Norway: Hydrogen Market 2024

Hydrogen Market Size in Norway

In 2022, the Norwegian hydrogen market decreased by -16.4% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, enjoyed prominent growth. Hydrogen consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Hydrogen Production in Norway

In value terms, hydrogen production fell to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the production volume increased by 42%. Hydrogen production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Hydrogen Exports

Exports from Norway

In 2022, after two years of decline, there was significant growth in shipments abroad of hydrogen, when their volume increased by 192% to X cubic meters. Overall, exports, however, faced a drastic downturn. The pace of growth appeared the most rapid in 2018 when exports increased by 808%. Over the period under review, the exports hit record highs at X cubic meters in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, hydrogen exports soared to $X in 2022. Over the period under review, exports, however, saw a abrupt downturn. The pace of growth was the most pronounced in 2018 with an increase of 475% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Denmark (X cubic meters), Germany (X cubic meters) and Sweden (X cubic meters) were the main destinations of hydrogen exports from Norway, together accounting for 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +201.8%), while shipments for the other leaders experienced a decline.

In value terms, Denmark ($X) emerged as the key foreign market for hydrogen exports from Norway, comprising 51% of total exports. The second position in the ranking was held by Germany ($X), with a 23% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Denmark amounted to -6.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+88.9% per year) and Sweden (-12.0% per year).

Export Prices by Country

The average hydrogen export price stood at $X per cubic meter in 2022, shrinking by -27.5% against the previous year. Over the period under review, the export price, however, continues to indicate a remarkable increase. The pace of growth was the most pronounced in 2014 when the average export price increased by 151%. The export price peaked at $X per cubic meter in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Denmark ($X per cubic meter), while the average price for exports to Germany ($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 the Netherlands (+74.7%), while the prices for the other major destinations experienced more modest paces of growth.

Hydrogen Imports

Imports into Norway

In 2022, imports of hydrogen into Norway contracted to X cubic meters, with a decrease of -9.3% on the year before. Over the period under review, imports, however, enjoyed a moderate expansion. The most prominent rate of growth was recorded in 2017 with an increase of 154% against the previous year. Imports peaked at X cubic meters in 2021, and then dropped in the following year.

In value terms, hydrogen imports fell to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 82% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, Sweden (X cubic meters) constituted the largest supplier of hydrogen to Norway, accounting for a 55% share of total imports. Moreover, hydrogen imports from Sweden exceeded the figures recorded by the second-largest supplier, Denmark (X cubic meters), twofold. The third position in this ranking was taken by Belgium (X cubic meters), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Sweden stood at +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (-2.1% per year) and Belgium (+69.5% per year).

In value terms, Sweden ($X) constituted the largest supplier of hydrogen to Norway, comprising 59% of total imports. The second position in the ranking was taken by Denmark ($X), with a 25% 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 Sweden amounted to -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+2.0% per year) and Germany (+13.2% per year).

Import Prices by Country

The average hydrogen import price stood at $X per cubic meter in 2022, flattening at the previous year. Overall, the import price showed a perceptible shrinkage. The pace of growth was the most pronounced in 2015 when the average import price increased by 22% against the previous year. As a result, import price reached the peak level of $X per cubic meter. From 2016 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 Denmark ($X per cubic meter), while the price for Belgium ($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 (+4.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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