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Strategic Analysis of Renewable Energy Market in Turkey

  • May 2014
  • Frost & Sullivan
Report ID: 2132525


Table of Contents

Promising Market with High Growth Implications

Turkey’s renewable energy market is posed for rapid expansion as the country is pushing to reach its ambitious 2022 target for renewable energy deployment. As the energy demand is forecast to continue growing, a strong mix of local and international participants has emerged to put the government plants into reality. The development in certain market segments has been slow due to administrative and legislative barriers; however, the statutory environment is improving. The present study discusses drivers and restraints for the future of renewable energy in Turkey, as well as installed capacity forecasts until 2017. The study focuses on wind, solar and geothermal energy.

- Renewable energy market refers to segments of renewable resources; solar power,
wind power, and geothermal power.
- IPPs refer to independent power producers from the private sector.
- Solar power market figures are calculated over photovoltaic panel installations on a MW
- Wind power market is calculated over the installed capacity on a MW basis.
- Geothermal power market is calculated over the installed capacity on a MW basis.

Executive Summary

- The electricity market reform progress favours the development of electricity generation
based on renewable energy sources.
- In line with government’s policy of increasing the share of renewables to % by 2023,
necessary steps have been taken in terms of legislation and standardisation.
- Wind power has been prioritised in comparison to other renewable energy sources until
now, with the high target of GW until 2023 from 2012’s 2 GW.
- Starting from 2012, especially after the enactment of non-licenced electricity generation
law, the solar power market is expected to gain strong momentum.
- Geothermal power, promising a good potential of utilisation, generally attracts the
investors with existing know-how and expertise in the sector; thus, there were only
market participants as of 2012.
- The effects of global financial and economic crisis, and the increasing delays in obtaining
project financing will drive the market to a more consolidated structure in the near future.
- New financial options are expected to emerge as the renewable energy market develops
in all of its segments.

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