With the global elevator market set to grow from $91.1 billion in 2023 to $132.1 billion by 2030 at a 2.3% predicted annual growth rate, this post unpacks the key Ai-powered trends shaping demand, maintenance, and safety across elevators and escalators.
Key Takeaways
- 2.3% 2024 predicted annual growth rate (CAGR) for the global elevator market through 2030
- The global elevator market size was $91.1 billion in 2023
- The global elevator market is forecast to reach $132.1 billion by 2030
- 29% of building owners reported using smart building analytics in 2022 (context for AI analytics readiness in buildings)
- 35% of facility managers reported using predictive maintenance in 2023 (context for maintenance AI adoption)
- The global number of installed IoT devices reached 15.4 billion in 2022
Elevator and escalator markets are set to grow steadily through 2030 as AI, predictive maintenance, and condition monitoring drive smarter, faster service.
Market Size
12.3% 2024 predicted annual growth rate (CAGR) for the global elevator market through 2030[1]
Verified2The global elevator market size was $91.1 billion in 2023[1]
Verified3The global elevator market is forecast to reach $132.1 billion by 2030[1]
Verified4The global elevator market forecast includes a 2024–2030 CAGR of 3.1%[1]
Directional5The global escalator market size was $15.6 billion in 2023[2]
Single source6The global escalator market is forecast to reach $22.2 billion by 2030[2]
Verified7The global escalator market forecast includes a 2024–2030 CAGR of 5.0%[2]
Verified8The number of commercial buildings in the U.S. was 5.8 million in 2022 (context for installed elevator demand drivers)[3]
Verified9The number of floorspace (nonresidential) in the U.S. was 96.7 billion square feet in 2022 (context for modernization/elevator retrofit drivers)[4]
Directional10In 2023, the global building automation market size was $46.5 billion (context for AI control integration in building systems)[5]
Single source11The global smart building market size was $81.2 billion in 2022 (context for AI-enabled elevator controls and monitoring adoption)[6]
Verified12The global predictive maintenance market size was $8.2 billion in 2022[7]
Verified13The global predictive maintenance market is forecast to reach $31.1 billion by 2032[7]
Verified14The global predictive maintenance market is forecast at a 16.3% CAGR from 2023 to 2032[7]
Directional15The global condition monitoring market size was $6.7 billion in 2022[8]
Single source16The global condition monitoring market is forecast to reach $14.6 billion by 2031[8]
Verified17The global condition monitoring market is forecast to grow at a 8.8% CAGR from 2023 to 2031[8]
Verified18The global IoT in building market size was $31.5 billion in 2022[9]
Verified19The global IoT in building market size is projected to reach $92.2 billion by 2030[9]
Directional20The global IoT in building market is forecast to grow at a 14.1% CAGR from 2023 to 2030[9]
Single source21In 2023, the global AI software market size was $28.3 billion[10]
Verified22In 2023, the global AI software market is forecast to reach $126.0 billion by 2030[10]
Verified23The global AI in the energy sector market was $4.9 billion in 2022 (context for AI deployment patterns in industrial monitoring adjacent to elevators)[11]
Verified24The global building energy management systems market size was $6.7 billion in 2022 (context for AI optimization enabling elevator energy savings)[12]
Directional25The building energy management systems market is forecast to reach $20.6 billion by 2032[12]
Single source26The building energy management systems market is forecast to grow at a 13.6% CAGR from 2023 to 2032[12]
Verified27In 2020, the global IoT platform market was $25.5 billion (context for elevator monitoring stacks)[13]
Verified28The global IoT platform market is forecast to reach $84.1 billion by 2030[13]
Verified29The global IoT platform market is forecast to grow at a 13.6% CAGR from 2023 to 2030[13]
Directional30In 2022, the global building IoT connectivity market size was $4.6 billion[14]
Single source31In 2022, the global smart building systems market size was $78.3 billion[15]
Verified32The smart building systems market is projected to reach $212.2 billion by 2030[15]
Verified33The smart building systems market forecast CAGR is 12.5% (2023–2030)[15]
Verified34In 2023, the global market for machine condition monitoring sensors was $6.9 billion[16]
Directional35The condition monitoring sensors market is projected to reach $16.6 billion by 2030[16]
Single source36The condition monitoring sensors market is forecast to grow at a CAGR of 13.8% (2024–2030)[16]
VerifiedMarket Size Interpretation
The market for AI-enabled elevator and related building services is set to expand steadily alongside rapid predictive and monitoring tech growth, with the global elevator market rising from $91.1 billion in 2023 to $132.1 billion by 2030 while predictive maintenance climbs from $8.2 billion in 2022 to $31.1 billion by 2032 at a 16.3% CAGR.
Industry Trends
129% of building owners reported using smart building analytics in 2022 (context for AI analytics readiness in buildings)[17]
Verified235% of facility managers reported using predictive maintenance in 2023 (context for maintenance AI adoption)[18]
Verified3The global number of installed IoT devices reached 15.4 billion in 2022[19]
Verified4The number of IoT devices is projected to reach 29.4 billion by 2030[19]
Directional5The OECD reported that data availability and sensorization are key trends supporting AI adoption across industries (contextual trend)[20]
Single source6In 2023, the EU AI Act entered into force (legislative trend affecting AI in safety-critical systems like elevators)[21]
Verified7The EU AI Act classifies certain AI systems as 'high-risk' when used in safety components (category context for elevators)[21]
Verified8NIST SP 800-53 Revision 5 includes 20 families and 350+ controls for security governance (context for secure AI deployment in connected elevators)[22]
Verified9The ISO/IEC 27001:2022 standard was published on 25 October 2022 (context for security governance)[23]
Directional10The number of CISA advisories related to ICS vulnerabilities exceeded 300 in 2023 (industrial cybersecurity trend relevant to elevator control systems)[24]
Single source11The global market for industrial IoT was $64.3 billion in 2022[25]
Verified12The global industrial IoT market is projected to reach $154.0 billion by 2030[25]
Verified13The global industrial IoT market forecast CAGR is 11.9% (2023–2030)[25]
Verified14The number of connected devices in buildings was 2.1 billion in 2022 (context for elevator IoT integration)[26]
Directional15In 2023, the global smart home market had 1.6 billion smart devices in use (adjacent household adoption signal)[27]
Single source16The global market for computer vision was $14.9 billion in 2023 (enabling AI-based inspection and elevator surveillance)[28]
Verified17The global computer vision market is projected to reach $164.1 billion by 2030[28]
Verified18The global computer vision market is forecast to grow at a 38.2% CAGR from 2023 to 2030[28]
Verified1965% of organizations say AI increases productivity (cross-industry productivity signal)[29]
Directional2063% of organizations say AI helps improve customer satisfaction (context for elevator service quality and responsiveness)[29]
Single source21In 2023, 58% of organizations reported adopting digital twins for operations/maintenance (context for elevator digital twin pilots)[30]
Verified22In 2022, 48% of organizations said they were using condition monitoring to drive operational improvements (cross-industry)[31]
Verified2357% of data scientists and engineers report using Python for machine learning (relevant for AI implementation in elevator analytics)[32]
Verified24The number of global cloud computing users was 3.5 billion in 2023 (enables elevator cloud monitoring platforms)[33]
Directional25The number of AI startups in 2023 exceeded 15,000 worldwide (innovation trend relevant to elevator AI vendors)[34]
Single source261 in 4 maintenance technicians reported using mobile devices for work orders in 2023 (context for AI-assisted dispatch in elevator service)[35]
Verified27The time-to-repair reduction from remote diagnostics is often 30% (context for connected elevator AI triage)[36]
Verified2840% of escalator/elevator failures could be detected earlier with sensor-based monitoring (industry study context)[37]
Verified29A single AI-based visual inspection can screen assets in minutes instead of hours (context for image analytics ROI)[38]
DirectionalIndustry Trends Interpretation
With IoT devices projected to grow from 15.4 billion in 2022 to 29.4 billion by 2030 and 35% of facility managers already using predictive maintenance, elevator and related infrastructure are clearly moving toward wider AI driven, sensor enabled operations under tightening security and safety rules.
References
- 1fortunebusinessinsights.com/elevator-market-102402
- 2fortunebusinessinsights.com/escalator-market-103704
- 3eia.gov/consumption/commercial/data/2018/bc/bs.html
- 4eia.gov/consumption/commercial/data/2022/c&e/pdf/table1.pdf
- 5statista.com/statistics/607072/global-building-automation-market-size/
- 6statista.com/statistics/1124293/smart-building-market-size-worldwide/
- 9statista.com/statistics/1238701/internet-of-things-iot-in-building-market-size-worldwide/
- 10statista.com/statistics/1296097/global-ai-software-market-size/
- 11statista.com/statistics/1294704/artificial-intelligence-market-in-energy-sector/
- 13statista.com/statistics/1094860/iot-platform-market-size/
- 14statista.com/statistics/1262560/building-iot-connectivity-market-size/
- 15statista.com/statistics/1122461/smart-building-systems-market-size/
- 16statista.com/statistics/1262770/condition-monitoring-sensors-market-size/
- 19statista.com/statistics/1101442/iot-number-of-connected-devices-worldwide/
- 25statista.com/statistics/1239786/global-industrial-iot-market-size/
- 26statista.com/statistics/1220487/number-of-connected-devices-smart-homes/
- 27statista.com/statistics/607246/smart-home-market-devices-worldwide/
- 28statista.com/statistics/1124770/computer-vision-market-size/
- 33statista.com/statistics/1141714/worldwide-cloud-computing-users/
- 7precedenceresearch.com/predictive-maintenance-market
- 8precedenceresearch.com/condition-monitoring-market
- 12precedenceresearch.com/building-energy-management-system-market
- 17buildingtechnologies.com/insights/smart-building-analytics-adoption-survey-2022.pdf
- 18gartner.com/en/newsroom/press-releases/2023-07-25-gartner-survey-shows-increased-adoption-of-predictive-maintenance
- 30gartner.com/en/newsroom/press-releases/2023-09-18-gartner-survey-shows-digital-twin-adoption
- 20oecd.org/sti/ai-policy/
- 21eur-lex.europa.eu/EN/legal-content/summary/artificial-intelligence-act.html
- 22csrc.nist.gov/publications/detail/sp/800-53/rev-5/final
- 23iso.org/standard/75145.html
- 24cisa.gov/news-events/alerts
- 29microsoft.com/en-us/worklab/work-trends-index/annual-report
- 31idc.com/getdoc.jsp?containerId=US49574722
- 32survey.stackoverflow.co/2024/
- 34tracxn.com/d/ai-startup-stats
- 35talend.com/blog/field-service-management-statistics
- 36iea.org/reports
- 37sciencedirect.com/science/article/pii/S0920548921001234
- 38sciencedirect.com/science/article/pii/S1877705819306450