Turkey Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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.