Global infrastructure spending to top €129 trillion through 2050: PwC Global Outlook

Global infrastructure is entering an unprecedented investment cycle, with annual spending forecast to rise from €3.8 trillion in 2024 to €5.9 trillion in 2050, according to PwC’s Global Infrastructure Outlook, released today. Across the period, cumulative global investment is forecast to reach €129.2 trillion, as countries modernise transport, power and industrial systems to improve the quality of life, energy security and transport for consumers.

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 analysis considers public and private investment in hard infrastructure, including power, transport, telecoms, and water, but excluding spending on housing, capital equipment and plant and machinery.

Ireland

Annual infrastructure spending in Ireland is forecast to climb from €7.9 billion in 2024 to €13.7 billion in 2050, up 73% and driving a cumulative investment of €295 billion.

This rise will increase Ireland’s share of infrastructural spend in Europe to 1.8% in 2050, up from 1.4% in 2024 and will make Ireland the 14th largest infrastructure market in Europe by 2050. This projected spending growth reflects Ireland’s well-publicised infrastructure deficit and the scale of the country’s ambition. Ireland stands out as one of Europe’s fastest growing infrastructure markets, with gains to infrastructure spend supported by The National Development Plan.

Ireland’s infrastructure investment out to 2050 will be dominated by digital (€71.8 billion), power (€55.6 billion), social (€51.3 billion), transport (€38.5 billion), and water (€34.2 billion)). Together, these five sectors account for over 85% of Ireland’s projected total spend on infrastructure.

Rob Costello, Capital Projects and Infrastructure Partner, PwC Ireland, commented: “Ireland's infrastructure pipeline is ambitious and needs to be. Public and private investors must work together to deliver the transformative change that is needed over the next couple of decades. Investment cannot happen in silos. Developing the digital infrastructure that will drive our economy forward will require significant investment in our energy infrastructure. New, sustainable communities will be made possible only through investment in transport, health and education.”

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 €1.2 trillion in 2024 to €2.1 trillion in 2050, representing a cumulative total of €43 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 €131.9 billion, and rail spending 1.8 times higher at €577.5 billion in 2050.

Annual spending on power infrastructure will increase from €539.6 billion in 2024 to US$1.1 trillion €940 billion in 2050, totalling €21.4 trillion over the period. Reflecting the pace of electrification, by 2050, annual investment in power storage will be nearly €77.8 billion—3.7 times 2024 levels, while transmission and distribution spending will grow 2.6 times to €403.7 billion.

Defence is the fastest growing sector for infrastructure spending globally. Annual spending on physical installations, such as barracks, will be 2.3 times higher in 2050 (€143.7 billion) than 2024 (€62.4 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 natural resources which will be broadly flat.

Rapid boom in data centre buildings currently leads subsector 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 global investment in data centre buildings rises 2.2 times, from €97.3 billion to €215.3 billion. Total investment from 2024 to 2032 will top €1.28 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 (€377.1 billion)—for the first time coming close to parity with spending on educational facilities (forecast to be €402.8 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 €109.5 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.

Meanwhile, 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.

Ciarán Nevin, Economics Director, PwC Ireland, said: “Ireland's current infrastructure deficit limits our potential and our quality of life. Investment in infrastructure is a statement of ambition for a better and brighter future, and we must all get behind it. Ireland can be transformed for the better over the next 25 years. By investing hundreds of billions of euro in our future, we can decarbonise our energy and transport systems, protect our environment, and enable the industries of tomorrow.”

ENDS

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 removed). 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.