According to Cognitive Market Research, the global solar PV tracker market size is USD 4852.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 6.50% from 2024 to 2031.
North America held the major market of around 40% of the global revenue with a market size of USD 1940.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 1455.66 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 1116.01 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.
Latin America market of around 5% of the global revenue with a market size of USD 242.61 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 97.04 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
The sales of parabolic troughs are expected to rise due to their established market presence, proven efficiency in utility-scale projects, and increasing adoption in regions with abundant solar resources.
Hardware sales are poised to increase due to growing demand for solar PV systems, expansion of utility-scale projects, and rising installations in residential and commercial sectors, driving component requirements.
