Global infrastructure is entering an unprecedented investment cycle, with annual spending forecast to rise from $4.4 trillion in 2024 to $6.9 trillion in 2050, according to PwC’s recently released Global Infrastructure Outlook.
Across the period, cumulative global investment is forecast to reach $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.
Clara Cutajar, Global Infrastructure Leader, PwC Australia, said, “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.”
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 $50 trillion.
Annual spending on both rail and airport infrastructure will nearly double from 2024 levels, with airport spending 1.9 times higher at $154.2 billion and rail spending 1.8 times higher at $675.3 billion in 2050.
Annual spending on power infrastructure will increase from US$631 billion in 2024 to $1.1 trillion in 2050, totalling $25 trillion over the period. Reflecting the pace of electrification, by 2050, annual investment in power storage will be nearly $91 billion—3.7 times 2024 levels, while transmission and distribution spending will grow 2.6 times to $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 ($168 billion) than in 2024 ($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; digital infrastructure and agricultural infrastructure, which are expected to grow about 1.3 times; and resources, which are expected to be broadly flat.
In Nigeria, power infrastructure is projected to be the fastest‑growing sector, with annual spending forecast to increase by 187% between 2024 and 2050. This is a rise from $1.1 billion to $3.2 billion, supported by expanding access to electricity, decarbonisation goals and rising demand.
Speaking on Nigeria’s infrastructure outlook, Chioma Obaro, Partner and Capital Projects and Infrastructure Leader, PwC Nigeria, added, “Africa is expected to record the fastest infrastructure investment growth globally through 2050, driven by rapid population growth, urbanisation and the need to close long‑standing infrastructure gaps.
“Nigeria already leads the continent’s infrastructure market, with annual spending projected to rise by 77% to $40 billion by 2050, maintaining its number one position in Africa and ranking 23rd globally.
“This growth will be shaped by increased investment in transport connectivity, a rapid expansion of power infrastructure, and rising demand for digital and smart infrastructure to support future economic growth. To unlock this potential, stronger public‑private collaboration will be essential to deliver investment‑ready projects and build a more sustainable future for generations to come.”
