Report published September 28, 2026

Goldman Sachs Research: Multi-Industry Capex Tracker: Medium-Term Capex Expectations Continue to Improve

Goldman Sachs · September 28, 2026

Goldman Sachs' Multi-Industry Capex Tracker shows 2026E capex growth upgraded to c.18%, driven by structural spending in Datacenters, Semiconductors, and Utilities. These three segments account for 38% of total 2026 capex and are forecast to expand to 53% by 2029.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Medium-term capex forecasts have seen sizable upward revisions, with 2026E capex growth rising 4.6 percentage points since May 2026 to reach c.18%, well above historical trend growth of c.2%.
2.Investment growth is increasingly concentrated in Datacenters, Semiconductors, and Utilities, which represent c.38% of total 2026E capex (up from 22% in 2022) and are projected to reach 53% by 2029.
3.Aggregate capex CAGR across 2025–29E stands at c.12%, spearheaded by Datacenters (c.43% CAGR) and Semiconductors (c.29% CAGR), whereas LNG/Offshore, Transmission, and Airports show material downgrades or negative growth.

Medium-term capex forecasts revised higher again, driven by tech and utilities
GS Capex Tracker by End Market
Oil & Gas
Technology
Datacenters
Semiconductors
Power Generation
Renewables and Transmission & Distribution
Transmission
Telecom
Consumer
Retail
Food & Beverage
Food
Beverage
Dairy
Vehicles
Mining
Copper
Chemicals
Airlines
Pharma
Construction Equipment
Rail
REITs
Marine
Cruise
Merchant
LNG/Offshore
Ports
Trucking
Pulp & Paper
Healthcare
Airports
Biotech
Appendix: Stock OSG vs Weighted Capex (>50% RSQ)

Report data

Exhibit 1: We see robust and positive sequential Capex CAGR growth in Datacenters, Semiconductors, Chemicals, Airports and Rail - End Market Summary

Metric	Estimate	Context
2026E Global Industrial Capex Growth	18.0%	Capex growth expected to end well above the historical median of c.2%, revised up 4.6pp from May.
2027E Global Industrial Capex Growth	17.0%	Revised higher from 12% in the May 2026 update.
Total Tracked Capex Value	3.9 EUR trillion	Analysis covers €3.9tn of capex across c.4,000 companies in 34 end and sub-end markets.
Datacenters Capex CAGR	42.6%	Datacenter capex CAGR leads all tracked markets; 2026 capex alone is €802 bn.
Semiconductors Capex CAGR	28.9%	Adjusted capex growth CAGR 2025–29E, up 5.8 pp vs previous update.

Source: Goldman Sachs Global Investment Research. This is a dated model snapshot, not a live forecast.

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Authors / Editors

Daniela Costa · Lead AnalystSusmita Saha · AnalystChristian Hinderaker · AnalystMeihan Yang · AnalystOpe Otaniyi · AnalystInes Lefranc · AnalystAditya Agarwal · AnalystAurelien Joubert · Analyst