The use of silver in emerging technologies, particularly solar energy production, sets the stage for surging demand and rapidly rising silver prices in the future.

That means the silver market provides some great opportunities for investors.

According to a report in The Telegraph, analysts expect the demand for solar energy to increase 30% in 2015 alone. Silver paste serves as a key component in crystalline silicon photovoltaic (PV) cells, and the increased demand for solar energy will likely drive a concurrent demand for silver. Analysts estimate PV cell production alone will require some 70 million ounces of silver through 2015 to the beginning of 2016.

Developing countries such as China and India continue to make solar power a larger part of their electricity generating mix. India’s silver imports alone increased 180% over a two-year period, according to Casey Research.

Telegraph commodities editor Andrew Critchlow said an international binding agreement on climate change this summer in Paris could boost demand for solar cells even higher.

Such a deal would result in already strong demand for PV cells increasing further as major developing economies such as India and China increase the contribution that solar makes to their overall power generation network.”

The increased demand for other cutting-edge technologies will also likely push the demand for silver higher. Solid-state lighting (SSL), radio-frequency identification chips (RFID), and hyper-efficient batteries all utilize silver in their production.

Coupled with an anticipated slowdown in silver production, the increased demand sets the stage for a surge in silver prices. According to the Thomson Reuters survey, silver mine production increased only 5% last year.

“Analysts fear that a lack of investment by silver miners could see production plateau over the next few years at a time when demand from the fast-growing solar power industry is expected to pick up rapidly,” Critchlow wrote.