About a year ago I answered a similar question here.

Without knowing what is that you think was significant about the Protestant Reformation, and why one should think that it would be applicable to Islam, this question can't be answered. The Islamic World didn't experience a Protestant Reformation because the Islamic World was not Catholic Europe. The Reformation resulted from the particular historical circumstances of early sixteenth-century Europe. If you have in mind a specific aspect of the Reformation within which we could find some commonalities between the Christian and Muslim worlds, then I may be able to give a more substantial answer, but the Reformation as a whole is too broad and too historically contingent,

All-in-all, asking why the Ottomans did not have a Protestant Reformation is a bit like asking why Medieval Europe did not ever experience a wave of Neo-Confucianism, or share in Islam's burst of Sufi mystic activity during the fourteenth century. The answer can only be that they were totally different places and that the circumstances were not directly comparable.