Août 2025
Deloitte (40 pages).

Global transportation networks face significant challenges even as they struggle to plan for and integrate innovative technologies and transportation modes. Growing cyber vulnerabilities, antiquated technology, and more frequent and intense weather events are battering an aging network of roads, bridges, rail, runways, and transit lines.
Decades of rising use and deferred maintenance have left transportation infrastructure worldwide in a precarious state. The American Society of Civil Engineers’ 2025 Infrastructure Report Card graded most of the US’ surface transportation and aviation assets either mediocre, requires attention or poor, at risk, reflecting safety and reliability concerns.
Infrastructure in many other countries and regions is equally troubled, marked by collapsing bridges, crumbling roads, and growing sustainability and manmade threats. Governments face uncomfortable arithmetic.
Maintenance backlogs are growing, megaprojects are becoming costlier, and electrification and hybrid working patterns are eroding traditional revenue pillars: fuel taxes and urban fares. Today, increasingly as capital needs surge to make existing infrastructure weather-resilient, public balance sheets are stretched by post-pandemic debt, geopolitical tensions, energyprice volatility and social protection needs.

Juillet 2025
Allianz Research (31 pages).

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 megatrends 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 disruptions 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 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. France, 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 rerouting, friendshoring and trade diversification, yet developers must also navigate elevated risk levels.
The global push to cut carbon emissions and electrify our economy is the major catalyst for infrastructure investment, reaching between USD26trn and USD30.2trn by 2035 (69% of the total). Despite a doubling of renewable generation investment over the past decade, infrastructure development – such as grids and storage – has lagged, creating bottlenecks and driving up system costs. In Europe alone, an estimated USD110–150bn will be needed annually to develop electricity networks and energy storage, with major investments directed toward distribution and transmission grids and cross-country interconnections.. Globally, the annual energy infrastructure investment gap remains at USD1.5trn, with underinvestment particularly acute in the U.S. and emerging markets. Bridging this gap is essential not only to meet rising power demand, but also to align with climate goals and enhance energy security.
Against this backdrop, private capital has moved from gap-filler to the cornerstone of global infrastructure finance, with unlisted assets under management surging from USD1.5trn in 2024. Investors are pivoting from traditional transport and utilities toward energy-transition and digital platforms (grids, storage, data centers, fiber). Beyond capital, this shift brings lifecycle efficiency, delivery discipline, and risk-sharing via public-private partnerships, direct ownership, and a fast-growing private infrastructure debt market. Allocations are now segmented by risk, targeting steady, inflation-linked cash flows rather than private-equity-like upside. Most investors aim for 6–10% returns, consistent with our 8–10% forward view.
The next phase of global infrastructure investment must be defined by both ambition and execution. While mobilizing 3.5% of global GDP annually is necessary, it is not sufficient. Now, what matters is aligning capital, policy, and system design to overcome the real-world constraints that continue to slow delivery. The barriers are increasingly structural, ranging from permitting delays and grid congestion to fragmented regulatory frameworks and institutional capacity gaps in EMDEs. Addressing these challenges will require a dual shift. First, governments must fast-track permitting and land-use approvals, harmonize remuneration and regulatory frameworks across jurisdictions, and introduce fast-track mechanisms for priority infrastructure. Simplifying and digitizing procurement processes can reduce lead times and improve transparency. Enhancing project preparation facilities and technical assistance, particularly in lower-income regions, will be key to moving projects from concept to bankability. Strengthening the capacity of subnational authorities and state-owned enterprises, which are often key implementers, is equally critical. Investors must transition from broad allocations to more targeted, theme-based strategies that focus on energy systems, digital infrastructure, resilient urban mobility, and social infrastructure to deliver resilient, inflation-linked returns. Greater use of blended finance and risk mitigation tools is also required to mobilize capital at scale in high-risk regions. Without this alignment, execution will remain the bottleneck. System costs will rise, stranded assets will proliferate, and the gap between infrastructure ambitions and physical delivery will continue to widen.

Juillet 2025
Deloitte (27 pages).

Total revenue obtained by the GPoC in 2024, amounted to US$1.978 trillion, slightly below 2023 levels (1% decrease in US$, 0.8% increase in local currency).
In terms of its geographical distribution, 51.2% of revenue relates to companies based in China, with the remaining revenue coming from Europe (22.0%, particularly from France and Spain), Japan (9.1%), the United States (8.8%) and South Korea (4.7%). These percentages remain consistent with the previous year, although a 5% decrease in US$ revenues obtained by the Chinese GPoC as well as an increase in the other significant geographical areas would be noted.

Juillet 2025
Banque Interaméricaine de Développement (36 pages).

This paper investigates the impact of public-private partnership (PPP)-enabling conditions on infrastructure development in Latin America and the Caribbean (LAC). Using a unique longitudinal dataset, this study analyzes how institutional conditions in 26 LAC countries influenced PPP investment activity between 2009 and 2022. The findings indicate political and social will, along with institutional capacity, are significant predictors of PPP investment, while market reliability, transparency, governance mechanisms, and regulatory regimes, although important, are less impactful. These findings highlight the critical importance of political stability and strong institutional frameworks in driving PPP investment activity in the region.

Juillet 2025
Roland Berger (32 pages).

Despite another challenging year for infrastructure investment in 2024 and a relatively soft start to 2025, investors remain cautiously optimistic about a recovery. After a resilient 2022 and a sharp decline in deal activity in 2023, expectations were high for a rebound in 2024. However, persistent financing challenges led to further declines in both deal count and size - unlike the rebound seen in private equity buyouts during the same period.

Juillet 2025
PPIAF, Banque Mondiale (22 pages).

Présentation powerpoint de Monica Bennett, Infrastructure specialist.

Juin 2025
Deloitte (42 pages).

Around the globe, infrastructure systems are under growing pressure – from extreme weather events and aging assets to the demands of the energy transition, urbanization, and accelerating technological change. Yet amidst these challenges lies a significant opportunity: to envision and create infrastructure that is more resilient, intelligent, and adaptable.
Artificial intelligence (AI) is rapidly transitioning from being experimental to being an important part of the solution. Leaders are recognizing AI not just as a technical innovation, but one
of the strategic tools that can be used to make infrastructure systems more resilient. Whether through predictive maintenance, digital twins, or AI-enabled early warning systems, AI is helping public and private sector leaders make faster, smarter and more accurate decisions – and in doing so is helping to mitigate risks, reduce costs, lower recovery times, and maintain vital services to support thriving societies and economies.
Examples are already emerging, like the use of digital twins in city planning to simulate flood occurrences in different extreme weather scenarios, demonstrating what’s possiblewhen advanced technology is embedded into infrastructure strategy.
The potential of AI is vast. With the right vision and ecosystem collaboration, it can help leaders build infrastructure that’s stronger, more efficient, more sustainable and futureready. Progress comes when infrastructure stakeholders – including policymakers, planners, operators, investors, technology providers, and insurers – move beyond experimentation and
pilots to help scale AI adoption with confidence.
The timing is right. Ecosystems are evolving. Solutions are maturing. The value proposition is clear. AI can be both a tool for innovation and a strategic enabler of resilience.

Mai 2025
Banque Mondiale (142 pages).

Developing countries increasingly understand the need to strengthen their infrastructure. However, individual projects struggle to secure funding as it is hard to measure the benefits of resilience. Adaptation efforts often come with extra costs, and limited financing options make these expenses a major challenge. A stark imbalance persists between mitigation and adaptation financing. In 2022, adaptation finance amounted to just one-eighteenth of mitigation finance. Climate mitigation, being a global priority, attracts more attention and funding, with donors from developed countries providing grants or purchasing carbon credits from developing countries to offset global emissions.
This report presents information on 42 global financing facilities, 33 public funds, and 29 tax measures, offering valuable insights into financing transport resilience in developing countries. It aims to support the World Bank transport team and policymakers in developing countries by providing a clearer understanding of current resilience financing resources and challenges.
It emphasizes the need for a combination of innovative approaches, strategic partnerships, and diverse funding sources to address this critical challenge effectively. It also proposes potential solutions to bridge the gap in transport resilience finance and implementation.

Mai 2025
Arcadis (29 pages).

Political and economic uncertainty has increased dramatically. In times like this, the easiest reaction for many clients is to wait and see. But development is essential to meet the needs of a growing population and a rapidly evolving economy. There is a risk that opportunities for well-timed and profitable development could be missed through delay.
From the rebuilding of Los Angeles to the creation of new multifamily housing in cities like Toronto and Manchester, and the adaptation of existing buildings in New York and London to meet changing client expectations, a constant cycle of building is an essential part of the resilience and adaptability of the modern economy.
Some markets, including the data center market, continue to boom. However, for many sectors, the mood is more hesitant. High financing costs, ongoing economic uncertainty and the lingering effects of the pandemic on how space is used have created a challenging environment for development. Rising tariffs and other trade barriers risk compounding these issues, further slowing growth. The consequences are far-reaching — from a deepening housing crisis to growing gaps in healthcare, education and commerce as owners struggle to adapt their existing buildings to meet rapidly evolving needs.
It has become significantly more challenging for visionary clients to advance new projects, as assembling teams and securing development financing become increasingly difficult in an uncertain and unpredictable environment. But clients aren’t powerless, and there are many steps that can be taken to have better control over of their projects. By aligning proposals with real market needs and partnering with designers and other consultants who understand how buildings function and how people and the environment interact with them, clients can create more resilient, future-ready developments.
With the help of experts in data and AI, it’s possible to identify the critical success factors that drive both viability and long-term performance. At the same time, project teams can harness the power of digital platforms to develop proposals to a higher level of maturity — giving contractors and investors the confidence that plans are robust, deliverable and investment-ready before construction begins.

Mai 2025
PPIAF, Public-Private Infrastructure Advisory Facility du Groupe de la Banque Mondiale (164 pages).

Global private investment in infrastructure projects in primary markets rose notably in nominal terms in 2023, increasing by 10 percent. The majority of this growth took place in developed markets, while low- and middle-income countries (LMICs) experienced a slight decline. This marks a continuation of strong post-pandemic growth, with investment levels significantly higher than the five-year average (2018-2022).
However, infrastructure delivery costs have increased significantly in the meantime — potentially 10 percent above inflation based on the construction cost index across G20 countries — necessitating a cautious interpretation of the trend especially for greenfield projects.
Meanwhile, secondary market investments declined by 17 percent in 2023, largely due to reduced acquisition activity, a reflection of the impact of higher interest rates on asset valuations. The share of LMIC countries for secondary market continued to decrease slightly and only represented around 12 percent of the global volumes. Preliminary data for 2024 indicates some significant rebound for secondary activities as many central banks globally initiated interest rate cuts, driven by declining inflationary pressures.

Avril 2025
IMD World Competitiveness Center (175 pages).

2025 has barely gotten underway and yet significant trade tensions, policy shifts, and weakened business and consumer confidence appear to have set the tone for the year. The aggressive trade stance adopted by the United States – which notably includes substantial tariff hikes on imports from China, Mexico, and Canada – has, as we know, triggered retaliatory measures, re-escalating trade wars. In 2018, during his first term, President Trump started increasing tariffs on goods from China -first on “only” 8% of Chinese exports but covering over 66% by early 2020.
While the extent, magnitude, and duration of current tariff increases remain uncertain, past lessons from the 2018 US-China trade war suggest that the direct participants will all experience economic losses (Caliendo and Parro, 2023), while the impact on other economies will be more difficult to predict; there may be some winners – especially in Southeast Asia where production can be more easily relocated (Fajgelbaum et al., 2024).
Inflationary pressures remain a concern, particularly in industries heavily reliant on imported materials, such as construction. Higher tariffs on steel (and potentially lumber) are expected to increase development costs, putting further stress on an already-constrained housing supply.
Making housing more affordable is the top priority for most of the respondents of the 2025 IMD Smart City Survey. In 110 out of 146 cities, affordable housing is mentioned as a priority by at least half of the respondents in the city. The issue is particularly felt in Dublin or Vancouver, where about 90% of the IMD Smart City Survey respondents expressed concern over housing affordability. Respondents in the Middle East agree: about 80% of respondents from AlUla or Dubai identify affordable housing as a priority area.

Avril 2025
Banque Européenne d'Investissement (50 pages).

A majority of municipalities and cities plan to boost investment in climate measures and social infrastructure over the next three years. 56% of municipalities plan to significantly increase investment in climate change mitigation, while 53% plan to raise investment in social infrastructure.
A lack of finance and burdensome regulations often slow or stall municipal investments. Nearly two-thirds of municipalities have difficulties finding finance for investments, and almost half cite lengthy regulatory processes a problem.
A large and growing share of municipalities and cities say EU financial support is critical to financing future infrastructure investments. For planned investment projects, 83% of municipalities say EU grants will provide most of the funding, while 74% plan to use government transfers.