Capital Expenditure Surge in 2026: 3 Industrial Sectors Poised for Outsized Gains

The global industrial landscape is undergoing a seismic shift in 2026, driven by transformative technologies and evolving macroeconomic dynamics. As capital expenditure (CAPEX) trends accelerate, three sectors-artificial intelligence (AI) software and services, data center infrastructure, and aerospace-stand out as prime beneficiaries of this surge. Their growth trajectories are not only shaped by cyclical demand but also by strategic value-chain repositioning, making them compelling investment opportunities.

1. AI Software and Services: The Engine of Transformational Value

The AI software and services sector is transitioning from speculative hype to disciplined execution, with enterprises prioritizing high-impact use cases. According to a report by PwC, companies adopting a top-down approach-centralized AI studios and agentic AI-are unlocking measurable ROI through efficiency gains and top-line growth. Agentic AI, which automates complex workflows in areas like demand sensing and hyper-personalization, is emerging as a key differentiator.

Cyclical demand is fueled by the urgent need for data governance and process standardization. As noted by SCM Research, the "age of the AI supply chain" is dawning, with businesses prioritizing data readiness and risk management to operationalize AI strategies. However, short-term margin pressures persist due to inferencing costs and R&D spending. Long-term gains are anticipated as companies shift to consumption-based pricing models.

Cyclical demand is amplified by token consumption outpacing forecasts and robust free cash flow growth at hyperscalers. However, bottlenecks in semiconductor production and geopolitical risks-such as U.S. tariffs- pose near-term challenges.

Cyclical demand is supported by both commercial and defense applications. Carpenter Technology is leveraging high-performance alloys to meet surging demand for aerospace components. Meanwhile, AI-powered diagnostics and agentic AI are streamlining mission planning and crew management.

Value-chain innovation is centered on digital transformation and supply chain resilience. As noted by Bloomberg, the sector is addressing material and labor shortages through AI-driven scheduling and predictive analytics. This focus on resilience aligns with broader trends toward "local for local" manufacturing.

Conclusion: Strategic Positioning for 2026 and Beyond

The CAPEX surge in 2026 reflects a broader shift toward technology-driven industrial transformation. AI software and services, data center infrastructure, and aerospace are not only benefiting from cyclical demand but also redefining their value chains to capture long-term value. Investors should prioritize companies with strong execution discipline, interoperable AI strategies, and supply chain resilience. As McKinsey underscores, these sectors could generate $29 trillion to $48 trillion in revenue by 2040, making them cornerstones of the next industrial era.