Colombia: Hydrogen Market 2024

Hydrogen Market Size in Colombia

The Colombian hydrogen market declined to $X in 2022, with a decrease of -1.9% against the previous year. In general, the total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.0% against 2020 indices. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Hydrogen Production in Colombia

In value terms, hydrogen production declined slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 46% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Hydrogen Exports

Exports from Colombia

In 2022, approx. X cubic meters of hydrogen were exported from Colombia; growing by 11% on the previous year's figure. In general, exports, however, continue to indicate a sharp curtailment. The pace of growth appeared the most rapid in 2017 when exports increased by 60%. Over the period under review, the exports hit record highs at X cubic meters in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, hydrogen exports soared to $X in 2022. Overall, exports, however, recorded a significant curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by 88%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Curacao (X cubic meters) was the main destination for hydrogen exports from Colombia, accounting for a 72% share of total exports. Moreover, hydrogen exports to Curacao exceeded the volume sent to the second major destination, Aruba (X cubic meters), threefold.

From 2012 to 2022, the average annual growth rate of volume to Curacao amounted to -33.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Aruba (-36.2% per year) and Ecuador (-38.8% per year).

In value terms, the largest markets for hydrogen exported from Colombia were Curacao ($X), Ecuador ($X) and Aruba ($X), together accounting for 36% of total exports.

Among the main countries of destination, Aruba, with a CAGR of -34.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average hydrogen export price amounted to $X per cubic meter, increasing by 68% against the previous year. In general, the export price continues to indicate a prominent increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Ecuador ($X per cubic meter), while the average price for exports to Aruba ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+11.7%), while the prices for the other major destinations experienced more modest paces of growth.

Hydrogen Imports

Imports into Colombia

In 2022, supplies from abroad of hydrogen increased by 6% to X cubic meters, rising for the seventh consecutive year after three years of decline. In general, imports enjoyed a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of 398% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in years to come.

In value terms, hydrogen imports shrank to $X in 2022. Overall, imports enjoyed a significant expansion. The growth pace was the most rapid in 2019 when imports increased by 537%. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, the United States (X cubic meters) constituted the largest supplier of hydrogen to Colombia, accounting for a 34% share of total imports. Moreover, hydrogen imports from the United States exceeded the figures recorded by the second-largest supplier, the Netherlands (X cubic meters), sixfold. The third position in this ranking was held by Canada (X cubic meters), with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +80.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-25.9% per year) and Canada (+47.0% per year).

In value terms, the United States ($X) constituted the largest supplier of hydrogen to Colombia, comprising 73% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 5.1% share of total imports. It was followed by Belgium, with a 1.4% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +78.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+50.1% per year) and Belgium (+9.6% per year).

Import Prices by Country

The average hydrogen import price stood at $X per cubic meter in 2022, shrinking by -12.9% against the previous year. Over the period under review, the import price showed a slight decline. The growth pace was the most rapid in 2014 an increase of 35% against the previous year. As a result, import price attained the peak level of $X per cubic meter. From 2015 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per cubic meter), while the price for Canada ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+102.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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