Turkey's renewable power generation has shown a strong and consistent upward trend from 2013 through 2023, growing from 0.097 to 0.78 Exajoules. The average compound annual growth rate (CAGR) over the past five years has been 15.72%. Year-on-year growth rates have fluctuated, with the most recent indicating a 13.28% increase from 2022 to 2023.
Key highlights:
- 2013-2017: Rapid expansion with yearly growth rates between 21.65% and 43.48%
- 2018-2019: Momentum continues, but growth starts to moderate to 14.71% in 2019
- 2020-2023: Gradual slowdown, with growth rates tapering to 13.28% in 2023
Looking ahead, the forecast from 2024 to 2028 suggests that renewable power generation will continue to rise, reaching 1.21 Exajoules by 2028. However, the growth rate is expected to moderate, with a forecasted five-year CAGR of 6.94%.
Future Trends to Watch:
- Technological advancements in renewable power
- Government policies and incentives
- Private sector investment in renewable energy projects