Infrastructure worldwide is entering an unprecedented investment cycle, rising from $4.4 trillion annually in 2024 to $6.9 trillion by 2050, according to the Global Infrastructure Outlook report published by PwC.
Over this period, cumulative global infrastructure investment is expected to reach $151.1 trillion, as countries modernize their industrial, transport, and energy systems to address the challenges posed by artificial intelligence, electrification, and urbanization. In real terms, global infrastructure spending over the next 25 years is projected to double that of the previous twenty years (no comparable data exists prior to 2006).
PwC’s analysis is the first to provide long-term forecasts of infrastructure investment through 2050 across nine sectors, 20 subsectors, and 45 countries and territories, representing 88% of global GDP. The study is based on data from the past two decades and models future investment using economic and public policy factors.
The report highlights that investment in energy, transport, and digital infrastructure will converge to create smarter networks, where traditional assets operate as part of connected, digitized, and electrified systems.
Transport and energy infrastructure
Transport and energy will remain the main areas of investment, accounting for around half of global infrastructure spending through 2050. Investment in transport will grow from $1.4 trillion annually in 2024 to $2.4 trillion in 2050, driven by the modernization of mobility networks and urban expansion, totaling $50 trillion in cumulative investment.
Annual investment in energy infrastructure will increase from $631 billion in 2024 to $1.1 trillion in 2050, accumulating $25 trillion over the period. Reflecting the pace of electrification, annual investment in energy storage is expected to reach nearly $91 billion by 2050—3.7 times higher than in 2024—while spending on transmission and distribution networks will grow 2.6 times, to $472 billion.
Rail and airport infrastructure
Spending on both rail and airport infrastructure will nearly double compared to 2024 levels: airport investment will be 1.9 times higher by 2050, reaching $154.2 billion, while rail investment will grow 1.8 times, to $675.3 billion.
The defense sector is expected to see the fastest growth. Annual investment in physical infrastructure will be 2.3 times higher in 2050 ($168 billion) compared to 2024 ($73 billion), in response to rising geopolitical risks.
Other sectors analyzed—industrial manufacturing, water, and social infrastructure—are expected to grow by around 1.5 times by 2050; digital and agricultural infrastructure by around 1.3 times; while the natural resources sector will remain broadly stable.
Data centers and other subsectors
As the world moves to harness the full potential of artificial intelligence, investment in data centers is rising rapidly, alongside spending on ICT equipment such as chips and servers.
Between 2024 and 2027, annual investment in data centers is expected to more than double, from $113.8 billion to $251.8 billion. Total investment between 2024 and 2032 will exceed $1.5 trillion in an unprecedented short-term surge, followed by a phase focused on improving the use, efficiency, and adaptability of existing infrastructure.
Across the entire period, other key subsectors will also see strong growth. For example, population aging will drive a 1.7-fold increase in annual investment in healthcare and long-term care infrastructure by 2050 (to $441 billion), approaching investment in education infrastructure, which is projected to reach $471 billion.
Although the natural resources sector will remain broadly stable overall, selective growth is expected in critical metals and minerals for the energy transition—such as copper, lithium, and rare earths—where annual investment will increase 1.4 times to $128 billion by 2050.
The Asia-Pacific region will remain the main engine of global infrastructure activity, accounting for more than half of total investment through 2050, driven by urbanization, industrial expansion, and rapid deployment of energy and digital networks. Africa will record the fastest annual growth rate, increasing nearly 1.8 times by 2050, reflecting demographic changes and significant infrastructure gaps.
Meanwhile, Europe and North America are entering a phase of renewal, as their aging transport, energy, and water systems require large-scale modernization to remain resilient and competitive. Annual infrastructure investment is expected to grow 1.6 times in the Americas and 1.4 times in Europe by 2050. These regional contrasts will determine where capital flows and execution capacity are most critical.
“This is not an investment cycle like previous ones. This new generation of infrastructure will be smart, connected, and adaptable—from roads designed for autonomous vehicles and wireless charging to companies operating automated supply networks powered by clean energy and secure computing. Systems will need to anticipate demand, allocate resources dynamically, and optimize performance, generating structural productivity gains across all sectors. Spain will need to adapt its current legislation to public procurement models that ensure the long-term maintenance of existing infrastructure and meet growing investment needs in new assets, encouraging public-private collaboration and promoting self-financing infrastructure systems.” — Antonio Sánchez Recio, Partner in charge of Construction and Infrastructure at PwC
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