1、Allianz Research30 July 20253.5%to 2035:Bridging the global infrastructure gap2Allianz ResearchContent Page 3-4 Executive SummaryPage 9-14Beyond bricks and bytes:Mapping the infrastructure investment frontierPage 15-21 Power shift:Infrastructure demands of the net-zero economyPage 5-10 The global ru

2、sh for infrastructurePage 22-25 From funding gap to investment core:How private capital is powering the shift30 July 2025 Over the next decade,the global economy will need to invest nearly 3.5%of GDP per year(USD 4.2trn)to future-proof social,transport,energy and digital infrastructure against megat

3、rends such as urbanization,supply-chain disruptions and AI-driven digitalization.Demographic shifts and urbanization are key drivers for infrastructure demand in emerging markets,while aging infrastructure needs an upgrade in developing markets.At the same time,geopolitical tensions and pandemic dis

4、ruptions exposed the fragility of supply chains,prompting the US and Europe to reshore or“friendshore”some critical manufacturing,spurring demand for domestic manufacturing facilities and associated logistics infrastructure(warehouses,ports,rail).Digital infrastructure is already struggling to keep

5、up with the surge in power demand as data centers multiply at a record pace amid the AI boom.We estimate that the US needs to invest over USD1trn over the next 10 years on non-energy infrastructure,especially on roads.China needs to reach USD1.5trn,while India will require approximately USD1trn.Fran

6、ce,Germany,the UK and Spain need to invest a combined USD0.5trn.Overall,the global economy will need to spend USD11.5trn over 10 years,with two-thirds of that total required in emerging economies.Latin America exemplifies this dynamic:the region faces distinct infrastructure needs driven by reroutin