As the government looks to reduce its reliance on fossil fuels and diversify its energy sources, the Turkish renewable energy industry is growing quickly. The sun, wind, water, biomass, and geothermal energy are examples of renewable energy sources. Turkey has set ambitious targets for the expansion of its renewable energy capacity and possesses a wealth of renewable energy resources. The market offers a wide range of businesses, including hydropower and solar power, tremendous investment and development potential. Turkey’s renewable energy market is poised for substantial growth because to encouraging government regulations, a welcoming corporate environment, and growing environmental consciousness.
According to SPER market research, ‘Turkey Renewable Energy Market Size-By Type, By Application, By Price – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Turkey Renewable Energy Market is predicted to reach USD XX Billion by 2033 with a CAGR of 5.2%
Market Drivers:
- Government Support and Policies: To promote investments in renewable energy, the Turkish government has put in place a number of laws and incentives. Favorable regulations, tax rebates, and feed-in tariffs all contribute to market expansion.
- Mitigation of Climate Change: One of the main factors propelling the usage of renewable energy is the goal to lower greenhouse gas emissions and stop climate change. A more sustainable and environmentally friendly substitute for fossil fuels is renewable energy.
Market Challenge:
- Grid Integration Challenges: Renewable energy is challenging to integrate into the current grid infrastructure due to its fluctuation and intermittency. Expanding and upgrading grid infrastructure is necessary to manage the growing use of renewable energy.
- Project Financing: It can be challenging to find funding for renewable energy projects. Renewable energy projects’ upfront costs and perceived risks call for innovative financing arrangements and risk mitigation techniques.
Turkey’s renewable energy industry appears to have a bright future. The market offers significant opportunities for investors and industry players, given the nation’s goal of diversifying its energy sources and reducing greenhouse gas emissions. The development of renewable energy sectors like solar, wind, and hydropower will be fueled by sustained government support, advancements in technology, and advantageous market conditions.
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COVID Impact: The COVID-19 pandemic negatively affected Turkey’s renewable energy industry by delaying a number of projects and auctions, notably solar photovoltaic system auctions held in the micro renewable energy resource zone (YEKA). The nation’s yearly advances in solar energy were constrained by the pandemic. Finance problems, project delays, and supply chain interruptions have been observed. Nonetheless, the pandemic has brought attention to the importance of sustainable and clean energy sources, increasing support for and understanding of renewable energy initiatives.
The Aegean Region, Central Anatolia, Istanbul, and the Marmara Region are some of the places where Turkey’s renewable energy sector can be assessed. Due to their dense populations and high energy demand, Istanbul and the Marmara offer substantial potential for solar and wind energy. Particularly throughout its islands and beaches, the Aegean Region offers favorable circumstances for wind-generating facilities. The Central Anatolia Region, on the other hand, has a wealth of solar resources and is ideal for solar energy projects because of its position and amounts of solar radiation. These geographical variances, which reflect variations in resource availability and market dynamics, offer a range of opportunities for the growth of renewable energy.
Additionally, some of the market key players are Afyon Geothermal Investments AS, Axpo Holding AG, STEAG Solar Energy Solutions, Others.
Turkey Renewable Energy Market Key Segments Covered
By Type: Based on the Type, Turkey Renewable Energy Market is segmented as; Geothermal, Hydro, Solar, Wind, Other Types.
By Application: Based on the Application, Turkey Renewable Energy Market is segmented as; Heating, Power Generation, Others.
By Region: This research also includes data for Ankara, Istanbul, Izmir, Others.
For More Information, refer to below link: –
Turkey Renewable Energy Market Outlook
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