Finland: Hydrogen Market 2024

Hydrogen Market Size in Finland

In 2022, after four years of decline, there was growth in the Finnish hydrogen market, when its value increased by 3.2% to $X. Over the period under review, consumption enjoyed a strong expansion. Hydrogen consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Hydrogen Production in Finland

In value terms, hydrogen production declined remarkably to $X in 2022 estimated in export price. Overall, production continues to indicate noticeable growth. The pace of growth was the most pronounced in 2017 with an increase of 104% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Hydrogen Exports

Exports from Finland

In 2022, shipments abroad of hydrogen increased by 3.9% to X cubic meters, rising for the fifth consecutive year after two years of decline. In general, exports recorded a buoyant expansion. The growth pace was the most rapid in 2015 when exports increased by 141% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, hydrogen exports rose sharply to $X in 2022. Over the period under review, exports enjoyed a prominent increase. The pace of growth appeared the most rapid in 2015 with an increase of 205%. The exports peaked in 2022 and are likely to continue growth in years to come.

Exports by Country

Latvia (X cubic meters) was the main destination for hydrogen exports from Finland, with a 75% share of total exports. Moreover, hydrogen exports to Latvia exceeded the volume sent to the second major destination, Sweden (X cubic meters), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Latvia totaled +15.8%.

In value terms, Sweden ($X) and Latvia ($X) were the largest markets for hydrogen exported from Finland worldwide.

Among the main countries of destination, Latvia, with a CAGR of +21.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The average hydrogen export price stood at $X per cubic meter in 2022, picking up by 4% against the previous year. Over the period under review, the export price showed a prominent increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 82% against the previous year. The export price peaked at $X per cubic meter in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sweden ($X per cubic meter), while the average price for exports to Latvia stood at $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (+16.7%), while the prices for the other major destinations experienced mixed trend patterns.

Hydrogen Imports

Imports into Finland

After two years of growth, purchases abroad of hydrogen decreased by -59.9% to X cubic meters in 2022. Over the period under review, imports recorded a perceptible reduction. The most prominent rate of growth was recorded in 2017 when imports increased by 295% against the previous year. As a result, imports attained the peak of X cubic meters. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, hydrogen imports declined remarkably to $X in 2022. In general, imports recorded a mild slump. The pace of growth was the most pronounced in 2017 with an increase of 210% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Sweden (X cubic meters) constituted the largest hydrogen supplier to Finland, accounting for a 84% share of total imports. Moreover, hydrogen imports from Sweden exceeded the figures recorded by the second-largest supplier, Austria (X cubic meters), more than tenfold. Germany (X cubic meters) ranked third in terms of total imports with a 3.7% share.

From 2012 to 2022, the average annual growth rate of volume from Sweden was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (-5.4% per year) and Germany (-14.5% per year).

In value terms, the largest hydrogen suppliers to Finland were Sweden ($X), Denmark ($X) and Austria ($X), together comprising 87% of total imports.

In terms of the main suppliers, Denmark, with a CAGR of +60.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average hydrogen import price amounted to $X per cubic meter, which is down by -19.5% against the previous year. Over the period under review, the import price, however, posted modest growth. The growth pace was the most rapid in 2018 when the average import price increased by 122%. Over the period under review, average import prices attained the maximum at $X per cubic meter in 2021, and then contracted markedly in the following year.

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 Denmark ($X per cubic meter), while the price for Sweden ($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 Denmark (+51.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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