ECOWAS: Hydrogen Market 2025

Hydrogen Market Size in ECOWAS

The ECOWAS hydrogen market shrank modestly to $X in 2022, declining by -1.7% against the previous year. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.5% 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 +1.7% against 2020 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Hydrogen Production in ECOWAS

In value terms, hydrogen production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 45%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Hydrogen Exports

Exports in ECOWAS

Hydrogen exports contracted to X cubic meters in 2022, reducing by -13.6% compared with the previous year. Over the period under review, exports showed a perceptible slump. The pace of growth appeared the most rapid in 2014 when exports increased by 162% against the previous year. The volume of export peaked at X cubic meters in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, hydrogen exports amounted to $X in 2022. Overall, exports, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2013 when exports increased by 685%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Nigeria (X cubic meters), together resulting at 100% of total export.

Nigeria was also the fastest-growing in terms of the hydrogen exports, with a CAGR of +1.1% from 2012 to 2022. Nigeria (+34 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest hydrogen supplier in ECOWAS.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +11.6%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per cubic meter, rising by 16% against the previous year. In general, the export price posted a buoyant increase. The pace of growth appeared the most rapid in 2013 when the export price increased by 252% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to +10.4% per year.

Hydrogen Imports

Imports in ECOWAS

After two years of growth, purchases abroad of hydrogen decreased by -14.1% to X cubic meters in 2022. Over the period under review, imports, however, showed a pronounced expansion. The most prominent rate of growth was recorded in 2018 with an increase of 98% against the previous year. The volume of import peaked at X cubic meters in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, hydrogen imports skyrocketed to $X in 2022. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 180% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Cabo Verde (X cubic meters) represented the largest importer of hydrogen, making up 58% of total imports. It was distantly followed by Nigeria (X cubic meters) and Burkina Faso (X cubic meters), together achieving a 36% share of total imports. Niger (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Niger (with a CAGR of +62.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported hydrogen in ECOWAS, comprising 48% of total imports. The second position in the ranking was taken by Niger ($X), with a 12% share of total imports. It was followed by Burkina Faso, with a 5% share.

In Nigeria, hydrogen imports plunged by an average annual rate of -4.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Niger (+53.5% per year) and Burkina Faso (-1.0% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per cubic meter, rising by 48% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable curtailment. The level of import peaked at $X per cubic meter in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Niger ($X per cubic meter), while Cabo Verde (less than $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 Nigeria (+1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform