Global investment in AI infrastructure will hit a record €27 trillion through 2050 – investment in Belgium highly depends on energy supply ​

Brussels, 6 october 2026 – Global investment in AI infrastructure will hit a record €27.23 trillion through to 2050, according to baseline projections in PwC's Global Data Centre Outlook. Belgian investment in AI infrastructure is highly dependent of energy supply, chip access and the urge for digital sovereignty.

On an annual basis, data centre capital expenditure is forecast to rise from roughly €690 billion per year in 2026 to €1.55 trillion per year in 2050. The US, which is central to the advanced-chip ecosystem, is expected to capture almost half (48%) of this investment, at €13.01 trillion. Asia Pacific is expected to account for €7.07 trillion cumulative capex, led by China and India, while sovereign AI strategies are accelerating investment in Europe and the Middle East. ​

The Outlook identifies five factors that will direct where investment flows globally. Chief of these is power, as affordable, reliable and low-carbon electricity at scale is the hardest requirement for many markets to deliver. Connectivity, security, policy certainty and community consent, along with GPU access, will also influence where investment lands. ​

For Belgium, the binding constraint is unlikely to be capital or land, but rather access to electricity infrastructure. Belgium has an opportunity to capture the next wave of European data-centre investment, but energy is a key factor that will determine how much of that opportunity is economically and physically viable. ​

Belgium's electricity outlook is being reshaped by the reversal of the nuclear phase-out and by ongoing discussions on extending or restarting reactor capacity. According to PwC Belgium’s experts, 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 debate is far more complex than simply asking whether Belgium has enough electricity. ​ The limiting factor for data-centre growth in Belgium may not be the number of electrons available nationally, but the ability to deliver sufficient firm power at the right location, the right time and at an economically viable cost. ​

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. ​

The scale of this potential demand is significant. According to Elia, the operator of Belgium's high-voltage electricity grid, current Adequacy & Flexibility assumptions foresee data-centre demand increasing by approximately 2.5 TWh by 2030 and 5.2 TWh by 2035 compared with 2024 levels.

In September 2025, Elia reported that reserved and allocated capacity for data-centre projects could add 12.7 TWh of annual electricity demand by 2034, compared with 4.4 TWh in its earlier planning scenario. Projects from Elia at the orientation study stage represented a further 55 TWh. These figures reflect connection requests, not forecast consumption, but they show the pressure on the grid.

Philip Lenders, PwC Belgium’s energy expert: “Belgium’s electricity infrastructure was designed for a very different demand trajectory. AI and digital infrastructure are now adding another major source of load on top existing energy challenges such as industrial electrification, the growing adoption of electric vehicles and heat pumps. The investment in data centres should therefore not be assessed in isolation.”

A country can have adequate electricity supply at national level, while a project remains impossible to connect at a particular location. Data centres require large amounts of power, often tens or hundreds of MW concentrated at one site. Elia has explicitly warned that the number of connection requests is now significantly higher than the grid was originally designed to accommodate. Grid reinforcement can require new transformers, substations, high-voltage lines and extensive permitting processes, all of which involve long lead times. “It is therefore preferable for new data centres to be located where energy infrastructure is already available, rather than expecting energy infrastructure to be built around data-centre developments.” concludes Philip Lenders. ​

Finding space for Belgium’s digital infrastructure

Power availability is therefore only one element of site selection. 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. In a densely developed country such as Belgium, the challenge is not simply to identify available land, but to find locations where these requirements converge.

Belgium’s regional planning structure adds another layer of complexity. Spatial planning and permitting are organised separately in Flanders, Wallonia and the Brussels-Capital Region. Data centres are not generally recognised as a separate land-use category in the regional planning frameworks, meaning that each project must be assessed against the zoning designation and planning rules applicable to the proposed site. Data centres are typically accommodated within existing industrial or business zones. Where a proposed development is not compatible with the applicable plan, changes to the planning framework, environmental assessment and public consultation may add time and uncertainty to the development process. ​

On top of that, PwC’s experts are also seeing 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.

This complexity also creates an opportunity for a more coordinated approach to site selection. Prioritising brownfield and existing industrial locations where energy and digital infrastructure are already present could reduce pressure on open space and improve project deliverability. Identifying a limited number of data-centre-ready locations, supported by early coordination between developers, grid operators and public authorities, could help Belgium translate its strategic position into investable projects while managing environmental and community impacts.

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. “Belgium is favourably positioned as a trusted EU and NATO destination, with close links to key technology-producing countries and access to the EU single market. Most intra-EU transfers of technology can take place without export licences, subject to limited controls for particularly sensitive items, while Belgium’s trusted status generally supports access to technology sourced from outside Europe.” says Eva Lakova, expert export controls at PwC Belgium. ​

Nevertheless, Belgian operators remain exposed to developments across the international semiconductor supply chain according to PwC’s experts. These include US export controls affecting advanced chips and related technologies, as well as 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.

“Predictable regulation, diversified supply chains and robust compliance will therefore be important in maintaining Belgium’s position as a secure and reliable destination for AI infrastructure investment.” says Eva Lakova, PwC Belgium. ​ ​

Roeland Huyskens, capital project expert at PwC Belgium, concludes: ​

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.

PwC Experts: ​

Notes to Editors

All amounts mentioned in euro were calculated according to the euro foreign exchange reference rate of the European Central Bank on 3 September 2026. The reference rates are based on the daily concertation procedure between central banks across Europe and are published for information purposes only.

About 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 economic activity and digital infrastructure investment. Learn more about the report and methodology by visiting www.pwc.com. ​ ​ ​

About PwC ​

At PwC, we help clients build trust and reinvent so they can turn complexity into competitive advantage. We’re a tech-forward, people-empowered network with more than 364,000 people in 136 countries and 137 territories. Across audit and assurance, tax and legal, deals and consulting, we help clients build, accelerate, and sustain momentum. Find out more at www.pwc.com.