Turkey Solar Energy Market - Growth, Trends, and Forecasts (2020 - 2025)
The market is segmented by Type (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP))
ABOUT THIS REPORT
Scope of the report
Key Market Trends
TABLE OF CONTENTS
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Turkey solar energy market is expected to grow at a CAGR of more than 5% during the forecast period of 2020-2025. Factors such as decreasing the reliance on fossil fuel-based power generation by the government are likely to drive the Turkey solar energy market. However, the cost of maintanence of the solar projects is expected to restrain the Turkey solar energy market.
The solar photovoltaic (PV) due to less investment cost than solar thermal held a significant market share in 2018, and is likely to dominate the market during the forecast period.
The Turkish government has planned to increase incentives on solar energy which can decrease the investment return period from seven years to two years by 2030. This can create several opportunities for the Turkey solar energy market in the future.
Increasing solar energy installation capacity due to upcoming and ongoing projects in the country is likely to drive the Turkey solar energy market.
Scope of the report
The Turkey solar energy market report include:
Report scope can be customized per your requirements. Click here.
Key Market Trends
Solar Photovoltaic (PV) Expected to Dominate the Market
In 2018, approximately 7.5% of the total renewable energy generation was from solar photovoltaic (PV), producing 7477 Gigawatt-Hour (GWh) of electricity. This makes solar photovoltaic (PV) segment expected to be dominating in Turkey's solar energy market.
In 2018, JinkoSolar, along with Asunim Turkey, completed the Manisa solar farm in the Aegean region in Turkey. The farm has a total capacity of 40.3 megawatts ( MW). The project is divided between sites with 19.7 megawatts (MW) at one location, and 20.6 megawatts (MW) installed on another location.
In 2018, CW Enerji, a leading solar plants manufacturer in Turkey, signed a distribution agreement with ABB to sell solar inventors of ABB in the country. This exhibits the involvement of foreig companies in Turkey solar energy market.
Therefore, from the above projects, it is evident that the solar photovoltaic (PV) segment is likely to dominate the market during the forecast period.
To understand key trends, Download Sample Report
Increasing Solar Energy Installation Likely to Drive the Market
In 2018 more than 30% of the energy generated in the country was from renewable energy sources. The government of Turkey has planned to increase its renewable energy generation by 2030. In 2018 the electricity generation from renewable energy was 96674 gigawatt-hours (GWh).
In 2018 the solar energy plant installed capacity was 5063 megawatt (MW), which was higher than the installation capacity of 2017, 3421 megawatts (MW).
In October 2018, Asunim Turkey completed the Hamal Solar Project of YTB Energy. The project has a total capacity of 10.9 megawatts (MW). The operations and maintenance of the solar plant to be done by Maxima Energy, a separate O&M company of Asunim Turkey.
SMA Solar Technology AG has signed a contract with Turkish renewable company Tegnatia Enerji AS to equip them for 100 megawatts (MW) of solar projects in Turkey. In February 2020 SMA Technology announced to supply inverters and other systems to Tegnatia Enerji for their Teksin Solar PV project in central Turkey. The project is expected to complete by 2020.
Hence, the above points indicate that increasing solar energy installation capacity is expected to drive the Turkey solar energy market during the forecast period.
To understand geography trends, Download Sample Report.
The Turkey solar energy market is moderately consolidated. Some of key players in this market include Akfen Yenilenebilir Enerji, JinkoSolar Holding Co., Ltd, Halk Enerji Yatırımları Üretim İnşaat Taahhüt Ticaret ve Sanayi A.S, Panasonic Corporation, and Asunim Group.