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Turkey Renewable Energy Market Size (2024 - 2029)

The Turkish renewable energy market is poised for growth, driven by government initiatives aimed at reducing reliance on fossil fuels and promoting sustainable energy sources. Despite challenges such as inadequate grid infrastructure and setbacks from the COVID-19 pandemic, which delayed projects and reduced solar energy additions, the market's expansion is supported by increasing energy demand and favorable policies. The hydropower segment holds a significant portion of the market, while the untapped potential of offshore wind energy presents promising opportunities for future development.

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Market Size of Turkey Renewable Energy Industry

Turkey Renewable Energy Market Outlook
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 4.90 %
Market Concentration Medium

Major Players

Turkey Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Turkey Renewable Energy Market Analysis

The Turkish Renewable Energy market is expected to register a CAGR of around 4.9% during the forecast period, 2022-2027. The COVID-19 pandemic negatively affected the Turkey renewable energy market by delaying several projects and auctions, including mini renewable energy resource zone (YEKA) auctions for solar photovoltaic systems. The pandemic resulted in the reduced annual additions of solar energy in the country. The primary driver for the market includes the government initiatives to limit its dependence on fossil fuels and use low-cost and sustainable energy sources. However, the lack of proper grid infrastructure to integrate renewable energy sources is expected to hinder the market growth during the forecast period.

  • The hydropower segment accounted for a significant market share in 2020, and it is likely to dominate the market during the forecast period.
  • In April 2021, the Offshore Wind Energy Association (DÜRED) officials stated that the total offshore wind power potential stood at 75 gigawatts (GW) in Turkey. Such a vast potential of offshore wind energy is expected to create significant opportunities for wind farm operators and developers in the near future.
  • The increasing demand for energy and supportive government policies are expected to drive the renewable energy market during the forecast period.

Turkey Renewable Energy Industry Segmentation

The Turkey renewable energy market report includes:

Type
Hydro
Wind
Solar
Geothermal
Other Types
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Turkey Renewable Energy Market Size Summary

The Turkish renewable energy market is poised for growth, driven by government initiatives aimed at reducing reliance on fossil fuels and promoting sustainable energy sources. Despite challenges such as the COVID-19 pandemic, which delayed projects and auctions, the market is expected to expand steadily. The hydropower segment currently holds a significant share and is anticipated to maintain its dominance due to Turkey's abundant hydroelectric resources and substantial investments in this area. The country's focus on increasing its renewable energy capacity is supported by ambitious plans and projects, such as the development of the Lower Kaleköy Hydropower plant, which underscores the potential for further growth in this sector.

Turkey's renewable energy market is also bolstered by increasing energy demand and supportive government policies, including the National Renewable Energy Action Plan and the Renewable Energy Support Scheme. These initiatives aim to reduce energy imports and enhance the country's energy independence. The market is moderately fragmented, with key players like IC Ictas Energy Investment Holding and JinkoSolar Holding Co. Ltd. actively participating in the sector. Investments in renewable resources are expected to rise significantly, aligning with Turkey's goal to expand its renewable energy market and meet the growing electricity demand.

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Turkey Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Turkey Renewable Energy Mix, 2020

    3. 1.3 Renewable Energy Installed Capacity and Forecast in GW, till 2027

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Hydro

      2. 2.1.2 Wind

      3. 2.1.3 Solar

      4. 2.1.4 Geothermal

      5. 2.1.5 Other Types

Turkey Renewable Energy Market Size FAQs

The Turkey Renewable Energy Market is projected to register a CAGR of 4.90% during the forecast period (2024-2029)

IC Ictas Energy Investment Holding, JinkoSolar Holding Co. Ltd., Poyry Plc, Statkraft AS and Sanko Energy Group are the major companies operating in the Turkey Renewable Energy Market.

Turkey Renewable Energy Market Report Snapshots

Turkey Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)