Japan's Hydrogen Market Growth Projections and Trends
Key Ideas
- Japan's hydrogen market is projected to experience growth in both volume and value from 2024 to 2035, with a 2.7% CAGR for market volume and a 6.1% CAGR for market value.
- After a decline in hydrogen consumption and production in 2024, Japan's market is expected to start an upward consumption trend over the next decade.
- Hydrogen imports decreased notably in 2024, with the UK being the main supplier to Japan, while hydrogen exports surged, with Singapore being the key destination.
- The average hydrogen import price in 2024 was $71 per cubic meter, with a significant increase from the previous year, while the export price remained relatively stable at $18 per cubic meter.
IndexBox has released a new report on Japan's hydrogen market, forecasting growth in both volume and value from 2024 to 2035. The market is expected to see a 2.7% CAGR for volume, reaching 213K cubic meters, and a 6.1% CAGR for value, hitting $62K by 2035. Despite a decline in consumption and production in 2024, the market is projected to start an upward trend in the coming years. Imports of hydrogen dropped significantly in 2024, with the UK being the primary supplier to Japan. In contrast, hydrogen exports increased, with Singapore as the major destination. The average import price saw a substantial jump to $71 per cubic meter, while the export price remained stable at $18 per cubic meter.