First-edition report combines consulting and investment banking perspectives to examine the trillion-dollar investment cycle unfolding across U.S. energy and power infrastructure

RALEIGH, N.C., June 25, 2026 /PRNewswire/ — FMI Corporation, a leading provider of consulting and investment banking services to the built environment, today released its 2026 Energy and Power Overview. The report combines market forecasts, industry operating insights and M&A implications to provide a comprehensive view of the forces reshaping the U.S. energy and power sector.

The report projects that annual U.S. power construction spending will grow from $158 billion in 2025 to $255 billion in 2030, representing more than $1 trillion in cumulative investment through the end of the decade. Driven by data centers and associated infrastructure, electrification, accelerating load growth, aging infrastructure, grid modernization and rising resiliency requirements, the sector is entering what FMI characterizes as a long-duration investment cycle unlike anything seen in recent decades. The report also examines how these trends are influencing capital allocation, merger and acquisition activity and competitive positioning across the broader energy ecosystem.

“Data centers may be the headline, but this cycle is being driven by more than a single factor,” said Blake Angelo, partner at FMI Consulting. “Aging infrastructure, resilience requirements, electrification and industrial growth are all contributing to a durable investment cycle that we expect to persist through at least 2030. The businesses that understand how to best respond to these dynamics will be best positioned to capitalize on the opportunity.”

Key highlights from the report include:

• U.S. power construction spending is forecast to grow at roughly twice the rate recorded between 2010 and 2025, outpacing overall nonresidential construction through at least 2030.

• Electric transmission and distribution are expected to capture more than $500 billion in cumulative spend through 2030 with transmission growing from $30 billion in 2026 to over $50 billion by 2030.

• Thermal generation is the fastest-growing sub-segment at 13.7% CAGR, driven by demand for firm, dispatchable capacity from data centers and industrial users.

• Resilience-focused investment is increasingly being driven by regulatory requirements, creating recurring, long-term grid modernization programs across transmission and distribution.

• Utility services M&A is running at historic levels, as buyers compete for scaled platforms and differentiated technical capabilities.

“M&A activity in power related services is at historic levels, and we expect that to continue as capital competes for a limited universe of scaled, high-quality platforms,” said Russell Clarke, managing director at FMI Capital Advisors. “The current environment presents a rare opportunity to capitalize on strong demand and investor appetite. Investment discipline around durability and technological differentiation will determine which investments create longest lasting value.”

To learn more, download the full report here.

About FMI
FMI is a leading provider of consulting and investment banking services to the built environment. We provide services in the areas of strategy, leadership and organizational development, training, operational performance, mergers and acquisitions, financial advisory and private equity.

Contact: Katie DeRee, katie.deree@fmicorp.com

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SOURCE FMI Corporation