Turkey Solar Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Turkey Solar Energy Market Analysis
The Turkey solar energy market is expected to register a CAGR of more than 6% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market is likely to reach pre-pandemic levels.
- In the medium term, factors such as the decreasing reliance on fossil fuel-based power generation by the government and the declining cost of solar PV modules will likely drive the Turkey solar energy market.
- On the other hand, Turkey's dependence on hydropower due to mountainous terrain for electricity generation will act as a restraint for the market.
- Nevertheless, the efforts to strengthen energy security and ambitious goals to reduce greenhouse gas emissions by using renewable energy sources serve as an opportunity for the Turkey solar energy market.
Turkey Solar Energy Market Trends
This section covers the major market trends shaping the Turkey Solar Energy Market according to our research experts:
Solar Photovoltaic (PV) Expected to Dominate the Market
- In 2022, Tosyalı Holding commenced constructing the world's largest rooftop solar project with an installed capacity of 140 MW on a 632-meter square area valued at USD 71 million. With the latest solar photovoltaic technology, the solar power plant is expected to have an annual production of 250 million kWh.
- Further, in 2022, according to Turkey's energy market regulator, more than 300 companies had opted for installing solar PV systems due to a rise in electricity prices caused by the collapse of the currency and a spike in gas prices. The companies made approximately USD 100 million value of investment applications to install solar PV systems.
- Likewise, in 2022, the 27 MW Gaziantep Metropolitan Solar PV Park in Turkey, owned by Gaizentep Metropolitan Municipality, announced its construction. The project is expected to start commercial operation in 2024. Moreover, the Hasan Kalyoncu University of Turkey installed 1.2MW Solar Power Plant using Solar Photovoltaic Technology, which is expected to reduce substantial carbon emissions.
- As per the BP Statistical Review of World Energy 2022, the installed solar energy capacity in 2021 was 7.8 GW, registering a growth of 16% from the previous year. Turkey has witnessed an increasing trend in solar energy installed capacity due to the rise of solar PV projects such as solar PV parks, large-scale ground-mounted projects, and rooftop solar projects.
Supportive Government Policies and Programs Driving the Market Demand
- Turkey has excellent solar energy potential due to its geographic location, with a total annual solar irradiation time of 2,741 hours (7.5 hours per day). To tap this natural resource, the Turkish government has developed several policies and programs to increase its share of the renewable energy mix. In 2021, the renewable energy generation in Turkey was 62.7 TWh, an increase of 22% from the previous year. In recent years, the increased solar energy generation resulted in a rise in total renewable energy generation in the country.
- In 2023, the National Energy Plan announced by the government projected solar energy capacity to reach 2.9 gigawatts with an increase of approximately 500% by 2035, which is deemed to have the highest share in total installed generation capacity. The National Energy plan envisages achieving 100% clean electricity by 2035.
- In 2022, the Turkish government, at the COP27 climate summit, announced its strategy to reduce greenhouse gas emissions by 41 percent below business-as-usual levels by 2030 and achieve net-zero emissions by 2053. As electricity generation is primarily responsible for emitting the highest emissions, deploying clean energy technologies such as solar energy systems would be essential. Hence, the solar energy market would see an upsurge in the installations of projects.
- In October 2022, the Turkish government invested USD 409 million to set up a 2 GW vertically integrated solar module manufacturing facility in Izmir. The funding is received by Smart Solar Technologies to develop the project. As per the Eleventh Development Plan (2019-2023), the Turkish government plans to achieve 38.8% of renewables in power generation by 2023 and plans to commission 10 GW each of solar and wind capacity in the period 2017-27.
Turkey Solar Energy Industry Overview
The Turkish solar energy market is moderately consolidated. Some of the key players in this market include (in no particular order) Go Enerji, HT Solar Energy J.S.C, Halk Enerji Yatırımları Üretim İnşaat Taahhüt Ticaret ve Sanayi AS, Panasonic Corporation, and Asunim Group.
Turkey Solar Energy Market Leaders
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Halk Enerji Yatırımları Üretim İnşaat Taahhüt Ticaret ve Sanayi A.S
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Asunim Group
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GO Enerji
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HT Solar Energy J.S.C
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Eko Renewable Energy Inc
*Disclaimer: Major Players sorted in no particular order
Turkey Solar Energy Market News
- In December 2022, Turkcell, the mobile operator in Turkey, announced its plan to meet 65% of its energy needs by generating from its solar energy projects. The company expects to help reduce the energy cost by USD 90 million by 2025.
- In October 2022, Asunim Group announced its plans to develop 42 MW solar projects. The company believes that the solar projects would achieve a significantly lower levelized cost of energy that would facilitate customers to get electricity at an affordable rate.
Turkey Solar Energy Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Solar Energy Installed Capacity and Forecast in MW, till 2028
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 PESTLE Analysis
5. MARKET SEGEMENTATION - BY TYPE
- 5.1 Solar Photovoltaic (PV)
- 5.2 Concentrated Solar Power (CSP)
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 ANKARA SOLAR A.S.
- 6.3.2 Go Enerji
- 6.3.3 HT Solar Energy J.S.C
- 6.3.4 Halk Enerji Yatırımları Üretim İnşaat Taahhüt Ticaret ve Sanayi AS
- 6.3.5 Eko Renewable Energy Inc
- 6.3.6 Asunim Group
- 6.3.7 ATSCO Solar Panel Ltd.
- 6.3.8 SMA Solar Technology AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityTurkey Solar Energy Industry Segmentation
Solar energy is heat and radiant light from the sun that can be harnessed with technologies such as solar power, used to generate electricity, and solar thermal energy, used for applications such as water heating. It is regarded as a clean source of energy that can be used as a replacement to fossil fuels. Solar energy technology can be built flexibly at scale, storing the collected energy for later use.
The Turkey Solar Energy Market is segmented by Type. By type, the market is segmented as Solar Photovoltaic (PV) and Concentrated Solar Power (CSP). For each segment, the market sizing and forecasts have been done based on installed capacity (in MW).
Turkey Solar Energy Market Research FAQs
What is the current Turkey Solar Energy Market size?
The Turkey Solar Energy Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Turkey Solar Energy Market?
Halk Enerji Yatırımları Üretim İnşaat Taahhüt Ticaret ve Sanayi A.S, Asunim Group, GO Enerji, HT Solar Energy J.S.C and Eko Renewable Energy Inc are the major companies operating in the Turkey Solar Energy Market.
What years does this Turkey Solar Energy Market cover?
The report covers the Turkey Solar Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Turkey Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the emerging trends shaping the future of the Solar Energy Market in Turkey?
The emerging trends shaping the future of the Solar Energy Market in Turkey include a) Advancements in solar panel technology and the integration of energy storage solution b) The development of smart grid infrastructure, and the adoption of digitalization and IoT technologies c) The emergence of innovative business models such as solar leasing and community solar initiatives
Turkey Solar Energy Industry Report
The Turkey solar energy market is poised for significant growth, driven by a shift away from fossil fuel-based power generation and the increasing cost-effectiveness of solar technologies. The market is segmented into Solar Photovoltaic (PV) and Concentrated Solar Power (CSP), with the PV segment expected to dominate due to its cost advantages and widespread adoption. The Turkish government’s supportive policies and incentives are further propelling market expansion, encouraging both industrial and commercial sectors to invest in solar energy systems. Technological advancements and upcoming projects are anticipated to enhance the installation capacity, while the minimal maintenance requirements of solar systems add to their appeal. However, challenges such as high initial installation costs and dependence on weather conditions may pose constraints. Overall, the market outlook remains positive, with solar energy set to play a crucial role in Turkey's transition to a sustainable energy system. Solar companies in Turkey are well-positioned to capitalize on these trends, contributing to the country's growing renewable energy landscape. Statistics for the Turkey solar energy market share, size, and revenue growth rate, created by Mordor Intelligence™ Industry Reports, provide a comprehensive analysis. The Turkey solar energy analysis includes a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.
