Scandinavia: Hydrogen Market 2024

Hydrogen Market Size in Scandinavia

The Scandinavia hydrogen market shrank dramatically to $X in 2023, declining by X% against the previous year. Over the period under review, consumption, however, enjoyed prominent growth. As a result, consumption reached the peak level of $X. From 2018 to 2023, the growth of the market failed to regain momentum.

Hydrogen Production in Scandinavia

In value terms, hydrogen production shrank remarkably to $X in 2023 estimated in export price. Over the period under review, production, however, recorded a prominent increase. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2018 to 2023, production growth failed to regain momentum.

Hydrogen Exports

Exports in Scandinavia

In 2023, shipments abroad of hydrogen increased by X% to X cubic meters, rising for the third year in a row after two years of decline. Total exports indicated a measured expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The growth pace was the most rapid in 2015 when exports increased by X%. Over the period under review, the exports hit record highs at X cubic meters in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

In value terms, hydrogen exports skyrocketed to $X in 2023. Total exports indicated a measured increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of X%. As a result, the exports reached the peak of $X. From 2018 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

Sweden prevails in exports structure, accounting for X cubic meters, which was near X% of total exports in 2023. Norway (X cubic meters) held a relatively small share of total exports.

Sweden was also the fastest-growing in terms of the hydrogen exports, with a CAGR of X% from 2012 to 2023. Norway experienced a relatively flat trend pattern. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) remains the largest hydrogen supplier in Scandinavia, comprising X% of total exports. The second position in the ranking was held by Norway ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Sweden totaled X%.

Export Prices by Country

In 2023, the export price in Scandinavia amounted to $X per thousand cubic meters, which is down by X% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of X%. The level of export peaked at $X per thousand cubic meters in 2017; however, from 2018 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Norway ($X per thousand cubic meters), while Sweden amounted to $X per thousand cubic meters.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Norway (X%).

Hydrogen Imports

Imports in Scandinavia

In 2023, approx. X cubic meters of hydrogen were imported in Scandinavia; jumping by X% compared with the previous year's figure. In general, imports continue to indicate resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hydrogen imports soared to $X in 2023. Overall, imports saw a buoyant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Norway dominates imports structure, accounting for X cubic meters, which was approx. X% of total imports in 2023. Sweden (X cubic meters) followed a long way behind the leaders.

Norway was also the fastest-growing in terms of the hydrogen imports, with a CAGR of X% from 2012 to 2023. Sweden (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Norway increased by X percentage points.

In value terms, Norway ($X) constitutes the largest market for imported hydrogen in Scandinavia, comprising X% of total imports. The second position in the ranking was held by Sweden ($X), with a X% share of total imports.

In Norway, hydrogen imports increased at an average annual rate of X% over the period from 2012-2023.

Import Prices by Country

In 2023, the import price in Scandinavia amounted to $X per thousand cubic meters, remaining stable against the previous year. Import price indicated a noticeable increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, hydrogen import price decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the import price increased by X% against the previous year. As a result, import price attained the peak level of $X per thousand cubic meters. From 2021 to 2023, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Sweden ($X per cubic meter), while Norway stood at $X per thousand cubic meters.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Sweden (X%).

Source: IndexBox Platform