Turkey Renewable Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Turkish Renewable Energy market is expected to register a CAGR of around 4.9% during the forecast period, 2022-2027. The COVID-19 pandemic negatively affected the Turkey renewable energy market by delaying several projects and auctions, including mini renewable energy resource zone (YEKA) auctions for solar photovoltaic systems. The pandemic resulted in the reduced annual additions of solar energy in the country. The primary driver for the market includes the government initiatives to limit its dependence on fossil fuels and use low-cost and sustainable energy sources. However, the lack of proper grid infrastructure to integrate renewable energy sources is expected to hinder the market growth during the forecast period.
Key HighlightsThe Turkish renewable energy market is moderately fragmented. Some of the major players operating in the market include IC Ictas Energy Investment Holding, Statkraft AS, Poyry PLC, Sanko Energy Group, and JinkoSolar Holding Co. Ltd.
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