Market Size of Turkey Solar Energy Industry
| 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 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 Size Summary
The Turkey solar energy market is poised for significant growth, driven by a shift away from fossil fuel-based power generation and the decreasing costs of solar photovoltaic modules. The government's commitment to enhancing energy security and reducing greenhouse gas emissions through renewable energy sources presents a substantial opportunity for the market. Despite challenges such as the country's reliance on hydropower due to its mountainous terrain, the solar energy sector is expected to benefit from ambitious national goals and supportive policies. The market is gradually recovering from the setbacks caused by the COVID-19 pandemic and is anticipated to reach pre-pandemic levels, with a steady increase in solar energy capacity.
Turkey's geographic advantage offers excellent solar energy potential, with substantial annual solar irradiation. The government has implemented various policies to boost the renewable energy mix, aiming for a significant increase in solar energy capacity by 2035. This aligns with the country's broader strategy to achieve net-zero emissions by 2053 and to meet its energy needs through clean technologies. The market is moderately consolidated, with key players actively investing in solar projects and infrastructure. Notable developments include large-scale solar parks and rooftop projects, which are expected to contribute to the country's renewable energy targets and reduce energy costs.
Turkey Solar Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Solar Energy Installed Capacity and Forecast in MW, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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Turkey Solar Energy Market Size 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.
