Market Size of Turkey Renewable Energy Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
