Middle East: Hydrogen Market 2024

Hydrogen Market Size in the Middle East

The Middle Eastern hydrogen market shrank to $X in 2022, remaining constant against the previous year. The market value increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Hydrogen Production in the Middle East

In value terms, hydrogen production reduced modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 30%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Hydrogen Exports

Exports in the Middle East

In 2022, the amount of hydrogen exported in the Middle East fell markedly to X cubic meters, waning by -77.6% on the previous year's figure. Over the period under review, exports recorded a mild descent. The pace of growth was the most pronounced in 2013 with an increase of 189% against the previous year. Over the period under review, the exports hit record highs at X cubic meters in 2021, and then dropped rapidly in the following year.

In value terms, hydrogen exports contracted to $X in 2022. Overall, exports, however, posted a tangible increase. The pace of growth appeared the most rapid in 2013 with an increase of 91%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates represented the largest exporter of hydrogen in the Middle East, with the volume of exports finishing at X cubic meters, which was approx. 85% of total exports in 2022. It was distantly followed by Israel (X cubic meters), mixing up a 12% share of total exports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of exports of hydrogen. At the same time, Israel (+72.4%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +72.4% from 2012-2022. The United Arab Emirates (+16 p.p.) and Israel (+12 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, the largest hydrogen supplying countries in the Middle East were the United Arab Emirates ($X) and Israel ($X).

Israel, with a CAGR of +75.4%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per cubic meter, with an increase of 299% against the previous year. Overall, the export price continues to indicate temperate growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per cubic meter), while the United Arab Emirates stood at $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.0%).

Hydrogen Imports

Imports in the Middle East

In 2022, the amount of hydrogen imported in the Middle East rose notably to X cubic meters, increasing by 12% compared with the previous year's figure. Over the period under review, imports continue to indicate buoyant growth. The pace of growth was the most pronounced in 2013 with an increase of 159%. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, hydrogen imports soared to $X in 2022. Total imports indicated pronounced growth 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, imports increased by +72.0% against 2018 indices. The pace of growth appeared the most rapid in 2013 with an increase of 70% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Oman (X cubic meters) and Israel (X cubic meters) dominates imports structure, together generating 93% of total imports. Bahrain (X cubic meters) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Oman (with a CAGR of +16.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Israel ($X) constitutes the largest market for imported hydrogen in the Middle East, comprising 65% of total imports. The second position in the ranking was held by Oman ($X), with a 9.7% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Israel totaled +9.7%. In the other countries, the average annual rates were as follows: Oman (+0.2% per year) and Bahrain (-0.2% per year).

Import Prices by Country

The import price in the Middle East stood at $X per cubic meter in 2022, increasing by 16% against the previous year. Over the period under review, the import price, however, saw a abrupt descent. The pace of growth appeared the most rapid in 2020 when the import price increased by 31%. The level of import peaked at $X per cubic meter in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bahrain ($X per cubic meter), while Oman (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 Israel (-4.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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