Turkey's renewable capacity will increase by 14 gigawatts (GW) and reach 53 GW by the year 2023, a recent International Energy Agency (IEA) report on renewable energy has revealed.

The country's installed renewable capacity currently stands at 389 GW.

The IEA report forecasts a 5.1 GW rise in the Turkish solar power capacity and a 4.4 GW jump in wind power. Turkey's hydroelectric power capacity, the report predicts, will also increase by 3.12 GW.

The remaining 1 GW will be shared between biomass and geothermal power plants, which will see a 0.7 and 0.3 GW rise, respectively.

Last year, Turkey generate a total of 87 terawatts (TW) power from renewables. This figure is estimated to reach 137 TW by 2023.

The IEA added that Turkey will become one of the top 5 countries to see the highest increase in their hydropower and geothermal capacity.

Renewables 2018 is the IEA market analysis and forecast from 2018 to 2023 on renewable energy and technologies. It provides global trends and developments for renewable energy in the electricity, heat and transport sectors.

"The share of renewables in meeting global energy demand is expected to grow by one-fifth in the next five years to reach 12.4 percent in 2023," the report said.

Renewables will have the fastest growth in the electricity sector, providing almost 30 percent of power demand in 2023, up from 24 percent in 2017.

During this period, the report added, renewables are forecast to meet more than 70 percent of global electricity generation growth, led by solar photovoltaic (PV) and followed by wind, hydropower and bioenergy. According to the Renewables 2018 report, hydropower remains the largest renewable source, meeting 16 percent of global electricity demand by 2023, followed by wind with 6 percent, solar PV with 4 percent and bioenergy with 3 percent.