Market Overview

The Turkey renewable energy market size reached 58.7 GW in 2024 and is expected to reach 95.8 GW by 2033. The market is forecasted to grow at a CAGR of 5.3% during 2025–2033. Growth is driven by increasing energy demand, energy security concerns, a shift away from fossil fuels, and advancements in solar and wind energy storage, supported by 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

  • In 2024, the renewable energy market size was 58.7 GW, with an expected growth rate (CAGR) of 5.3% during 2025-2033.
  • Private corporations, both domestic and international, are increasingly investing in renewable energy due to favorable regulations and incentives.
  • A $1 billion deal was agreed in 2024 between Turkey and the World Bank to foster renewable energy growth, focusing on distributed solar energy and battery storage projects.
  • Technological advancements, such as the adoption of smart grid technologies and improved energy storage solutions, are enhancing efficiency and reducing costs.
  • Rising domestic renewable energy sources aim to reduce dependence on foreign fossil fuels, strengthening energy security and sustainability.
  • International partnerships with financial institutions and energy firms bolster technical skills, funding, and project execution.

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Market Growth Factors

The Turkey renewable energy market is growing due to rising energy demand and energy security concerns. The rapidly expanding population and economy require sustainable energy diversification. Dependency on imported fossil fuels carries risks from supply interruptions and price fluctuations. Investing in renewable sources offers a more reliable and steady energy supply, reducing political and economic vulnerabilities. Domestic renewable energy growth ensures long-term energy security by providing a stable flow of sustainable energy.

Private sector investments and international partnerships substantially support market expansion. Both local and foreign companies are entering the Turkish renewable energy market, attracted by beneficial regulatory frameworks and lucrative incentives. These investments raise renewable capacity and encourage technological progress. Collaborations with global financial institutions, such as the World Bank’s $1 billion program in 2024, provide crucial funding and technical support, focusing on solar energy expansion and battery storage trials.

Technological innovations are also key growth drivers. Advances in solar and wind technologies increase efficiency and cut costs, making renewables competitive against fossil fuels. Improved energy storage options address the intermittency challenge of solar and wind power, improving reliability. Smart grid technologies enhance renewable integration into the national grid for better distribution. Local manufacturing growth reduces import dependence and lowers project expenses, with public and private R&D partnerships fostering continued technological leadership.

Market Segmentation

Type Insights:

  • Hydro Power: A key renewable segment contributing to the market capacity.
  • Wind Power: A significant category with growing deployment in Turkey.
  • Solar Power: Increasingly important due to solar capacity expansions and technology deals like GE Vernova’s 2024 project.
  • Bioenergy: Part of renewable energy mix supporting diversification.
  • Others: Includes other renewable sources contributing to market growth.

End User Insights:

  • Industrial: Major consumer segment for renewable energy solutions.
  • Residential: Growth driven by distributed solar energy projects.
  • Commercial: Increasing adoption supporting sector sustainability.

Regional Insights

The report covers major Turkish regions including Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Blacksea, and Eastern Anatolia. Specific regional market shares or growth rates are not detailed in the source; however, the comprehensive coverage indicates a widespread renewable energy development focus across these areas, supporting national energy transition goals.

Recent Developments & News

  • June 2024: Enspire Enerji, a Turkish company under Entek Elektrik, purchased a 214 MW solar project in Romania from Econergy for EUR 32.9 million, pending construction readiness and regulatory approval.
  • November 2023: PV Hardware (PVH) completed installing solar panels for Turkey's YEKA-4 130MWp project, a major step toward Turkey's goal of adding 10 GW of solar energy to the grid by 2027.

Key Players

  • GE Vernova
  • Kalyon PV
  • Enspire Enerji
  • Entek Elektrik
  • Econergy
  • PV Hardware (PVH)

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