The Turkey renewable energy market size was 58.7 GW in 2024 and is projected to reach 95.8 GW by 2033, growing at a CAGR of 5.3% during 2025-2033. Market growth is driven by rising energy demand, energy security concerns, investment boosts in solar and wind energy storage technologies, and strong government and private sector partnerships.

Study Assumption Years

• Base Year: 2024

• Historical Year/Period: 2019-2024

• Forecast Year/Period: 2025-2033

Turkey Renewable Energy Market Key Takeaways

• The market size reached 58.7 GW in 2024.

• CAGR is 5.3% during the forecast period of 2025-2033.

• The forecast projects the market to reach 95.8 GW by 2033.

• Private sector investments and international partnerships, including a $1 billion deal with the World Bank in 2024, are propelling market growth.

• Advances in solar, wind technologies, and energy storage are increasing efficiency and reducing costs.

• Energy security concerns and the aim to reduce dependence on foreign fossil fuels fuel renewable energy adoption.

• Technological innovation driven by government and private R&D partnerships is establishing Turkey as a leader in renewables.

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Market Growth Factors

The Turkey renewable energy market growth is fueled by rising energy demand and increasing energy security concerns. The country's rapidly growing population and economy are leading to higher energy consumption, necessitating diversification of energy sources. Dependence on foreign fossil fuels subjects the nation to supply interruptions and price volatility. Renewable energy investments enhance energy security by providing reliable, sustainable power sources, reducing political and economic risks linked with fossil fuels, and ensuring a steady energy supply for Turkey's economy and population.

Private sector investments and international partnerships underscore Turkey's renewable energy progress. Domestic and foreign companies are actively investing due to favorable regulations and incentives. In 2024, Turkey partnered with the World Bank on a $1 billion agreement to strengthen the distributed solar sector and pilot battery storage projects, implemented by Turkish development banks. These collaborations bring essential finance, technical expertise, and innovation, supporting Turkey's commitment to global renewable energy goals.

Technological advancements further drive market expansion. Improvements in solar and wind technologies increase efficiency and lower costs, making renewables more competitive against fossil fuels. Energy storage innovations, including advanced batteries, address intermittency challenges of solar and wind power. Smart grid adoption enhances integration and distribution of renewable energy. Additionally, growing local manufacturing capacities reduce import dependence and overall project costs. Government and private sector R&D partnerships stimulate innovation, positioning Turkey as a forefront renewable energy market.

Market Segmentation

Type Insights:

• Hydro Power: The market includes hydro power as a key renewable energy source in Turkey, contributing to the overall capacity.

• Wind Power: Wind power is a significant segment driving Turkey's renewable energy expansion with increasing installations.

• Solar Power: Solar power is rapidly growing, supported by advancements and international collaborations.

• Bioenergy: Bioenergy forms part of the diversified renewable energy mix in Turkey.

• Others: Other renewable sources contribute to the energy portfolio, aiding diversification.

End User Insights:

• Industrial: The industrial sector utilizes renewable energy to meet sustainability and energy efficiency goals.

• Residential: Residential adoption of renewable energy supports domestic energy needs and reduces fossil fuel dependence.

• Commercial: Commercial users contribute demand growth through renewable energy consumption.

Regional Insights

The report identifies key regional markets namely Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Blacksea, and Eastern Anatolia. These regions represent the primary areas of renewable energy deployment in Turkey, although specific market shares or growth rates are not detailed in the source. Together, they encompass Turkey's comprehensive renewable energy expansion.

Recent Developments & News

In June 2024, Enspire Enerji, under Entek Elektrik, acquired a 214 MW solar project in Romania from Econergy for EUR 32.9 million, pending construction and regulatory approvals. In November 2023, PV Hardware (PVH) completed the installation of solar panels for Turkey's YEKA-4 130MWp project, a pivotal step toward Turkey's goal of integrating 10 GW of solar energy into the grid by 2027.

Key Players

• Enspire Enerji

• Entek Elektrik

• Econergy

• PV Hardware (PVH)

• GE Vernova

• Kalyon PV

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