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Welcome to the April Edition of Xtrackers Spotlight!
The latest available data shows that in 2024, global electricity demand grew by roughly 1,000 terawatt-hours (TWh) – equivalent to twice Germany's annual consumption, added in a single year. This clear step change, at around twice the historical average, has immediate downstream implications for generation, grids and infrastructure. And this may be just the beginning.[1]
The forces behind this shift extend well beyond the narrow focus on AI and data centres. Electrification sits at the intersection of multiple long‑term megatrends. In this Spotlight edition, we explore what electrification actually means, what is driving the demand outlook, and how investors can gain exposure to this increasingly multi‑dimensional theme.
Much more than an AI story
Don’t get us wrong, the AI and data centre build-out is material. Global electricity consumption for data centers reached 415 TWh in 2024 and is projected to more than double to 945 TWh by 2030.[1]
AI and EVs are driving a step change in electricity demand
Data centre and electric vehicle electricity consumption, 2024 vs. 2030 projection in TWh
Source: 1) IEA, Electricity 2026 – Analysis and forecast to 2030, as of February 2026. 2) IEA, Global EV Outlook 2025. Forecasts are based on assumptions, estimates, views and hypothetical models or analyses, which might prove inaccurate or incorrect.
But data centres account for just 1.5 percent of global electricity consumption today.[1] This underlines that the surge in demand is being shaped by a much broader set of forces: Electric vehicles, industrial electrification, rising heating and cooling needs, and economic growth in emerging markets are all contributing to the surge. Around 85 percent of additional electricity demand through 2030 is expected to come from developing economies, with China and India leading the way.[1]
However, the demand curve is not only shaped by megatrends and emerging markets. In developed economies, an ageing infrastructure is adding to the investment needs. Much of today's grid was built for different requirements. In the U.S., for example, over 70 percent of transmission lines are more than 25 years old, while in Europe, half are more than 40 years old.[2]
These grids were designed for a simpler era. They were never built to handle the complexity of today’s systems, including decentralised generation, variable renewables, EV charging peaks, and two‑way power flows between producers and consumers.
This bottleneck is already visible, with over 2,500 GW of power projects worldwide stuck in grid connection queues – approved and ready to generate but still waiting for the transmission infrastructure required to bring their output to market. Taken together, the electrification theme rests on three structural pillars: enabling megatrends like AI and electric mobility, emerging markets building power systems from scratch, and developed markets replacing ageing infrastructure. Combined, these intersecting forces may be shaping a compelling investment case.
Electrification explained
At its core, electrification describes a structural shift: replacing the direct use of coal, oil, and gas with electric alternatives across transport, industry, and buildings. Combustion engines give way to EVs. Gas boilers are replaced by heat pumps. Blast furnaces make room for electric arc furnaces. Each of these transitions connects to broader trends – and each one adds to the demand for electricity.[3] But here is the key insight: as more of the economy runs on electricity, the grid becomes the backbone of everything.
What delivers electrification in practice
The electrification value chain to enable megatrends and satisfy a more complex demand
Source: DWS International GmbH, as of March 2026.
This also makes clear what distinguishes electrification from clean energy as an investment theme. The latter focuses on how power is generated, while electrification focuses on the technologies that enable the entire system to function – the grids, storage, transmission, and digital control layers that make a more electric world possible. The structural nature of this shift is also reflected in recent market performance:
A multi-generation investment opportunity?
Capturing the Electrification theme: Simulated Index Performance
Source: Nasdaq, Bloomberg. Total return versions of each index shown. Data as of 28/01/2026. Performance is blended, comprising simulated (back-tested) results from 28/01/2025 to 28/05/2025, and live trading results from 29/05/2025 to 28/01/2026. Live trading commenced on 29/05/2025. Past performance, actual or simulated, is not a reliable indication of future performance.
In Summary
For further insights on this topic, please look at the Nasdaq Paper
Risks to the view:
Systemic shocks—such as recessionary pressures or geopolitical dislocations—trigger broad risk-off sentiment, with equities typically bearing the brunt. Defensive sectors may underperform if inflation reaccelerates or central banks turn more hawkish. Market leadership can rotate quickly, especially if investor sentiment shifts toward cyclical or speculative growth.
Key Risk Factors Xtrackers UCITS ETFs:
An investment in an Xtrackers ETF may not be suitable for all investors. Xtrackers UCITS ETFs are not capital protected, therefore investors should be prepared and able to sustain losses up to the total loss of the capital invested.
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The value of an investment in Xtrackers ETFs may go down as well as up. Past performance does not predict future returns.
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