Singapore: Hydrogen Market 2024

Hydrogen Market Size in Singapore

In 2022, the Singaporean hydrogen market increased by 35% to $X, rising for the second consecutive year after three years of decline. Over the period under review, consumption posted a strong increase. Hydrogen consumption peaked in 2022 and is likely to see steady growth in years to come.

Hydrogen Production in Singapore

In value terms, hydrogen production shrank to $X in 2022 estimated in export price. In general, production showed a slight contraction. The growth pace was the most rapid in 2014 when the production volume increased by 36%. Hydrogen production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Hydrogen Exports

Exports from Singapore

In 2022, hydrogen exports from Singapore stood at X cubic meters, surging by 11% on the year before. Over the period under review, exports recorded a temperate expansion. The pace of growth was the most pronounced in 2020 when exports increased by 197%. As a result, the exports reached the peak of X cubic meters. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, hydrogen exports skyrocketed to $X in 2022. Overall, exports saw a strong increase. The growth pace was the most rapid in 2020 when exports increased by 239% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Indonesia (X cubic meters), Malaysia (X cubic meters) and Taiwan (Chinese) (X cubic meters) were the main destinations of hydrogen exports from Singapore, together accounting for 93% of total exports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +18.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hydrogen exported from Singapore were Indonesia ($X), Malaysia ($X) and Taiwan (Chinese) ($X), together accounting for 94% of total exports.

Malaysia, with a CAGR of +24.1%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average hydrogen export price stood at $X per cubic meter in 2022, with an increase of 50% against the previous year. In general, export price indicated a resilient increase from 2012 to 2022: its price 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, hydrogen export price increased by +132.7% against 2018 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Indonesia ($X per cubic meter) and the United States ($X per cubic meter), while the average price for exports to China ($X per cubic meter) and Malaysia ($X per cubic meter) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+6.0%), while the prices for the other major destinations experienced more modest paces of growth.

Hydrogen Imports

Imports into Singapore

For the fourth consecutive year, Singapore recorded growth in purchases abroad of hydrogen, which increased by 7.3% to X cubic meters in 2022. In general, imports saw a significant increase. The pace of growth was the most pronounced in 2020 when imports increased by 606% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, hydrogen imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 623% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, Taiwan (Chinese) (X cubic meters) constituted the largest hydrogen supplier to Singapore, with a 85% share of total imports. Moreover, hydrogen imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, the United States (X cubic meters), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Taiwan (Chinese) totaled +105.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+24.7% per year) and Malaysia (+11.5% per year).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of hydrogen to Singapore, comprising 85% of total imports. The second position in the ranking was taken by the United States ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Taiwan (Chinese) amounted to +113.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+28.0% per year) and Malaysia (+14.4% per year).

Import Prices by Country

The average hydrogen import price stood at $X per cubic meter in 2022, jumping by 54% against the previous year. Overall, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hydrogen import price increased by +77.9% against 2016 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per cubic meter), while the price for Malaysia ($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 Taiwan (Chinese) (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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