House View in Focus
Power: the race to keep the lights on
The new power paradigm
AI, electrification, industrial growth and climate adaptation are ushering in a new era of electricity consumption, with global power demand now rising faster than economic output. Data centres are the fastest-growing contributor, while electric vehicles, heating, cooling and manufacturing add further pressure.
The global race for power
The challenge is delivering reliable electricity at the required scale, location and cost. Ageing grids, transmission bottlenecks, renewable intermittency, equipment shortages and slow permitting could constrain supply. US hyperscalers are pursuing off-grid generation; Europe must balance affordability, security and decarbonisation; and China is driving demand while rapidly expanding renewable capacity.
The electricity investment opportunity
Meeting demand and climate goals could require USD 4.8 trillion of annual investment over the next decade.1 Opportunities extend across power-management semiconductors, flexible generation, battery storage, grid equipment, critical materials and next-generation technologies.
What next?
1 Under the International Energy Agency’s Net Zero Emissions by 2050 Scenario. Data as at November 2025.
