Turkey Renewable Energy Market Introduction and Overview
According to SPER Market Research, the Turkey Renewable Energy Market is estimated to reach USD XX Billion by 2033 with a CAGR of 5.2%
The report includes an in-depth analysis of the Turkey Renewable Energy Market, including market size and trends, product mix, applications, and supplier analysis. Renewable energy is energy produced from naturally replenishing sources such as sunshine, wind, water, biomass, and geothermal heat. Renewable energy sources are a viable alternative to traditional fossil fuels since they have a lower environmental impact and are more sustainable over time. Renewable energy in Turkey comprises solar, wind, hydropower, biomass, and geothermal energy.
- In July 2021: GE Renewable Energy has turned on the first phase of the Karapinar solar power project, which has a direct current capacity of 267 MW. The project's total installed capacity is 1.08 GW. It is expected to generate 2300 gigawatt hours (GWh) of electricity annually, enough to power around two million Turkish households.
- In January 2021: France-based Albioma purchased a 75% share in the Turkish geothermal power project Gumuskoy. Egesim, a Turkish industrial services firm, purchased the remaining 25% shareholding interest in the Izmir power plant.
Market Opportunities and Challenges
Turkey's renewable energy sector is expanding rapidly as the country works to diversify its energy sources and reduce its carbon footprint. The market is seeing significant investments in renewable energy projects, thanks to supporting government regulations, favourable investment incentives, and rising environmental awareness. Solar power, wind energy, and hydropower are the primary industries driving market growth. The future of the Turkish renewable energy market appears bright, with several oportunities for investors, industry participants, and stakeholders.
A number of significant elements drive Turkey's renewable energy market. To begin, the country has tremendous renewable energy potential, particularly in solar and wind resources, which provides chances for growth and investment in these industries. Furthermore, Turkey has set ambitious renewable energy targets as part of its efforts to diversify its energy mix, reduce reliance on fossil fuels, and reduce greenhouse gas emissions, thereby aligning with global sustainability objectives.
Despite these driving factors, Turkey's renewable energy business confronts a number of hurdles. One key difficulty is the necessity for large upfront investment in renewable energy infrastructure, which may discourage some investors owing to financial constraints or uncertainty about return on investment. Furthermore, grid integration constraints and limited transmission infrastructure impede the effective deployment and utilisation of renewable energy resources, resulting in intermittency and grid stability concerns. Furthermore, regulatory hurdles, bureaucratic red tape, and political concerns can stymie the development and implementation of renewable energy projects throughout the country. Addressing these issues will be critical to realising Turkey's renewable energy market's full potential and meeting the country's sustainability goals.
Market Competitive Landscape
The Turkish renewable energy market is very competitive, with several major businesses working in the sector. The major key players in the Turkey Renewable Energy Market are: Afyon Geothermal Investments AS, Axpo Holding AG, IC Ictas Energy Investment Holding, JinkoSolar Holding Co. Ltd, Poyry PLC, Sanko Energy Group, Statkraft AS, STEAG Solar Energy Solutions, Others. These companies specialise in project development, equipment production, and renewable energy services.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Type, By Application
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| Regions covered | Ankara, Istanbul, Izmir, Others
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| Companies Covered | Afyon Geothermal Investments AS, Axpo Holding AG, IC Ictas Energy Investment Holding, JinkoSolar Holding Co. Ltd, Poyry PLC, Sanko Energy Group, Statkraft AS, STEAG Solar Energy Solutions, Others
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COVID-19 Impact on Turkey Renewable Energy Market
The COVID-19 epidemic had a detrimental impact on the Turkish renewable energy market, postponing various projects and auctions, including small renewable energy resource zone (YEKA) tenders for solar photovoltaic systems. The epidemic resulted in fewer annual additions of solar energy in the country. Supply chain problems, project delays, and financial issues have been reported. However, the epidemic has emphasised the necessity of clean and sustainable energy sources, resulting in increased awareness and support for renewable energy projects.
Key Target Audience:
- Educational Institutions and Research Organizations
- Environmental Advocacy Groups and NGOs
- Government Entities and Policy Makers
- Industrial and Commercial Businesses
- Investors and Financial Institutions
- Residential Consumers
- Technology Providers and Innovators
- Utilities and Energy Providers
- Others
Our in-depth analysis of the Turkey Renewable Energy Market includes the following segments:
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By Type: |
Geothermal
Hydro
Solar
Wind
Other Types
|
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By Application: |
Heating
Power Generation
Others
|
|
By Region: |
Ankara
Istanbul
Izmir
Others
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Key Topics Covered in the Report:- Turkey Renewable Energy Market Size (FY’2024-FY’2033)
- Overview of Turkey Renewable Energy Market
- Segmentation of Turkey Renewable Energy Market By Type (Geothermal, Hydro, Solar, Wind, Other Types)
- Segmentation of Turkey Renewable Energy Market By Application (Heating, Power Generation, Others)
- Statistical Snap of Turkey Renewable Energy Market
- Expansion Analysis of Turkey Renewable Energy Market
- Problems and Obstacles in Turkey Renewable Energy Market
- Competitive Landscape in the Turkey Renewable Energy Market
- Impact of COVID-19 and Demonetization on Turkey Renewable Energy Market
- Details on Current Investment in Turkey Renewable Energy Market
- Competitive Analysis of Turkey Renewable Energy Market
- Prominent Players in the Turkey Renewable Energy Market
- SWOT Analysis of Turkey Renewable Energy Market
- Turkey Renewable Energy Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Turkey Renewable Energy Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Turkey Renewable Energy Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Turkey Renewable Energy Market
7. Turkey Renewable Energy Market, By Type (USD Million)
7.1. Turkey Renewable Energy Market Value Share and Forecast, By Type, 2024-2033
7.2. Geothermal
7.3. Hydro
7.4. Solar
7.5. Wind
7.6. Other Types
8. Turkey Renewable Energy Market, By Application (USD Million)
8.1. Turkey Renewable Energy Market Value Share and Forecast, By Application, 2024-2033
8.2. Heating
8.3. Power Generation
8.4. Others
9. Turkey Renewable Energy Market Forecast, 2020-2033 (USD Million)
9.1. Turkey Renewable Energy Market Size and Market Share
10. Turkey Renewable Energy Market, By Type, 2020-2033 (USD Million)
10.1. Turkey Renewable Energy Market Size and Market Share By Type (2020-2026)
10.2. Turkey Renewable Energy Market Size and Market Share By Type (2027-2033)
11. Turkey Renewable Energy Market, By Application, 2020-2033 (USD Million)
11.1. Turkey Renewable Energy Market Size and Market Share By Application (2020-2026)
11.2. Turkey Renewable Energy Market Size and Market Share By Application (2027-2033)
12. Turkey Renewable Energy Market, By Region, 2020-2033 (USD Million)
12.1. Turkey Renewable Energy Market Size and Market Share By Region (2020-2026)
12.2. Turkey Renewable Energy Market Size and Market Share By Region (2027-2033)
12.3. Ankara
12.4. Istanbul
12.5. Izmir
12.6. Others
13. Company Profile
13.1. Afyon Geothermal Investments AS
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. Axpo Holding AG
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. IC Ictas Energy Investment Holding
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. JinkoSolar Holding Co. Ltd
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. Poyry PLC
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. Sanko Energy Group
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. Statkraft AS
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. STEAG Solar Energy Solutions
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. Others
14. List of Abbreviations
15. Reference Links
16. Conclusion
17. Research Scope