Scandinavia: Market for Solar Cells and Light-Emitting Diodes 2025

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

After three years of growth, the Scandinavia market for solar cells and light-emitting diodes decreased by -6.5% to $X in 2022. The total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +64.3% against 2018 indices. The level of consumption peaked at $X in 2021, and then reduced in the following year.

Production of Solar Cells and Light-Emitting Diodes in Scandinavia

In value terms, solar cells and light-emitting diodes production skyrocketed to $X in 2022 estimated in export price. Overall, production, however, faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 when the production volume increased by 115%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Solar Cells and Light-Emitting Diodes

Exports in Scandinavia

Solar cells and light-emitting diodes exports fell to X units in 2022, declining by -6.7% compared with 2021 figures. Over the period under review, exports recorded a abrupt contraction. The pace of growth appeared the most rapid in 2018 when exports increased by 66%. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, solar cells and light-emitting diodes exports declined to $X in 2022. In general, exports showed a abrupt shrinkage. The growth pace was the most rapid in 2020 with an increase of 54%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Sweden (X units) and Finland (X units) prevails in exports structure, together making up 97% of total exports. Norway (X units) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of -2.9%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Sweden ($X) remains the largest solar cells and light-emitting diodes supplier in Scandinavia, comprising 78% of total exports. The second position in the ranking was taken by Finland ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Sweden totaled -11.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Finland (-2.9% per year) and Norway (-17.6% per year).

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per unit, almost unchanged from the previous year. In general, the export price showed a resilient increase. The growth pace was the most rapid in 2015 an increase of 290%. Over the period under review, the export prices attained the maximum at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sweden ($X per unit), while Finland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+15.2%), while the other leaders experienced a decline in the export price figures.

Imports of Solar Cells and Light-Emitting Diodes

Imports in Scandinavia

In 2022, after six years of growth, there was significant decline in overseas purchases of solar cells and light-emitting diodes, when their volume decreased by -8.3% to X units. In general, imports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2018 with an increase of 103%. Over the period under review, imports hit record highs at X units in 2021, and then dropped in the following year.

In value terms, solar cells and light-emitting diodes imports dropped to $X in 2022. Total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 +85.7% against 2017 indices. The pace of growth was the most pronounced in 2021 with an increase of 28% against the previous year. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

Sweden was the largest importing country with an import of around X units, which resulted at 73% of total imports. Finland (X units) took the second position in the ranking, distantly followed by Norway (X units). All these countries together took near 27% share of total imports.

Sweden was also the fastest-growing in terms of the solar cells and light-emitting diodes imports, with a CAGR of +29.6% from 2012 to 2022. At the same time, Finland (+25.7%) and Norway (+22.0%) displayed positive paces of growth. While the share of Sweden (+8.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Finland (-3.5 p.p.) and Norway (-5.3 p.p.) displayed negative dynamics.

In value terms, Sweden ($X) constitutes the largest market for imported solar cells and light-emitting diodes in Scandinavia, comprising 63% of total imports. The second position in the ranking was taken by Finland ($X), with a 25% share of total imports.

In Sweden, solar cells and light-emitting diodes imports expanded at an average annual rate of +5.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Finland (+0.5% per year) and Norway (+2.4% per year).

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per unit, declining by -3% against the previous year. In general, the import price saw a deep reduction. The most prominent rate of growth was recorded in 2021 when the import price increased by 7.1%. The level of import peaked at $X per unit 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 Finland ($X per unit), while Sweden ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (-16.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform