The Turkey solar energy market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 6% during 2023–2031. The growth of the market is attributed to decreasing dependence on fossil fuel-based power generation.
Solar energy is energy from sun that is converted into electrical or thermal energy. Solar technologies can be engaged this energy for various uses, such as providing light, generating electricity, and heating water for industrial, commercial, and domestic uses. The cost-effectiveness and low maintenance of solar energy is increasing its preference across the globe.
Conventional energy sources such as oil, coal, gas, and nuclear reserves are finite form of energy. On the other hand, the unlimited solar energy resource makes its preferable form of energy across the globe. Solar energy is form of energy that does not emits toxic substances or contaminants in the air.
The importance of transition toward a low-carbon economy, awareness of finite natural fossil fuels, and harmful effect of fossil fuels on environment, which is also a major cause of global warming is positively influencing the market growth. In future, solar power can be major part of sustainable energy system. Sola power is abundant energy source on the earth. Industries and businesses are using solar energy techniques to transform energy sources, save money, and improve operational efficiency.
Turkey Solar Energy Market Trends, Drivers, Restraints, and Opportunities
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Increasing capacity of installation of solar energy unit due to ongoing technological advancements and upcoming projects in the country is anticipated to drive the market growth.
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Solar power is pollution free and causes no greenhouses gases. Thus, growing awareness of solar energy benefits is expected to proliferate the growth of the market during the forecast period.
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The COVID-19 outbreak had disrupted the supply chain, hindering the market growth. However, the relaxation in restrictions on the international trade is stimulating the market growth.
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The recent power crisis can create remunerative opportunities for industry players in the coming years.
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Decreasing cost of technologies is driving the segment growth.
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High dependence on weather conditions can create challenges for the market growth in the projected timeline.
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Minimal maintenance of solar energy systems can spur the market growth in the projected timeline.
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High costs for installation can hamper the growth of market.
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Turkish government is planning to increase incentive on solar energy, which can decrease investment return period. This, in turn, can create lucrative opportunities for the market during the forecast period.
Scope of Turkey Solar Energy Market Report
The report on the Turkey solar energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Solar Energy Market - Turkey Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP))
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Country
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Turkey
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Halk Enerji Yat?r?mlar? Üretim ?n?aat Taahhüt Ticaret ve Sanayi A.S; JinkoSolar Holding Co., Ltd; Akfen Yenilenebilir Enerji; and Panasonic Corporation
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Turkey Solar Energy Market Segment Insights
Solar photovoltaic (PV) segment is anticipated to constitute a key market share
Based on types, the market is bifurcated into solar photovoltaic (PV) and concentrated solar power (CSP). The solar photovoltaic segment is expected to constitute a key share of the market during the projected period due to increasing trend of renewable energy. The major solar renewable energy generation accounts from solar photovoltaic owing to cost-effectiveness.
JinkoSolar and Asunim , completed the Manisa solar farm in Aegean region in Turkey. The farm has huge capacity to store the electricity. In solar photovoltaic (PV), cells convert sunlight into electricity with the help of photovoltaic effect. In photovoltaic effect, certain materials absorb the light particle (photon) and release electron for generation of electricity. On the other hand, the concentrated solar power (CSP) segment is expected to grow at a healthy rate in the projected timeline.
Segments
The Turkey solar energy segmented on the basis of:
Types
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
Country
Key Players
Competitive Landscape
The key players competing in the Turkey solar energy market are Halk Enerji Yatırımları Üretim İnşaat Taahhüt Ticaret ve Sanayi A.S; JinkoSolar Holding Co., Ltd; Akfen Yenilenebilir Enerji; and Panasonic Corporation.
Companies are engaging in partnerships with local manufacturers and are focusing on collaborations with government state bodies to expand their market share. Moreover, they’re concentrating on mergers and acquisitions to leverage their market position.