Denmark: Market for Solar Cells and Light-Emitting Diodes 2024

Market Size for Solar Cells and Light-Emitting Diodes in Denmark

In 2022, the Danish market for solar cells and light-emitting diodes decreased by -6.6% to $X for the first time since 2017, thus ending a four-year rising trend. In general, consumption, however, posted a buoyant expansion. Over the period under review, the market reached the peak level at $X in 2021, and then dropped in the following year.

Production of Solar Cells and Light-Emitting Diodes in Denmark

In value terms, solar cells and light-emitting diodes production dropped to $X in 2022 estimated in export price. Over the period under review, production recorded a pronounced descent. The pace of growth was the most pronounced in 2018 with an increase of 141%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Exports of Solar Cells and Light-Emitting Diodes

Exports from Denmark

After two years of growth, overseas shipments of solar cells and light-emitting diodes decreased by -16.9% to X units in 2022. In general, exports, however, saw moderate growth. The pace of growth was the most pronounced in 2018 with an increase of 128%. As a result, the exports attained the peak of X units. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, solar cells and light-emitting diodes exports fell to $X in 2022. Overall, total exports indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +28.2% against 2019 indices. The growth pace was the most rapid in 2021 when exports increased by 30% against the previous year. As a result, the exports reached the peak of $X, and then dropped in the following year.

Exports by Country

Sweden (X units), Poland (X units) and Ethiopia (X units) were the main destinations of solar cells and light-emitting diodes exports from Denmark, with a combined 46% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Ethiopia (with a CAGR of +235.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Poland ($X) and the United States ($X) appeared to be the largest markets for solar cells and light-emitting diodes exported from Denmark worldwide, together comprising 50% of total exports. The Netherlands, Sweden, Ethiopia, Peru, Norway, Mozambique, the United Arab Emirates, Singapore, Afghanistan and Indonesia lagged somewhat behind, together accounting for a further 27%.

In terms of the main countries of destination, Ethiopia, with a CAGR of +180.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for solar cells and light-emitting diodes stood at $X per unit in 2022, surging by 6.3% against the previous year. In general, the export price, however, recorded a perceptible descent. The growth pace was the most rapid in 2019 when the average export price increased by 59%. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Solar Cells and Light-Emitting Diodes

Imports into Denmark

In 2022, supplies from abroad of solar cells and light-emitting diodes decreased by -6% to X units for the first time since 2017, thus ending a four-year rising trend. In general, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2020 with an increase of 281% against the previous year. Imports peaked at X units in 2021, and then contracted in the following year.

In value terms, solar cells and light-emitting diodes imports dropped to $X in 2022. Overall, imports, however, enjoyed a mild increase. The growth pace was the most rapid in 2020 when imports increased by 80% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Hong Kong SAR (X units) and the Netherlands (X units) were the main suppliers of solar cells and light-emitting diodes imports to Denmark, with a combined 92% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hong Kong SAR (with a CAGR of +107.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of solar cells and light-emitting diodes to Denmark, comprising 63% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 9.8% share of total imports. It was followed by Germany, with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+40.7% per year) and Germany (-7.5% per year).

Import Prices by Country

In 2022, the average import price for solar cells and light-emitting diodes amounted to $X per unit, declining by -6.5% against the previous year. In general, the import price showed a abrupt contraction. The growth pace was the most rapid in 2016 when the average import price increased by 32% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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 the UK ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+4.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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