- Annual global infrastructure spending is forecast to climb from US$4.4 trillion in 2024 to US$6.9 trillion in 2050, driving a cumulative investment of US$151.1 trillion.
- Transport and power will dominate the build-out to 2050, together accounting for around half of total investment, while defence will be the fastest growing sector.
- Annual investment in data centre buildings will more than double over three years, reaching US$252 billion in 2027.
- Asia-Pacific will account for more than half of global infrastructure investment through 2050, Africa will record the fastest growth, and Europe and North America will go through a cycle of renewal.
LONDON, 28 April 2026 – Global infrastructure is entering an unprecedented investment cycle, with annual spending forecast to rise from US$4.4 trillion in 2024 to US$6.9 trillion in 2050, according to PwC’s Global Infrastructure Outlook, released today.
Across the period, cumulative global investment is forecast to reach US$151.1 trillion, as countries modernise transport, power and industrial systems to meet the demands of AI, electrification and urbanisation.
In real terms, the forecast suggests global infrastructure spending over the next 25 years will be double that of the past 20 years, before which comparable data is unavailable.
PwC’s analysis is the first of its kind to offer long-term infrastructure spending forecasts to 2050 for nine sectors, 20 subsectors and 45 countries and territories, which represent 88% of global economic output. It draws on the last 20 years of spending data and models future spending based on economic and policy factors.
The outlook highlights that investment in power, transport and digital infrastructure will converge to create more intelligent networks, where traditional assets operate as part of connected, digitally enabled and electrified systems.
“This is not a traditional construction cycle. This next generation of infrastructure will be intelligent, connected and adaptable—whether that’s roads built for autonomous vehicles and wireless charging or businesses running automated supply networks powered by clean energy and secure compute. Systems will need to anticipate demand, allocate resources dynamically and optimise performance—delivering structural productivity gains across every sector.”
Major investment in transport and power driven by digitalisation and electrification
Transport and power will continue to be the biggest areas of investment, accounting for about half of global infrastructure spending to 2050. As mobility networks modernise and cities grow, annual transport spending will rise from US$1.4 trillion in 2024 to US$2.4 trillion in 2050, representing a cumulative total of US$50 trillion.
Annual spending on both rail and airport infrastructure will nearly double from 2024 levels, with annual airport spending 1.9 times higher in 2050 at US$154.2 billion, and rail spending 1.8 times higher at US$675.3 billion in 2050.
Annual spending on power infrastructure will increase from US$631 billion in 2024 to US$1.1 trillion in 2050, totalling US$25 trillion over the period. Reflecting the pace of electrification, by 2050, annual investment in power storage will be nearly US$91 billion—3.7 times 2024 levels, while transmission and distribution spending will grow 2.6 times to US$472 billion.
Defence is the fastest growing sector for infrastructure spending. Annual spending on physical installations, such as barracks, will be 2.3 times higher in 2050 (US$168 billion) than 2024 (US$73 billion), as governments respond to intensifying geopolitical risks.
The other sectors measured in the report are industrial manufacturing, water and social infrastructure, each of which is expected to grow about 1.5 times to 2050; as well as digital infrastructure and agricultural infrastructure, which are expected to grow about 1.3 times; and resources which will be broadly flat.
Rapid boom in data centre buildings currently leads sub-sector growth
As the world races to unlock the full potential of AI, a surge in spending on data centre buildings is rapidly unfolding and comes in addition to investment in ICT equipment, such as chips and servers.
Between 2024 and 2027, annual investment in data centre buildings rises 2.2 times, from US$113.8 billion to US$251.8 billion. Total investment from 2024 to 2032 will top US$1.5 trillion in a remarkable short-term escalation, which will be followed by a period focused on improving the utilisation, efficiency, and adaptability of existing built stock.
Over the full period, other key subsectors will see significant growth. For example, aging populations are expected to drive annual spending on health and aged care facilities to rise 1.7 times higher in 2050 (US$441 billion)—for the first time coming close to parity with spending on educational facilities (forecast to be US$471 billion).
While the resources sector is broadly flat, there will be targeted growth in mining for metals and minerals critical for the energy transition, such as copper, lithium and rare earths, where annual spending will rise 1.4 times to US$128 billion in 2050.
A world of divergence: growth markets build, mature markets rebuild
Asia‑Pacific will remain the engine of global infrastructure activity, accounting for more than half of total investment through 2050, propelled by urbanisation, industrial expansion and rapid build out of power and digital networks. Africa will see the world’s fastest-growing infrastructure investment rate, with annual spending to increase nearly 1.8 times to 2050, reflecting demographic change and significant infrastructure gaps.
Elsewhere, Europe and North America are entering a period of renewal as ageing transport, energy and water systems require large‑scale modernisation to remain resilient and competitive. Annual infrastructure spending is forecast to rise 1.6 times by 2050 across the Americas and 1.4 times in Europe. The regional contrasts will shape where capital flows and delivery capability becomes most critical.
Mobilising capital alone will not guarantee success
Execution risk, fragmented planning, inconsistent community engagement, supply-chain vulnerability and outdated delivery models could dilute the economic impact of the unprecedented investment volumes. The outlook highlights key priorities, including:
- System-level planning, coordinating investment across power, digital, transport, water and industrial systems to avoid bottlenecks, reduce red tape and unlock productivity gains.
- New financing and partnership models, including capital recycling and standardised blended-finance platforms to mobilise long-term private capital and de-risk new technologies so more projects become bankable—especially in emerging markets.
- Modern delivery and commercial models, with outcome-based contracting, digital twins, modular construction and AI-enabled project controls improving speed, certainty and performance.
“The opportunity is real, but it is not automatic. Without faster delivery, integrated planning and new commercial models, the scale of planned investment risks falling short of its economic potential. Those who move fastest to integrate planning, finance and delivery will define the next era of infrastructure and capture the returns that come with it.”
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Notes to Editors
About PwC’s Global Infrastructure Outlook 2050
The Global Infrastructure Outlook 2050 is based on a database of infrastructure spending forecasts generated by Oxford Economics. All figures are in real prices (i.e. inflation has been adjusted for). The outlook covers nine sectors and 20 infrastructure subsectors in 45 countries and territories. Most data sources, visited during 2025, provided figures up to either 2023 or 2024. The main sources of spending data used were the OECD, Eurostat and national statistical agencies. Data that was not available from official public sources was estimated using a variety of techniques. This involved the usage of additional data sources (International Energy Agency, Milex), estimating sectoral infrastructure spend from sectoral capital expenditure or using available metrics from peer countries to estimate spend. The database provides a structural economic framework that considers both supply and demand factors impacting sectoral growth.
About PwC
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