Août 2026
Allianz (34 pages).
As AI adoption shifts from training frontier models to deploying millions of AI-powered applications and autonomous agents, annual data center investment is projected to rise from around US$500bn in 2024 to more than $1trn as early as 2027. The investment opportunity extends well beyond data centers to electricity generation, grid infrastructure, cooling, networking and semiconductors.
Governments are becoming a major structural driver of AI infrastructure investment. Concerns over technological sovereignty, national security and geopolitical competition have prompted many countries to launch national AI strategies, sovereign compute programs, semiconductor initiatives and direct public investment into domestic computing capacity. Because these investments are driven by strategic priorities rather than purely financial returns, they tend to be relatively price-insensitive, reinforcing the long-term outlook for the sector.
The next wave of investment is increasingly global. The US and China are expected to account for around 62% of new global capacity additions through 2030, underscoring their continued central role in the data center build-out and ensuring their combined share of global capacity is expected to remain broadly stable at around 63%. In Europe, Germany, the UK and Ireland are expected to remain major markets, but faster expansion is likely in Spain, Finland and Denmark, where power availability and permitting conditions are often more
favorable. Across Asia Pacific, excluding China, installed capacity is projected to increase from around 9GW today to more than 28GW by 2030. Malaysia stands out, with capacity expected to grow more than tenfold, positioning it alongside India and Japan as one of the region’s fastestgrowing AI infrastructure markets
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