Singapore: Market for Solar Cells and Light-Emitting Diodes 2024

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

In 2022, the Singaporean market for solar cells and light-emitting diodes was finally on the rise to reach $X after two years of decline. Over the period under review, consumption, however, showed a abrupt decline. Solar cells and light-emitting diodes consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Solar Cells and Light-Emitting Diodes in Singapore

In value terms, solar cells and light-emitting diodes production totaled $X in 2022 estimated in export price. In general, production posted a prominent increase. The pace of growth was the most pronounced in 2020 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

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Exports of Solar Cells and Light-Emitting Diodes

Exports from Singapore

After two years of growth, overseas shipments of solar cells and light-emitting diodes decreased by X% to X units in 2022. Overall, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, the exports hit record highs at X units in 2021, and then contracted in the following year.

In value terms, solar cells and light-emitting diodes exports fell slightly to $X in 2022. Over the period under review, total exports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The growth pace was the most rapid in 2015 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

South Africa (X units) was the main destination for solar cells and light-emitting diodes exports from Singapore, with a X% share of total exports. Moreover, solar cells and light-emitting diodes exports to South Africa exceeded the volume sent to the second major destination, Australia (X units), fourfold. Germany (X units) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Africa totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Germany (X% per year).

In value terms, the United States ($X) remains the key foreign market for solar cells and light-emitting diodes exports from Singapore, comprising X% of total exports. The second position in the ranking was held by Germany ($X), with a X% share of total exports. It was followed by Thailand, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Thailand (X% per year).

Export Prices by Country

In 2022, the average export price for solar cells and light-emitting diodes amounted to $X per unit, with an increase of X% against the previous year. Over the period under review, the export price, however, showed a sharp shrinkage. The growth pace was the most rapid in 2016 when the average export price increased by X% against the previous year. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to South Africa (less than $X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (X%), while the prices for the other major destinations experienced a decline.

Imports of Solar Cells and Light-Emitting Diodes

Imports into Singapore

After six years of growth, overseas purchases of solar cells and light-emitting diodes decreased by X% to X units in 2022. Over the period under review, imports, however, enjoyed significant growth. The growth pace was the most rapid in 2018 when imports increased by X%. Over the period under review, imports reached the peak figure at X units in 2021, and then declined modestly in the following year.

In value terms, solar cells and light-emitting diodes imports reached $X in 2022. In general, total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2019 indices. The growth pace was the most rapid in 2015 when imports increased by X%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) was the main supplier of solar cells and light-emitting diodes to Singapore, with a X% share of total imports. It was followed by Indonesia (X units), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Taiwan (Chinese) (X% per year).

In value terms, the largest solar cells and light-emitting diodes suppliers to Singapore were China ($X), Taiwan (Chinese) ($X) and Indonesia ($X), together comprising X% of total imports.

In terms of the main suppliers, China, with a CAGR of X%, 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 mixed trend patterns.

Import Prices by Country

The average import price for solar cells and light-emitting diodes stood at $X per unit in 2022, rising by X% against the previous year. Overall, the import price, however, recorded a precipitous curtailment. The most prominent rate of growth was recorded in 2015 an increase of X%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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