Turkey Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The Turkey Renewable Energy Market is segmented by Type (Hydro, Wind, Solar, Geothermal, and Others)
ABOUT THIS REPORT
Turkey Renewable Energy Market Snapshot
Market Overview
Scope of the Report
Key Market Trends
Competitive Landscape
Major Players
TABLE OF CONTENTS
Turkey Renewable Energy Market Snapshot
Study Period:
2016 - 2026
Base Year:
2019
CAGR:
4.5 %
Need a report that reflects how COVID-19 has impacted this market and its growth?
Market Overview
The Turkey renewable energy market is expected to grow at a CAGR of around 4.5% during the forecast period. The primary driver for the market includes the government initiatives to limit its dependence on fossil fuels and to have low-cost energy and sustainable energy source. 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 held a significant market share in 2019, and it is likely to dominate the market during the forecast period.
Aligning itself to the Paris Convention, Turkey has provided the intended national contribution to renewable energy growth in the country. As per the Turkish government, it shall reduce greenhouse gas emissions to around 21% by 2030. Moreover, it is expected that the country is likely to add nearly 25 GW of wind capacity by 2030, which is expected to create an opportunity for the country’s renewable energy market growth in the near future.
The increasing demand for energy coupled with supportive government policies is likely to drive the renewable energy market during the forecast period.
Scope of the Report
The Turkey renewable energy market report includes:
Type
Hydro
Wind
Solar
Geothermal
Others
Report scope can be customized per your requirements. Click here.
Key Market Trends
Hydropower to Dominate the Market
Hydropower is a reliable, cost-effective, and sustainable natural energy source that requires the kinetic energy of the flowing water to generate electricity. It is one of the cleanest forms of energy source, which has dominated Turkey’s renewable energy market in 2019. Turkey’s hydropower had an approximate capacity of around 28.5 gigawatts in 2019.
During 2019, Turkey added nearly 212 megawatts (MW) of hydropower to its renewable energy and is expected to grow further with the various online project expected to get commissioned during the forecast period.
Lower kalekoy hydropower project is one of the prominent upcoming hydro projects in Turkey, which is expected to get commissioned in 2020. The project is getting constructed on the Murat river and is expected to have a capacity of around 500 megawatts.
Moreover, during 2019, the European Bank for Reconstruction and Development has invested USD 100 million in IC Ictas Energy to develop the renewable energy sector of the country. The EBRD investment is expected to partly finance the hydropower projects, which is likely to expand the hydro sector during the forecast period.
To understand key trends, Download Sample Report
Increasing Energy Demand and Supportive Government Policies to Drive the Market
Energy demand in Turkey is increasing rapidly over the year, which has led the government to focus on both conventional and renewable energy resources. It is expected that energy consumption has increased at an average rate of around 7.5% every year.
Turkey is dependent on foreign countries in terms of electricity generation operations. Most of the electricity generated in 2018 was from fossil fuels. The country increased its renewable energy share to nearly 32% in the country’s energy mix in 2018.
One of the most important causes of the upward change in the renewable energy market in Turkey is reducing the country’s dependence on foreign resources for energy by decreasing energy import.
With an increase in energy demand, the government is planning to increase its investment in renewable resources. It is estimated that to have an investment of around USD 61 billion by 2023 to mitigate the rising energy demand and to expand its existing renewable energy market.
To understand geography trends, Download Sample Report.
Competitive Landscape
Turkey renewable energy market is moderately fragmented. Some of the key players in the market include IC Ictas Energy Investment Holding, Statkraft AS, Poyry Plc., Sanko Enerji, JinkoSolar Holding Co. Ltd., Axpo Holding AG, STEAG Solar Energy Solutions, and Afyon Geothermal Investments A.S.