Scandinavia: Market for Solar Cells and Light-Emitting Diodes 2022

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

In 2021, the Scandinavia market for solar cells and light-emitting diodes increased by 15% to $X, rising for the fourth consecutive year after two years of decline. Overall, consumption continues to indicate a resilient expansion. The level of consumption peaked in 2021 and is likely to see steady growth in years to come.

Production of Solar Cells and Light-Emitting Diodes in Scandinavia

In value terms, solar cells and light-emitting diodes production contracted notably to $X in 2021 estimated in export price. Over the period under review, production recorded a abrupt decline. The growth pace was the most rapid in 2020 with an increase of 72%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Solar Cells and Light-Emitting Diodes

Exports in Scandinavia

Solar cells and light-emitting diodes exports skyrocketed to X tons in 2021, jumping by 34% on 2020. Overall, exports, however, saw a abrupt downturn. The pace of growth was the most pronounced in 2018 when exports increased by 104% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, solar cells and light-emitting diodes exports surged to $X in 2021. Over the period under review, exports, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2020 with an increase of 35%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Denmark represented the major exporter of solar cells and light-emitting diodes in Scandinavia, with the volume of exports reaching X tons, which was approx. 60% of total exports in 2021. Sweden (X tons) took the second position in the ranking, distantly followed by Finland (X tons). All these countries together took approx. 39% share of total exports.

Denmark was also the fastest-growing in terms of the solar cells and light-emitting diodes exports, with a CAGR of +7.3% from 2012 to 2021. Finland (-5.1%) and Sweden (-23.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Denmark and Finland increased by +50 and +6.9 percentage points, respectively.

In value terms, the largest solar cells and light-emitting diodes supplying countries in Scandinavia were Sweden ($X), Denmark ($X) and Finland ($X), with a combined 98% share of total exports.

Among the main exporting countries, Denmark, with a CAGR of +3.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2021, declining by -11.2% against the previous year. In general, the export price, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2015 an increase of 183% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Sweden ($X per ton), while Denmark ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+15.3%), while the other leaders experienced mixed trends in the export price figures.

Imports of Solar Cells and Light-Emitting Diodes

Imports in Scandinavia

Solar cells and light-emitting diodes imports skyrocketed to X tons in 2021, with an increase of 17% against the previous year's figure. Overall, imports continue to indicate a significant increase. The growth pace was the most rapid in 2015 when imports increased by 110%. The volume of import peaked in 2021 and is expected to retain growth in years to come.

In value terms, solar cells and light-emitting diodes imports surged to $X in 2021. Total imports indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +129.1% against 2017 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Denmark (X tons) and Sweden (X tons) prevails in imports structure, together comprising 87% of total imports. Finland (X tons) held an 8.2% share (based on physical terms) of total imports, which put it in second place, followed by Norway (4.7%).

From 2012 to 2021, the biggest increases were in Sweden (with a CAGR of +35.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Denmark ($X) and Finland ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 93% share of total imports.

Among the main importing countries, Sweden, with a CAGR of +7.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Scandinavia amounted to $X per ton, increasing by 11% against the previous year. Over the period under review, the import price, however, saw a abrupt decline. The pace of growth appeared the most rapid in 2014 when the import price increased by 52% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Finland ($X per ton), while Denmark ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (-12.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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