Market research

Hydrogen market in Portugal

Release date: Mar 29, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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Earlier Report Observations

The Portuguese hydrogen market experienced a notable contraction in 2019, with total volume falling to 112.9 million m³ from 127.1 million m³ the previous year. This 11% decline was primarily driven by a reduction in domestic production, which dropped from 128.0 million m³ to 114.1 million m³ over the same period.

By 2023, market volume had partially recovered to 121.1 million m³, and in 2024 it reached 127.0 million m³, matching the 2018 level. In value terms, however, the market expanded significantly, growing from 22.1 million US dollars in 2019 to 30.0 million US dollars in 2023, indicating higher unit prices or a shift toward more valuable hydrogen products.

International trade played a minor but evolving role, with imports remaining low until a rise in 2024 and 2025, while exports fluctuated without a clear trend. The overall market trajectory shows resilience with volume recovery and substantial value appreciation between 2018 and 2024.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators
1. 4.1. In kind
  1. 4.1.1. Production, 2018-2019, 2023-2024
  2. 4.1.2. Imports, 2018-2025
  3. 4.1.3. Exports, 2018-2025
  4. 4.1.4. Market size, 2018-2019, 2023-2024
2. 4.2. In value
  1. 4.2.1. Production, 2018-2019, 2023-2024
  2. 4.2.2. Imports, 2018-2025
  3. 4.2.3. Exports, 2018-2025
  4. 4.2.4. Market size, 2018-2019, 2023-2024
5. Production
1. 5.1. Production in Portugal
  1. 5.1.1. In kind, 2018-2019, 2023-2024, M m³
  2. 5.1.2. In value, 2018-2019, 2023-2024, K $ US
2. 5.2. Production in the EU, 2018-2024
  1. 5.2.1. In kind, 2018-2024, M m³
  2. 5.2.2. In value, 2018-2024, K $ US
6. Exports
1. 6.1. Exports (Direct Data)
  1. 6.1.1. Exports - Total information
  2. 6.1.2. Exports in kind, K m³
    1. 6.1.2.1. Annual dynamics of product's exports from Portugal in kind, 2018-2025, K m³
    2. 6.1.2.2. Dynamics of product's exports in kind from Portugal by countries, 2018-2025, K m³
    3. 6.1.2.3. Structure of product's exports in kind by countries, 2018-2025
  3. 6.1.3. Exports in value, K $ US
    1. 6.1.3.1. Annual dynamics of product's exports from Portugal in value, 2018-2025, K $ US
    2. 6.1.3.2. Dynamics of product's exports in value from Portugal by countries, 2018-2025, K $ US
    3. 6.1.3.3. Structure of product's exports in value by countries, 2018-2025
  4. 6.1.4. Average price of product's exports, $ US/K m³
    1. 6.1.4.1. Annual dynamics of average price of product's exports from Portugal, 2018-2025, $ US/K m³
    2. 6.1.4.2. Dynamics of average price of product's exports from Portugal by countries, 2018-2025, $ US/K m³
2. 6.2. Exports (Mirror Data)
  1. 6.2.1. Exports - Total information
  2. 6.2.2. Exports in kind, K m³
    1. 6.2.2.1. Annual dynamics of product's exports from Portugal in kind, 2018-2025, K m³
    2. 6.2.2.2. Dynamics of product's exports in kind from Portugal by countries, 2018-2025, K m³
    3. 6.2.2.3. Structure of product's exports in kind by countries, 2018-2025
  3. 6.2.3. Exports in value, K $ US
    1. 6.2.3.1. Annual dynamics of product's exports from Portugal in value, 2018-2025, K $ US
    2. 6.2.3.2. Dynamics of product's exports in value from Portugal by countries, 2018-2025, K $ US
    3. 6.2.3.3. Structure of product's exports in value by countries, 2018-2025
  4. 6.2.4. Average price of product's exports, $ US/K m³
    1. 6.2.4.1. Annual dynamics of average price of product's exports from Portugal, 2018-2025, $ US/K m³
    2. 6.2.4.2. Dynamics of average price of product's exports from Portugal by countries, 2018-2025, $ US/K m³
7. Imports
1. 7.1. Imports (Direct Data)
  1. 7.1.1. Imports - Total information
  2. 7.1.2. Imports in kind, K m³
    1. 7.1.2.1. Annual dynamics of product's imports to Portugal in kind, 2018-2025, K m³
    2. 7.1.2.2. Dynamics of product's imports in kind to Portugal by countries, 2018-2025, K m³
    3. 7.1.2.3. Structure of product's imports in kind by countries, 2018-2025
  3. 7.1.3. Imports in value, K $ US
    1. 7.1.3.1. Annual dynamics of product's imports to Portugal in value, 2018-2025, K $ US
    2. 7.1.3.2. Dynamics of product's imports in value to Portugal by countries, 2018-2025, K $ US
    3. 7.1.3.3. Structure of product's imports in value by countries, 2018-2025
  4. 7.1.4. Average price of product's imports, $ US/K m³
    1. 7.1.4.1. Annual dynamics of average price of product's imports to Portugal, 2018-2025, $ US/K m³
    2. 7.1.4.2. Dynamics of average price of product's imports to Portugal by countries, 2018-2025, $ US/K m³
2. 7.2. Imports (Mirror Data)
  1. 7.2.1. Imports - Total information
  2. 7.2.2. Imports in kind, K m³
    1. 7.2.2.1. Annual dynamics of product's imports to Portugal in kind, 2018-2025, K m³
    2. 7.2.2.2. Dynamics of product's imports in kind to Portugal by countries, 2018-2025, K m³
    3. 7.2.2.3. Structure of product's imports in kind by countries, 2018-2025
  3. 7.2.3. Imports in value, K $ US
    1. 7.2.3.1. Annual dynamics of product's imports to Portugal in value, 2018-2025, K $ US
    2. 7.2.3.2. Dynamics of product's imports in value to Portugal by countries, 2018-2025, K $ US
    3. 7.2.3.3. Structure of product's imports in value by countries, 2018-2025
  4. 7.2.4. Average price of product's imports, $ US/K m³
    1. 7.2.4.1. Annual dynamics of average price of product's imports to Portugal, 2018-2025, $ US/K m³
    2. 7.2.4.2. Dynamics of average price of product's imports to Portugal by countries, 2018-2025, $ US/K m³
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, K m³
  2. 8.1.2. In value, K $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, K m³
  2. 8.2.2. In value, K $ US
9. Top buying and selling countries, 2018-2025
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production hydrogen in Portugal

In value, 2018-2021, K $ US

In 2019, Portugal's hydrogen output was valued at 22 047 thousand US dollars, marking a 7.6% decline compared to the previous year.

Annual dynamics of production in Portugal in value, 2018-2021, K $ US

Parameter		2019	2020	2021	CAGR
1	Change from last year	(7.6%)	n/a	n/a	-

Source: SHEV.io

In kind, 2018-2021, M m³

In 2019, Portugal produced 114.1 million cubic meters of hydrogen, showing a significant decline of 10.9% from the year before.

Annual dynamics of production in Portugal in kind, 2018-2021, M m³

Parameter		2019	2020	2021	CAGR
1	Change from last year	(10.9%)	n/a	n/a	-

Source: SHEV.io

Exports hydrogen from Portugal

Exports in kind, K m³

Hydrogen exports from Portugal declined for the second consecutive year. In 2021, the country exported 613 thousand cubic meters, which represents a 37.0% decrease year-over-year. Between 2018 and 2021, exports fell by 55.4%, equating to an annualized decline of 23.6%. The peak was recorded in 2019 at 1 515 thousand cubic meters, with the largest increase occurring that same year at 10.3%.

Annual dynamics of product's exports from Portugal in kind, 2018-2021, K m³

Parameter		2019	2020	2021	CAGR
1	Change from last year	10.3%	(35.8%)	(37.0%)	(23.6%)

Source: SHEV.io

From 2018 to 2021, Portugal's hydrogen exports were overwhelmingly directed toward Spain, which accounted for 99.6% of total export volumes.

Structure of product's exports in kind by countries, 2018-2021

Source: SHEV.io

World map of product's exports from Portugal in kind, 2018-2021

Source: SHEV.io

Exports in value, K $ US

After two years of decline, hydrogen exports from Portugal rebounded in 2021, reaching 241.1 thousand US dollars—a 21.1% increase compared to the previous year. Over the 2018-2021 period, however, exports decreased by 43.3%, with a compound annual growth rate of -17.2%. The lowest value was recorded in 2020 at 199.1 thousand US dollars, which also saw the largest decline of 50.3%.

Annual dynamics of product's exports from Portugal in value, 2018-2021, K $ US

Parameter		2019	2020	2021	CAGR
1	Change from last year	(5.8%)	(50.3%)	21.1%	(17.2%)

Source: SHEV.io

Between 2018 and 2021, Spain and Angola together formed the primary group of buyers for Portuguese hydrogen, accounting for 99.9% of total export value.

Structure of product's exports in value by countries, 2018-2021

Source: SHEV.io

World map of product's exports from Portugal in value, 2018-2021

Source: SHEV.io

Imports hydrogen to Portugal

Imports in kind, K m³

The import market showed significant volatility during the observed period. Imports reached their lowest point in 2020 at 97 thousand cubic meters and peaked in 2021 at 698 thousand cubic meters, representing a 7.2-fold increase between these years. In 2021, imports surged by 622.9% compared to the previous year. The largest decline occurred in 2020, falling by 66.2%.

Annual dynamics of product's imports to Portugal in kind, 2018-2021, K m³

Parameter		2019	2020	2021	CAGR
1	Change from last year	(39.2%)	(66.2%)	622.9%	14.1%

Source: SHEV.io

Throughout 2018-2021, Spain dominated Portugal's hydrogen imports in volume, accounting for 95.0% of total flows.

Structure of product's imports in kind by countries, 2018-2021

Source: SHEV.io

World map of product's imports to Portugal in kind, 2018-2021

Source: SHEV.io

Imports in value, K $ US

In 2021, Portugal's hydrogen imports amounted to 563.4 thousand US dollars, indicating a dramatic increase of 68.2% from the year before. Between 2018 and 2021, imports grew by 56.8%, equating to an annualized rate of 16.2%. The lowest value was recorded in 2020 at 334.9 thousand US dollars, which also saw the largest decline of 20.5%.

Annual dynamics of product's imports to Portugal in value, 2018-2021, K $ US

Parameter		2019	2020	2021	CAGR
1	Change from last year	17.2%	(20.5%)	68.2%	16.2%

Source: SHEV.io

From 2018 to 2021, Spain was the key and nearly exclusive market for hydrogen imports to Portugal in value terms, accounting for 96.2% of total flows.

Structure of product's imports in value by countries, 2018-2021

Source: SHEV.io

World map of product's imports to Portugal in value, 2018-2021

Source: SHEV.io