基础设施时刻-投资于不断扩大的现代社会基础

Investing in the expanding foundations of modern society AuthorsAlastair GreenIshaan NangiaNicola Sandri September 2025 Table of contents Infrastructure verticals are getting more interdependent.....................................................8New infrastructure’s $106 trillion opportunity...........................................................................9About the research...........................................................................................................................10Projected investment needs by vertical.....................................................................................10 What’s driving the infrastructure shift.............................................................. 12 Infrastructure must be refreshed or upgraded around the world..................................... 12Urbanization and demographic shifts are adding to thepressure on infrastructure............................................................................................................. 13Digital technology and AI are driving advances in infrastructure....................................... 13The global transition to cleaner energy is progressing........................................................ 14Private capital has emerged as a key force in infrastructure financing butfaces challenges................................................................................................................................ 15The geopolitical landscape is upending investment decisions and trade....................... 15Ongoing labor shortages are affecting infrastructure projects.........................................16 A closer look at infrastructure verticals............................................................ 17 Transportation and logistics.......................................................................................................... 17Energy, power, and resources......................................................................................................20Digital infrastructure....................................................................................................................... 22Waste and water............................................................................................................................... 29Agriculture.......................................................................................................................................... 33Defense............................................................................................................................................... 36Opportunities where infrastructure verticals intersect........................................................ 39 Implications for stakeholders............................................................................. 42 Governments..................................................................................................................................... 42Investors............................................................................................................................................. 43Operators and developers.............................................................................................................44 Appendix..................................................................................................................47 Foreword The mention of infrastructure conjures images of traditional elements—constructslike roads, bridges, water lines, and ports. While these foundations remain essentialat every level, they no longer encompass the full implications of the word. Indeed, the very definition of infrastructure has changed—and continues to evolve. Across the globe,from the most advanced industrial nations to developing economies, the concept has transformed toinclude elements that didn’t even exist in tangible form as recently as a few decades ago. Today, infrastructure refers as much to the digital networks that enable our information economy asthe power plants that keep the lights on. It also includes the services and systems that ensure theseassets are reliable, resilient, and equitably accessed. At the same time, infrastructure verticals are increasingly interdependent—technically, operationally,and financially. One prominent example arises at the intersection of energy, water, and digital in theform of skyrocketing demand for sustainable energy to power the increasing use of AI and water tocool data center servers. Despite this remarkable evolution, many traditional challenges remain the same: maintenance,renewal, and adaptation to meet changing needs. We’ve entitled this reportThe infrastructuremomentbecause it truly captures this inflection point in our global society. It’s a time when newelements of infrastructure are converging with traditional ones across multiple verticals, presentingnew challenges and opportunities alike. At a momen