Electrification
Visualizing Peru’s Silver Mining Strength
The following content is sponsored by Silver X.
Visualizing Peru’s Silver Mining Strength
Peru’s silver mining industry is critical as the world progresses towards a clean energy transition. Silver’s use in EVs, solar energy, and mobile technologies will require ready supplies to meet demand.
Peru will be centre stage as the world’s second-largest producer of the precious metal.
This graphic sponsored by Silver X showcases Peru’s silver mining strength on the global scale, putting in perspective the country’s prolific production.
Global Silver Production by Country
Mexico, Peru, and China dominate global silver production, with these countries producing more than double the silver of any other country outside of the top three.
In terms of regional production, Central and South America provide the backbone for the world’s silver industry. With five nations in the top 10 producers, these regions delivered ~50% of the world’s 2020 silver production.
Country | 2020 Silver Production (in million ounces) | Share of Global Silver Production |
---|---|---|
Mexico | 178.1 | 22.7% |
Peru | 109.7 | 14.0% |
China | 108.6 | 13.8% |
Chile | 47.4 | 6.0% |
Australia | 43.8 | 5.6% |
Russia | 42.5 | 5.4% |
Poland | 39.4 | 5.0% |
United States | 31.7 | 4.0% |
Bolivia | 29.9 | 3.8% |
Argentina | 22.9 | 2.9% |
World Total | 784.4 | 100% |
Along with being the top silver mining regions in the world, Central and South America silver production expects to have the strongest rebound in 2021.
While global silver production could increase by 8.2%, Central and South America’s production could rise by 12.1%.
Peru can feed this growth, with the country’s exploration investment forecast for this year expected to reach up to $300 million with over 60 projects currently in various stages of development.
The South American Powerhouse: Peru’s Silver Mining Strength
Despite its current silver production, there remains more to mine and explore. In fact, Peru holds the majority of the world’s silver reserves with 18.2%, making it the global focal point for silver exploration and future production.
Country | Silver Reserves (in tons) | Share of World Silver |
---|---|---|
Peru | 91,000 | 18.2% |
China | 41,000 | 8.2% |
Mexico | 37,000 | 7.4% |
Chile | 26,000 | 5.2% |
Australia | 25,000 | 5.0% |
Other countries | 280,000 | 56% |
World total | 500,000 | 100% |
While 2020 and 2021 saw slowdowns in mineral production, Peru’s metallic mining subsector increased by 5.1% in August 2021 compared to the same month last year. The country’s National Institute of Statistics and Informatics also highlighted a double-digit rise in silver production of 22.7% compared to August of last year.
Satiating the World’s Silver Demand
As silver demand is forecasted to increase by 15% just in 2021, silver supply constraints are a clear roadblock for clean energy technologies and electric vehicle production. With Peru’s annual silver production forecasted to grow by more than 27% by 2024, the country is looking to solve the world’s growing silver supply crunch.
The nation’s strong credit ratings and well-established mining sector offers investors a unique opportunity to tap into the growth of Peru and its silver industry, while powering renewable energy and electric vehicle production.
As a Peru-based mineral development and exploration company, Silver X Mining is working to produce and uncover the silver deposits that will provide the world with the metal it needs for cleaner technologies.
Electrification
Top 20 Countries by Battery Storage Capacity
China holds about two-thirds of global BESS capacity.

Visualizing the Top 20 Countries by Battery Storage Capacity
Over the past three years, the Battery Energy Storage System (BESS) market has been the fastest-growing segment of global battery demand. These systems store electricity using batteries, helping stabilize the grid, store renewable energy, and provide backup power.
In 2024, the market grew by 52%, compared to 25% growth in the EV battery market. Among the top companies in the BESS market are technology giants such as Samsung, LG, BYD, Panasonic, and Tesla.
This graphic highlights the top 20 BESS markets by current and planned grid capacity in gigawatt hour (GWh), based on exclusive data from Rho Motion as of February 2025.
Chinese Dominance
As with the EV market, China currently dominates global BESS deployments, accounting for approximately two-thirds of installed capacity. However, other markets are expected to grow significantly in the coming years, driven by low-cost lithium-ion cells and the expansion of renewable energy capacity.
Currently, China has 215.5 GWh of installed capacity and an ambitious 505.6 GWh project pipeline. The U.S. follows with 82.1 GWh installed and 162.5 GWh planned.
Top BESS Markets | Installed 2024 (GWh) | 2027P |
---|---|---|
🇨🇳 China | 215.5 | 721.2 |
🇺🇸 USA | 82.1 | 244.6 |
🇬🇧 UK | 7.5 | 56.3 |
🇦🇺 Australia | 5.6 | 102.9 |
🇨🇱 Chile | 3.8 | 41.0 |
🇮🇹 Italy | 2.2 | 7.9 |
🇸🇦 Saudi Arabia | 1.3 | 32.4 |
🇿🇦 South Africa | 1.3 | 9.4 |
🇮🇪 Ireland | 1.6 | 2.5 |
🇵🇭 Philippines | 1.0 | 6.1 |
🇯🇵 Japan | 1.0 | 5.0 |
🇩🇪 Germany | 1.0 | 6.2 |
🇰🇷 South Korea | 1.1 | 1.3 |
🇮🇱 Israel | 0.8 | 4.6 |
🇫🇷 France | 0.6 | 1.8 |
🇧🇪 Belgium | 0.7 | 5.3 |
🇺🇿 Uzbekistan | 0.6 | 5.9 |
🇸🇪 Sweden | 0.6 | 1.5 |
🇮🇳 India | 0.5 | 4.3 |
🇨🇦 Canada | 0.3 | 18.3 |
Canada is projected to be the fastest-growing market through 2027, with its cumulative capacity hitting 18.3 GWh—a significant increase from its current 0.3 GWh capacity.
Countries such as Australia (97.3 GWh pipeline), Saudi Arabia (31.1 GWh), and Chile (37.2 GWh) have relatively small current installations but plan substantial expansions. Within Europe, the UK leads with 7.5 GWh of installed capacity and 48.7 GWh in the pipeline, while Italy, Germany, France, and Belgium show steady but more modest growth.
Despite being technological leaders, Japan (4 GWh pipeline) and South Korea (0.3 GWh) have relatively low planned BESS expansions.
According to Rho Motion, China will remain the dominant player in 2027, but its share of the total market is expected to decline to just over 50% based on the current project pipeline.
While the BESS market is expanding, challenges remain, including grid connection bottlenecks and the development of revenue streams in emerging markets.
Electrification
Visualizing Chinese EV Market Share Overseas
Chinese brands accounted for 62% of global EV sales in 2024.

Visualizing Chinese EV Market Share Overseas
China is the undisputed global powerhouse of the EV industry, leading in both domestic sales and overall production. Chinese brands were responsible for 62% of EV global sales in 2024.
This graphic shows the presence of Chinese electric vehicles in other countries, considering total EV sales and market share. This data comes exclusively from Rho Motion’s EV Sales Quarterly Outlook, as of 2024.
Affordable EVs
As the global EV market has expanded, in 2024, over 17 million units were sold. Chinese manufacturers have aggressively pursued international opportunities, offering affordable vehicles that often undercut local competitors.
However, market access has varied significantly across regions. The U.S. and Canada are the only markets where Chinese-made EVs have no presence. The U.S. has taken a firm stance against Chinese EVs, imposing a 100% tariff in 2024, and more recently enacting laws banning Chinese technology in EVs on U.S. roads. Given its deep economic ties with the U.S., Canada followed suit with identical tariffs.
Country | Total EV Sales | Chinese Market Share |
---|---|---|
🇺🇸 U.S. | 1,540,354 | 0% |
🇩🇪 Germany | 577,630 | 4% |
🇬🇧 UK | 571,141 | 7% |
🇫🇷 France | 464,589 | 5% |
🇨🇦 Canada | 246,424 | 0% |
🇧🇪 Belgium | 192,560 | 3% |
🇳🇱 Netherlands | 190,784 | 6% |
🇸🇪 Sweden | 165,256 | 5% |
🇳🇴 Norway | 126,088 | 9% |
🇧🇷 Brazil | 125,624 | 82% |
🇪🇸 Spain | 122,375 | 10% |
🇮🇹 Italy | 121,889 | 6% |
🇯🇵 Japan | 114,129 | 2% |
🇦🇺 Australia | 113,511 | 26% |
🇮🇳 India | 104,426 | 23% |
🇩🇰 Denmark | 103,202 | 8% |
🇲🇽 Mexico | 95,282 | 70% |
🇹🇭 Thailand | 77,250 | 77% |
🇵🇹 Portugal | 72,070 | 8% |
🇮🇱 Israel | 69,595 | 64% |
🇨🇭 Switzerland | 68,407 | 1% |
🇦🇹 Austria | 63,717 | 11% |
🇮🇩 Indonesia | 43,202 | 75% |
🇫🇮 Finland | 37,881 | 2% |
🇮🇪 Ireland | 30,105 | 9% |
🇸🇬 Singapore | 29,521 | 26% |
🇲🇾 Malaysia | 21,798 | 52% |
🇳🇵 Nepal | 12,705 | 74% |
🇳🇿 New Zealand | 10,027 | 15% |
🇨🇱 Chile | 5,604 | 42% |
Europe, by contrast, has been more open to Chinese EVs but remains cautious about protecting its domestic automotive industry. In 2024, following an anti-subsidy investigation, the EU introduced variable BEV import tariffs on specific Chinese automakers of up to an additional 35.3%.
Meanwhile, in countries without a strong domestic auto industry, Chinese EVs have rapidly gained market share. This is especially evident in neighboring Asian countries and in South and Central America, where Chinese manufacturers are expanding aggressively by beginning to build production capacity and capitalizing on the demand for affordable electric vehicles.
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