That matters because the opportunity for infrastructure technology is growing, but so too is the bar businesses need to clear. Investors and customers are becoming more selective, making commercial validation, customer access and real-world deployment increasingly important to long-term resilience.
KPMG’s latest Global Construction Survey found that while overall optimism about the construction sector’s growth is rising, three-quarters of respondents reported increased risk aversion, reflecting a widening “risk delta” between opportunity and the willingness to pursue it.[1] For emerging technology businesses, that makes a compelling commercial case, backed by evidence of real-world performance, increasingly important.
A growing opportunity, with a higher bar
The opportunity for Infratech businesses remains significant. RICS’ UK Construction Monitor Q2 2026 identified infrastructure as the strongest part of the UK construction market for workload growth, with energy performing particularly strongly.[2] PwC’s Construction and Housebuilding Outlook for H1 2026 forecasts that in the coming years, multi-year infrastructure projects are set to be a key driver of growth in the UK construction industry.[3] The government’s long-term infrastructure plans point the same way, with at least £725bn committed to infrastructure over the next decade and a dynamic Infrastructure Pipeline database intended to give greater visibility over capital commitments across the UK.[4]
At the same time, access to that opportunity is becoming more selective. At the largest end of the market, research by engineering and nuclear organisation AtkinsRéalis found that nearly two-thirds of institutional investors interviewed had walked away from UK infrastructure projects because of “weak business cases”, highlighting the importance of a credible, evidenced case for return.[5] A similar shift can be seen at the earlier stages of the Infratech market – 52.9% of equity deals in the UK Infratech cohort in 2021 were into seed-stage companies, compared with 40.1% in 2025.
This wider shift is also evident across infrastructure investment. McKinsey’s 2026 Global Infrastructure Report argues that, as the market matures and investors seek robust returns, the ability to drive value creation is becoming increasingly important. Return drivers are shifting towards operational performance and capital productivity, rather than relying on market tailwinds alone.[6] For Infratech businesses, the implication is that technology increasingly needs to translate into demonstrable commercial and operational value.
The right support to scale
This is where the nature of investment matters as much as its scale. Capital can provide the runway for businesses to grow, but in Infratech it is only part of the equation. In a sector characterised by long procurement cycles and complex delivery environments, building a commercial track record takes time. Strategic partners that can provide access to customers, live deployment opportunities and operational expertise can help businesses prove their technology, generate revenue and establish the evidence needed to scale.
This is central to how Murphy Capital approaches investments across our key verticals. Drawing on Murphy’s 75 years of industry experience and £8.2bn project pipeline, Murphy Capital can provide portfolio companies with commercial and operational support alongside investment. Acting as a portfolio company’s first or next customer can provide early revenue, real-world validation and a credible reference to help unlock further commercial opportunities.
[1] KPMG International, 2026. “The paradox of progress”. (Accessed: September 2026)
[2] RICS, 2026. “UK Construction Monitor, Q2 2026”. (Accessed: September 2026).
[3] PwC, 2026. “PwC Construction and Housebuilding Outlook”. (Accessed: September 2026).
[4] HM Treasury, 2025. “UK Infrastructure: a 10 Year Strategy”. (Accessed: September 2026).
[5] AtkinsRéalis, 2025. “Research reveals window of opportunity to unlock private finance for UK infrastructure”. (Accessed: September 2026).
[6] McKinsey & Company, 2026. “Infrastructure: Investing to support global growth”. (Accessed: September 2026).
What resilience looks like now
The direction of travel is clear; infrastructure demand is growing, but opportunity alone will not determine which emerging businesses succeed. The companies best placed to capture that demand will be those able to turn strong technology into proven deployment, commercial traction and sustainable growth.
For founders, resilience in this environment depends less on weathering tougher conditions alone and more on securing partners that can provide capital, customer access and live deployment opportunities, helping translate ideas into durable, revenue-generating businesses.
As the government’s £725bn decade-long infrastructure commitment works its way through the pipeline, the businesses best placed to benefit will be those that have already built this kind of track record, rather than those hoping to establish it once demand arrives. That is the role Murphy Capital is built to play.
Further insight into the investment trends shaping UK Infratech is explored in Murphy Capital’s newly published report UK Infratech: From Innovation to Scale.