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Turkey Solar Energy Market Size, Growth & Forecast 2031
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Turkey Solar Energy Market Size, Growth & Forecast 2031

Segments - Turkey Solar Energy Market by Types (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP)) and Country - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Raksha Sharma
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Fact-checked by : V. Chandola
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Editor : Shruti Bhat

Upcoming | Report ID :EP-2565 | 4.6 Rating | 70 Reviews | 188 Pages | Format : PDF Excel PPT

Report Description


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.

Turkey Solar Energy Market Outlook

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. 

  • 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. 

  • 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.

  • 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.

  • The recent power crisis can create remunerative opportunities for industry players in the coming years.  

  • Decreasing cost of technologies is driving the segment growth.

  • High dependence on weather conditions can create challenges for the market growth in the projected timeline.

  • Minimal maintenance of solar energy systems can spur the market growth in the projected timeline.

  • High costs for installation can hamper the growth of market.

  • 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

Details

Report Title

Solar Energy Market - Turkey Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Types (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP))

Country

Turkey

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Halk Enerji Yat?r?mlar? Üretim ?n?aat Taahhüt Ticaret ve Sanayi A.S; JinkoSolar Holding Co., Ltd; Akfen Yenilenebilir Enerji; and Panasonic Corporation

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.

Turkey Solar Energy Market Types

Segments

The Turkey solar energy segmented on the basis of:

Types

  • Solar Photovoltaic (PV)
  • Concentrated Solar Power (CSP)

Country

  • Turkey

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.

Turkey Solar Energy Market Key Players

Frequently Asked Questions

The CSP segment is expected to grow at a healthy rate during the forecast period, driven by ongoing projects and technological advancements.

The COVID-19 outbreak disrupted supply chains and hindered market growth, but the relaxation of international trade restrictions has since stimulated recovery in the sector.

Solar energy in Turkey is used for generating electricity, providing lighting, and heating water for industrial, commercial, and domestic purposes.

Major companies include Halk Enerji Yatırımları Üretim İnşaat Taahhüt Ticaret ve Sanayi A.S, JinkoSolar Holding Co., Ltd, Akfen Yenilenebilir Enerji, and Panasonic Corporation.

The Turkish government is planning to increase incentives for solar energy, which can decrease the investment return period and create lucrative opportunities for market growth.

Challenges include high installation costs, dependence on weather conditions, and supply chain disruptions, such as those experienced during the COVID-19 pandemic.

Solar energy is a clean, renewable resource that does not emit toxic substances or greenhouse gases, helping reduce air pollution and combat global warming.

The main types are Solar Photovoltaic (PV) and Concentrated Solar Power (CSP). The PV segment is expected to hold a significant market share due to its cost-effectiveness and widespread adoption.

Key drivers include decreasing dependence on fossil fuels, increasing awareness of solar energy benefits, ongoing technological advancements, government incentives, and the cost-effectiveness and low maintenance of solar energy systems.

The Turkey solar energy market size was USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, growing at a CAGR of 6% from 2023 to 2031.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Solar Energy Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Solar Energy Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Solar Energy Market - Supply Chain
  4.5. Global Solar Energy Market Forecast
     4.5.1. Solar Energy Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Solar Energy Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Solar Energy Market Absolute $ Opportunity
5. Global Solar Energy Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Solar Energy Market Size and Volume Forecast by Types
     5.3.1. Solar Photovoltaic (PV)
     5.3.2. Concentrated Solar Power (CSP)
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Solar Energy Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Solar Energy Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Solar Energy Demand Share Forecast, 2019-2026
7. North America Solar Energy Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Solar Energy Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Solar Energy Market Size and Volume Forecast by Types
     7.4.1. Solar Photovoltaic (PV)
     7.4.2. Concentrated Solar Power (CSP)
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Solar Energy Demand Share Forecast, 2019-2026
8. Latin America Solar Energy Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Solar Energy Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Solar Energy Market Size and Volume Forecast by Types
     8.4.1. Solar Photovoltaic (PV)
     8.4.2. Concentrated Solar Power (CSP)
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Solar Energy Demand Share Forecast, 2019-2026
9. Europe Solar Energy Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Solar Energy Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Solar Energy Market Size and Volume Forecast by Types
     9.4.1. Solar Photovoltaic (PV)
     9.4.2. Concentrated Solar Power (CSP)
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Solar Energy Demand Share Forecast, 2019-2026
10. Asia Pacific Solar Energy Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Solar Energy Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Solar Energy Market Size and Volume Forecast by Types
     10.4.1. Solar Photovoltaic (PV)
     10.4.2. Concentrated Solar Power (CSP)
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Solar Energy Demand Share Forecast, 2019-2026
11. Middle East & Africa Solar Energy Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Solar Energy Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Solar Energy Market Size and Volume Forecast by Types
     11.4.1. Solar Photovoltaic (PV)
     11.4.2. Concentrated Solar Power (CSP)
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Solar Energy Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Solar Energy Market: Market Share Analysis
  12.2. Solar Energy Distributors and Customers
  12.3. Solar Energy Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Halk Enerji Yatırımları Üretim İnşaat Taahhüt Ticaret ve Sanayi A.S
     12.4.2. JinkoSolar Holding Co., Ltd
     12.4.3. Akfen Yenilenebilir Enerji
     12.4.4. Panasonic Corporation

Methodology

Our Clients

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