Over the past decade, renewable power consumption in Turkey has exhibited strong growth. In 2023, renewable power consumption stood at 0.78 Exajoules. From 2013 to 2023, the year-on-year variations and compound annual growth rate (CAGR) provide a comprehensive view of this growth. Initially, the year-on-year increases were significant, peaking at 48.68% in 2013. However, these growth rates have seen a gradual decrease over the years, with the most recent year-on-year growth in 2023 recorded at 13.17%. This trend coincides with a declining CAGR, which started high at 56.6% but shrunk to 15.53% by 2023.
Looking forward from 2024, the forecasted data suggests a more moderate growth trajectory with an estimated average annual increase (CAGR) of 6.98% over the next five years to 2028, resulting in an overall growth rate of 40.11% over this period.
Future trends to watch for:
- Potential governmental policy shifts encouraging further adoption of renewables.
- Technological advancements reducing costs and increasing efficiency.
- Increased private sector investments in renewable energy projects.
- Integration of innovative energy storage solutions.
