Railways. Elecrification. The internet. Each required enormous amounts of capital and defined an era. The AI infrastructure cycle underway dwarfs all three. Perhaps more notably, unlike past build cycles that front-loaded capital expenditure (capex) and tailed off as the network matured, this one resets every four to six years—and shows no signs of ending.
Baseline projections in PwC’s Global Data Centre Outlook 2026-50 estimate global investment in AI infrastructure will hit €27.23 trillion through to 2050. The Outlook investigated the factors that direct where investment flows globally, the impact this could have on the global economy, and the implications for stakeholders.
€1.55 trillion
Expected data centre capital expenditure in 2050, up from roughly €690 million in 2026.
48%
Share of the AI infrastructure investment 2026-2050 that the US is expected to capture.
€27.23 trillion
Expected global AI infrastructure investment 2026-50.
The five factors directing AI infrastructure investment
According to the Outlook, the five factors that directly determine where the €27 trillion data centre capex goes are:
Power
Affordable, reliable, low-carbon electricity at scale, with minimal grid-failure risk.Latency and connectivity
Low-latency links to users and dense interconnection with cloud and fibre ecosystems.Security and trusted-region hosting
Cybersecurity maturity, regulatory credibility, and data-protection regimes capable of hosting sensitive workloads.GPU access and ecosystem depth
Proximity to advanced semiconductor supply chains, AI ecosystems, and specialised engineering talent.Policy certainty and community consent
Coordinated planning, investment, and energy approvals delivered through a single source and local community support.
The situation in Belgium
While Belgium is potentially well positioned between the traditional European data-centre hubs of Frankfurt, London, Amsterdam, and Paris, grid constraints in several neighbouring markets are encouraging developers to investigate alternative locations. This gives Belgium the opportunity to capture the next wave of European data centre investment. However, the constraints of the country’s electricity infrastructure will determine how much of that opportunity is economically and physically viable.
- Electricity infrastructure in Belgium
- Space for Belgium’s digital infrastructure
- Digital sovereignty and chip supply
Electricity infrastructure in Belgium
Belgium’s electricity outlook is currently being shaped by the reversal of the nuclear phase-out and by ongoing discussions on extending or restarting reactor capacity. Our experts believe that the outcome of these discussions, together with grid reinforcement and connection timelines, will materially influence how much of the forecast investment Belgium captures and how much is redirected to neighbouring markets.
The scale of the potential demand in Belgium is significant. Elia, the operator of Belgium’s high-voltage electricity grid, foresees data-centre demand increasing by approximately 2.5 TWh by 2030 and 5.2 TWh by 2035 compared with 2024 levels, putting pressure on the grid.
Space for Belgium’s digital infrastructure
Power availability is one element of site location. A technically viable location must combine access to sufficient grid capacity with compatible planning conditions, fibre connectivity, appropriate water and cooling solutions, and enough space for substations and other supporting infrastructure.
Belgium’s regional planning structure adds another layer of complexity as spatial planning and permits are organised separately in Flanders, Wallonia, and the Brussels-Capital Region.
Furthermore, our experts have seen an evolution towards more distributed cloud models, with edge infrastructure bringing computing capacity closer to users, devices, and data sources. The reengineering of infrastructure by telecom players is accelerating this shift, supporting lower latency, greater resilience, and more control over where data and workloads are processed.
Digital sovereignty and chip supply
Digital and AI sovereignty is driving investment towards trusted infrastructure that gives governments and businesses greater control, resilience, and strategic flexibility. For Belgium, digital sovereignty is less about national self-sufficiency, and more about its role within a trusted European ecosystem. Investments in local data centres and digital infrastructure are already being driven by hyperscalers, data centre operators, telecom providers, and utility players, locally and in Europe.
Looking ahead, alignment with evolving European requirements around sovereignty, resilience, and control may become an increasingly important factor in attracting AI and digital infrastructure investment. Access to advanced chips will equally help determine where AI infrastructure investment flows. Nevertheless, Belgian operators remain exposed to developments across the international semiconductor supply chain, including US export controls on advanced chips and related technologies and Chinese controls on certain critical materials used in semiconductor and technology manufacturing.
While Belgium’s position within a trusted European ecosystem helps mitigate these risks, changes in supplier-country policies or geopolitical disruption could still affect equipment availability, prices, and delivery schedules.
“AI infrastructure is becoming one of the defining capital allocation challenges of the next generation. It cuts across technology, energy, real estate, supply chains, regulation, and financing. This changes how infrastructure investors need to think about capital requirements, risk and returns, and project execution.”
Roeland Huyskens,Capital Project Expert, PwC BelgiumAbout PwC’s Global Data Centre Outlook 2026-50
PwC commissioned Oxford Economics to model data centre capital expenditure to support our analysis. It covers 46 countries and territories, which represent the vast majority of global activity and digital infrastructure investment.
Capital expenditure is assessed using two components: buildings and structures (the physical infrastructure required to construct and operate a data centre, including power and cooling systems) and ICT equipment (the servers, GPUs, CPUs, storage, and networking hardware installed within them). ICT equipment is assumed to refresh every four to six years.
More information about the methodology can be found by downloading the full report below.
PwC’s Global Data Centre Outlook 2026-50
Explore the future of global AI infrastructure investment and what it means for your country or region.
Contact us
Managing Partner Advisory, Technology Consulting & Innovation, Brussels, PwC Belgium
+32 495 59 08 40
Michiel De Keyzer
Philip Lenders
Roeland Huyskens
