes it crucial in industrial applications, particularly in the rapidly growing photovoltaic sector. Silver paste, essential for photovoltaic cells, enhances energy conversion efficiency and output performance. With global photovoltaic installations increasing, the industry's annual silver demand has surpassed 5,000 tons, representing one-sixth of global production. In response to rising prices, several companies are developing 'silver-free' and 'silver-reduced' technologies, with large-scale production capacity expected to commence in 2026.