The Future of Water

As 2025 wraps up, we're closing out the year with five big questions shaping the water sector—and a few bold predictions for what's ahead. In this episode, host Reese Tisdale is joined by Bluefield VP & Managing Director Keith Hays to tackle the trends and challenges defining water investment right now. 1. Data centers are growing 12.2% annually and driving the U.S. industrial water market. Is AI's thirst the crisis or the opportunity the water sector has been waiting for? 2. Housing construction in the U.S. dropped 15% since 2022, breaking the historic model of 'new homes = new pipes.' If growth isn't driving investment anymore, what is? 3. Europe's betting big on semiconductors, hydrogen, and EV batteries with its Water Resilience Strategy. Are they building infrastructure for industries that might not materialize—or positioning for the next industrial revolution while the U.S. fumbles? 4. Midstream water in oil and gas has gone from cyclical commodity play to structural necessity. Did the water sector accidentally become geopolitically important, or have they just not realized it yet? 5. Water bills have increased 24% in five years, and some cities are hitting EPA affordability thresholds. What breaks first—the infrastructure or the public's willingness to pay? Keith and Reese also place their contrarian bets for 2026 and tackle a speed round on what will define the next decade, where smart investment is headed, and who holds more power in 2035: those who own the infrastructure, or those who own the customer. If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: U.S. Water for Data Centers: Market Trends, Opportunities, and Forecasts, 2025–2030 U.S. Midstream Water for Hydraulic Fracturing: Market Trends, Opportunities, and Forecasts, 2025–2030 U.S. & Canada Water and Wastewater Pipe CAPEX Forecasts, 2025–2035

Fair Market Value (FMV) has become a critical—yet often misunderstood—tool for addressing fragmentation across the U.S. water sector. Designed to give municipalities a clearer path and a cleaner valuation when selling assets, FMV is now shaping deal flow, policy debates, and competitive strategies nationwide. In this episode of The Future of Water, podcast host Reese Tisdale is joined by Bluefield colleague Megan Bondar, who has just wrapped up analysis on FMV and its growing role as a legislated mechanism to streamline water and wastewater utility acquisitions. Bluefield's water experts get into why FMV is back in the spotlight, how it differs from traditional acquisitions, and what more than a decade of deal activity reveals about the road ahead. Key discussion points: What prompted Bluefield to undertake this updated Fair Market Value analysis now? What exactly is “Fair Market Value,” and why does it matter in utility M&A? What are the most significant impacts and trends emerging from a decade of FMV deals? Where is FMV being used most today, and how is the competitive landscape evolving? If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: Fair Market Value: Benchmarking a Decade of Water Utility Acquisitions

Biosolids are an unavoidable byproduct of wastewater treatment, and U.S. utilities are facing increasing challenges managing them amid tightening landfill capacity, rising hauling costs, and growing concerns about contaminants like PFAS. With 6.3 million dry metric tons produced every year, biosolids are becoming one of the fastest-growing operating expenses for wastewater utilities. In this episode of The Future of Water, host Reese Tisdale is joined by Bluefield’s Pat Byrne to break down the current state of biosolids management in the U.S.—from landfilling and incineration to beneficial use pathways—and to highlight the regional disparities, regulatory pressures, and emerging technologies reshaping utility strategies. What biosolids are, how they’re produced, and the main disposal and beneficial use pathways utilities rely on. The rising challenges of landfilling and incineration, including high costs, methane emissions, aging facilities, and limited capacity. The growing influence of PFAS, microplastics, and pharmaceuticals, and why utilities are passive receivers of these contaminants. How biosolids have become one of the fastest-growing operating costs, with annual spending rising from US$2.5B in 2025 to US$4.8B in 2035. Significant regional disparities, from high costs and tight capacity in the Northeast to heavier landfill reliance in the Southeast. New technologies and delivery models—from drying and dewatering to pyrolysis, gasification, SCWO, and DBOOM structures—reshaping future strategies. If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: U.S. Municipal Biosolids Management: Drivers, Trends, and Forecasts, 2025–2035

In this episode, host Reese Tisdale is joined by Bluefield analyst Megan Bondar to unpack the pressures and opportunities shaping water reuse—a cornerstone of resilient water supply planning that’s gaining momentum across the U.S. Bluefield's latest analysis projects US$47.1 billion in CAPEX for municipal reuse infrastructure through 2035, highlighting a shift in how utilities and cities are thinking about long-term water resilience. From California's drought-driven projects to saltwater intrusion along the East Coast, water reuse is expanding. In this conversation, Reese and Megan explore what’s driving this growth—and what it means for utilities, communities, and the industries that depend on them. In this episode: What’s behind the surge in water reuse investment—and how it reflects a new mindset around resilience. How utilities and policymakers are addressing challenges like cost, permitting, and public perception. Why potable reuse is emerging as a larger share of new capacity additions by 2035. How regional factors—from groundwater depletion in the West to saltwater intrusion in the East—are shaping different approaches. The role of industrial demand, especially from data centers, in accelerating public-private partnerships for reuse. What separates the leaders from the laggards in planning, financing, and executing reuse projects. If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: U.S. Municipal Water Reuse: Market Trends and Forecasts, 2025–2035 

Water systems—once considered too small or obscure to be hacked—are now squarely in the crosshairs of cyber actors. In recent months, Bluefield Research has tracked a surge of cyber activity targeting water and wastewater utilities around the world, from the U.S. Cybersecurity and Infrastructure Security Agency’s (CISA) release of 32 new control system advisories to Poland’s launch of a national cybersecurity framework for water utilities. In this episode of The Future of Water, Bluefield’s Barcelona-based Maria Cardenal and Boston-based Leigh Ramsey join host Reese Tisdale to unpack one of the most pressing—and overlooked—threats facing the water sector: cybersecurity. Our water experts explore where these threats are emerging, how utilities are responding, and what the next phase of digital resilience looks like. Key discussion points include: What’s really at stake when critical infrastructure is under attack The biggest vulnerabilities in today’s water systems—from legacy hardware to weak IT–OT segmentation Real-world examples from the U.S., Norway, and Poland that show how cyberattacks on operational assets are evolving How governments are responding—including Poland’s US$1.1 billion cybersecurity initiative for water and wastewater systems How smaller utilities are managing cybersecurity with limited resources The role of new regulations—from the EU’s NIS2 Directive to state-level initiatives in the U.S. Why cybersecurity must become part of asset management and workforce training, not an afterthought If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: Poland Strengthens Cybersecurity in the Water Sector Cybersecurity Alerts Highlight Water HMI Vulnerabilities

Today's episode dives into one of the most critical—yet often overlooked—pieces of the U.S. energy and water puzzle: midstream water in oil and gas. Host Reese Tisdale is joined by Sophie Washington, Senior Analyst at Bluefield Research, who recently authored Bluefield's new Insight Report: U.S. Midstream Water for Hydraulic Fracturing: Market Trends, Opportunities, and Forecasts, 2025–2030. In this conversation, Reese and Sophie unpack how the midstream water sector has evolved from a cost center into a strategic enabler for U.S. shale producers. They explore what’s driving the US$156 billion market through 2030, how water reuse and infrastructure investments are reshaping operations, and why water management in U.S. shale has become a key part of the global energy story. In this episode, Bluefield's water experts discuss: What is midstream water? How large is the market? Why should we care about this? What's driving market growth and change? Where are the regional hotspots? Who are the key players and how is the competitive landscape changing? If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: U.S. Midstream Water for Hydraulic Fracturing: Market Trends, Opportunities, and Forecasts, 2025–2030 Western Midstream Bets on Water with US$2 Billion Aris Acquisition Midstream Water Outlook Signals Increased Efficiencies, Infrastructure Investment

Abu Dhabi’s TAQA is acquiring Spain-based GS Inima for US$1.2 billion, creating one of the most interesting moves in the global water sector this year. TAQA has long been known as a power and desalination leader in the Gulf, while GS Inima brings decades of experience managing water projects across Europe and Latin America. Together, the companies form a new global player with nearly 50 assets across 10 countries. In this episode, podcast host Reese Tisdale and Bluefield Senior Analyst Antonio del Olmo break down the deal and its implications for the global water sector: What does TAQA gain by acquiring GS Inima’s global portfolio? How does exposure to Europe and Brazil shift its risk profile and strategy? Why is Brazil attracting so much private investment in water, and what challenges come with it? Do GS Inima’s European projects provide a counterweight to emerging market risks? What does this acquisition signal for competition with global players like Veolia and ENGIE? If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: TAQA Expands Strategic Footprint Through GS Inima

Bluefield Senior Analyst Charlie Suse joins host Reese Tisdale to unpack Bluefield’s latest analysis of municipal utility capital improvement plans (CIPs) across the U.S. and Canada. Covering 777 utilities across all 50 U.S. states and 8 Canadian provinces, the study captures over US$400 billion in planned investment through 2034. With five years of data (2021–2025) and more than 40,000 projects segmented across stormwater, wastewater, and drinking water, these plans are more than just documents—they’re roadmaps for billions in spending, revealing priorities, funding expectations, and regulatory pressures that shape the water sector. Key questions addressed in this episode: Why did Bluefield undertake this capital improvement plan analysis? How did Bluefield approach the methodology and data gathering? What does the spending outlook look like through 2034? Which segments and utilities stand out as the biggest opportunities? What are the broader takeaways for utilities, vendors, and investors looking ahead? If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: U.S. & Canada Municipal Utility Capital Improvement Plans, 2025–2034 U.S. Water & Wastewater Treatment Infrastructure CAPEX Forecasts, 2025–2035 U.S. Stormwater Infrastructure Market: Key Drivers, Competitive Shifts & Investment Outlook, 2024–2030

This week, podcast host Reese Tisdale takes the mic solo to ask a question that’s been bothering him: Why does no one care about water? Reese steps away from the usual market forecasts and company strategies to dig into the bigger picture—the hidden value of water, the cracks showing in our systems, and why the most essential resource on earth is so often overlooked. From the invisible gallons behind the food we eat and the clothes we wear, to the staggering imbalance in federal spending, to the mounting pressure from climate, infrastructure, and population growth—this episode shines a light on the urgency of water and the opportunities to adapt. Topics covered include: Why water is taken for granted in the developed world The hidden water footprint behind everyday products How clean water infrastructure investments have doubled U.S. life expectancy Cracks in the system: leaks, aging pipes, and new demands from data centers and population growth The human factor: affordability, politics, and shifting utility budgets Opportunities in reuse, desalination, digital tools, and new financing models Reese closes with a reminder: there’s no substitute for water. If climate is the shark, water is the teeth. And while the challenges are real, so too are the opportunities—making now, in a strange way, the best time to be in the water sector. If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: The Future of Water: Securing One Thing We Can't Replace

This week, podcast host Reese Tisdale is joined by Boston-based Senior Analyst Amber Walsh and Barcelona-based Analyst Zineb Moumen to compare two of the world’s largest industrial water markets. With the release of Bluefield’s new industrial water forecasts and market trends analysis, they explore how the U.S. & Canada and Europe stack up across market size, growth, and opportunity. From semiconductor fabs and data centers to food, chemicals, and power generation, Bluefield's water experts discuss the sectors driving water spend, the regulatory and incentive frameworks shaping each market, and the geographic hotspots for investment. They also examine the CAPEX vs. OPEX dynamics and how companies can position themselves for success in two very different market environments. Key questions explored in this episode: How do the U.S. & Canada and Europe industrial water markets compare in size and growth? Which industrial sectors are creating the biggest water opportunities? What role do regulations and incentives play in shaping industrial water investment? Where are the geographic hotspots? Where’s the bigger opportunity: CAPEX or OPEX? How should companies position themselves for success? If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: Europe Industrial Water Market Outlook: Trends, Drivers, and Forecasts, 2025–2030 U.S. & Canada Industrial Water & Wastewater Market: Key Trends and Forecasts, 2024–2030 U.S. Water for Data Centers: Market Trends, Opportunities, and Forecasts, 2025–2030

From bold new initiatives in Canada to proposed federal budget cuts in the U.S., major policy shifts are reshaping the water landscape across North America. In this episode, Bluefield’s water experts unpack what these changes mean for funding, regulation, and the future of water infrastructure. Canada’s launch of a national Water Agency and CAD$650M Freshwater Action Plan marks a turning point, while in the U.S., the “Big Beautiful Bill” and EPA workforce cuts raise big questions about the direction of federal support. Bluefield's President & CEO Reese Tisdale and Senior Research Director Greg Goodwin dig into the potential impacts for utilities, technology providers, and the broader market. Key questions explored in this episode: What’s happening in Canada, and why does it matter? What’s the status of the “Big Beautiful Bill”, and what does it mean for water? How will State Revolving Fund (SRF) cuts impact utilities and the market? EPA layoffs—what does this mean for water science and regulation? If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: U.S. & Canada Water Policy Review: Key Developments and Market Outlook, H1 2025 EPA PFAS Changes Clarify Rulemaking Intent Tariffs and Beyond: Q&A Session Risk and Resiliency in the Global Water Sector

In this episode of The Future of Water, Bluefield Senior Analyst Amber Walsh joins host Reese Tisdale to break down Grundfos’s recent acquisition of Newterra and what it signals for the future of decentralized water treatment. Amber not only unpacks the deal itself—Grundfos’s fifth treatment-related acquisition since 2020—but also explores the broader competitive landscape for onsite treatment solutions. Decentralized treatment, also referred to as onsite water management, is gaining traction among industrial, and increasingly municipal and commercial, users. But why? What’s driving solutions providers like Grundfos to expand into treatment? And what does this mean for customers? We get into it all—plus the market opportunities, players to watch, and the underlying trends shaping the shift toward modular systems. Key Topics Covered: Grundfos + Newterra: Why the world’s largest pump manufacturer is acquiring a U.S.-based modular treatment firm. Strategic Expansion: A look at Grundfos’s treatment push—from Eurowater and MECO to the recent acquisition of Culligan’s C&I business. Industrial Market Growth: U.S. industrial water market projected at US$22.9B in 2025, with high-growth segments in pharma, data centers, and food & beverage. Why Decentralized?: Faster deployment, on-site reuse, risk outsourcing—meeting demands in a changing regulatory and infrastructure landscape. Who Else Is Playing?: From Saur’s 13 acquisitions since 2020 to Xylem’s Evoqua acquisition, to PE-backed firms building up treatment players—Amber outlines the rising competition. What’s Next: M&A, lifecycle services, digital integration, and a growing focus on water reuse are transforming the treatment ecosystem. If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: Newterra Pushes Grundfos Along Water Value Chain U.S. Water for Data Centers: Market Trends, Opportunities, and Forecasts, 2025–2030 U.S. & Canada Industrial Water & Wastewater Market: Key Trends and Forecasts, 2024–2030

Today’s guest, Bluefield Analyst Megan Bondar, joins host Reese Tisdale to unpack the growing role of investor-owned utilities (IOUs) in the U.S. water sector. From calculating market share to tracking M&A activity and geographic expansion, Megan brings fresh insights into how IOUs are positioning themselves in a fragmented market of 49,000 drinking water and 18,000 wastewater systems. Though IOUs currently serve only about 5% of the U.S. population, their influence is expanding—through acquisitions, capital investments, and shifting ownership strategies. This episode also explores how consolidation is playing out in different forms, including municipal-to-municipal deals and the rise of quasi-public entities. This episode answers key questions: Who are the IOUs in the U.S., and what’s their footprint? How are IOUs reshaping the water market through M&A? What are the capital strategies behind IOU growth? What role is private equity playing in this sector? How are regional realignments and exits redefining competition? If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: Investor-Owned Utilities in Water: Market Share, Trends, and Company Rankings Nexus’s Utility Sell-Off Goes to American Water Unitil Carves Out Water Presence via Aquarion Platform

Bluefield Senior Analyst Antonio del Olmo joins host Reese Tisdale to share insights from Bluefield's recent research across European countries, including Italy, the Netherlands, France, and Spain. This episode explores the evolving landscape of Europe’s water sector—from climate shocks to regulatory shakeups—and what it all means for utilities, investors, and technology vendors. The conversation highlights what specific regions are focusing on, the biggest challenges they’re facing, and how water sector stakeholders are responding. Bluefield’s water experts unpack key trends, including: Why Europe’s seemingly mature water sector is facing a wave of disruption—from climate shocks and regulatory pressure to investment churn and digital transformation How cracks are emerging in energy reliability, water loss, and the digital divide across countries The role of EU directives versus national implementation in shaping infrastructure strategy Where the biggest opportunities lie across digital water, reuse, resilience, and asset renewal How French giants like Veolia, Suez, and Saur are shifting strategies to lead in this evolving landscape Why PFAS regulations, sludge treatment requirements, and infrastructure M&A may be the next big catalysts If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: Italy Water & Wastewater Municipal Market: Trends, Drivers, and Forecasts The Netherlands Water & Wastewater Municipal Market: Trends, Drivers, and Forecasts Spain’s Blackouts Strain Water Utilities

In this episode, host Reese Tisdale is joined by Bluefield Senior Analyst Amber Walsh, who shares insights from her latest research on the growing water demands of high tech. With billions in investment flowing into semiconductor fabs and data centers, these sectors are becoming major players in the water space—and are quietly reshaping infrastructure strategy from the ground up. Bluefield’s water experts unpack key trends, including: The increasing reliance on ultrapure water and advanced reuse systems in next-gen semiconductor manufacturing. How the rise of artificial intelligence is intensifying thermal loads, forcing data centers to adopt more water-intensive cooling technologies—and driving new investment in water management. The emergence of Water-as-a-Service models and public-private partnerships, as firms like Intel, Microsoft, and Amazon Web Services rethink how they finance and manage water infrastructure. This episode offers a clear view of how data centers and semiconductor fabs are becoming central to the conversation around water strategy—and why utilities, investors, and vendors should be paying close attention. If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: U.S. Water for Data Centers: Market Trends, Opportunities, and Forecasts, 2025–2030 U.S. & Canada Industrial Water & Wastewater Market: Key Trends and Forecasts, 2024–2030 Investment Pours into Spain Data Centers

In this episode of The Future of Water, host Reese Tisdale is joined by Bluefield Analyst Christine Ow to explore one of the fastest-evolving segments in the water sector: metering. Christine shares insights from Bluefield's new report, Global Water Metering Outlook: Evolving Technology Trends, Business Models, Competitive Landscape, and Leading Companies, which offers a detailed view of the US$6.8 billion global metering market. With digital transformation accelerating, water meters are no longer just endpoints—they’re becoming the digital backbone of utility networks. The discussion highlights how business models are shifting toward subscription-based offerings, how telecom players are entering the space, and how leading vendors are leveraging analytics and AI to create new value for utilities and customers alike. Key topics covered: The shift from traditional meter replacement cycles to subscription-based models The entry of telecom players supporting smart meter rollouts, especially in Europe How vendors are integrating analytics and artificial intelligence to deliver more than just water measurement Market-specific trends, including policy shifts in the U.S., AMP8 in the U.K., and funding in Spain Why static and ultrasonic meters are gaining traction in mature markets as costs decline If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: Global Water Metering Outlook: Evolving Technology Trends, Business Models, Competitive Landscape, and Leading Companies Metering-as-a-Service to Find Market Niche Europe Digital Water Market Outlook: Key Drivers, Competitive Shifts, and Forecasts, 2024–2033

In this episode of The Future of Water, Reese Tisdale is joined by Bluefield Senior Analyst Charlie Suse to break down U.S. municipal water and wastewater treatment CAPEX forecasts through 2035. Bluefield’s latest market model projects US$515 billion in treatment infrastructure capital expenditures, with spend expected to grow from US$37 billion in 2025 to over US$57 billion by 2035—driven by aging assets, stricter regulatory standards, and shifting service demands. Together, Reese and Charlie dig into the methodology behind the forecast, which incorporates asset inventories for over 75,000 treatment plants, EPA data across all 50 states, and detailed spending breakouts by project type, utility size, and asset category. They also explore: Why nearly 80% of investment will go toward upgrades and rehab rather than new builds Why mid-sized utilities represent a key growth opportunity for infrastructure and technology providers How the Southern U.S.—especially Texas and Florida—is both a growth engine and a high-risk investment zone The uneven and uncertain rollout of IIJA funding, with only 14% of appropriated funds distributed so far If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: U.S. Water & Wastewater Treatment Infrastructure CAPEX Forecasts, 2025–2035 U.S. Water & Wastewater Treatment Infrastructure CAPEX Data

Bluefield’s latest snapshot of the top 50 publicly traded water companies shows a sector still growing—but with turbulence under the surface. In this episode, host Reese Tisdale digs into Bluefield's Q1 2025 snapshot of the top companies in water, highlighting how they are navigating tariffs, tightening supply chains, and shifting strategies. While topline revenue growth remains strong, rising input costs and policy uncertainty are forcing companies to sharpen their focus—pruning non-core assets, streamlining operations, and zeroing in on their strongest water plays. Meanwhile, regulated water utilities, with their steady cash flows and inelastic demand, are starting to look a lot more attractive. In a landscape shaped by tariffs, inflation, and bond market pressure, this might just be the moment where “boring is beautiful.” If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: Top Companies in Water: Financial Signals and Market Trends, Q1 2025 Water Mergers & Acquisitions: Trends and Deal Flow, Q1 2025

Policy in Washington is in flux—and our clients had questions. Lots of them. Following Bluefield’s recent client webcast, Uncertain Times: The State of Water Policy in Washington, podcast host Reese Tisdale and Senior Research Director Greg Goodwin reconvene to answer the questions they didn’t have time to address live. In this episode, they unpack critical developments shaping the water sector—from funding volatility and regulatory shifts to cross-border tensions and infrastructure outlooks. Topics covered, questions answered: Is Bluefield's market sizing number across main verticals total or annualized? If the San Francisco vs. EPA court decision will lead to more niche requirements, will permitting get more complicated? Are Chicago’s US$15B consent decree costs included in the municipal total? Underestimated? What does a second Trump administration mean for the digital water market? Will agencies like USGS be affected too? Can you break down the US$13B in impounded funding? Which programs were impacted? Project 2025 and Mandy Gunasekara’s take on increased SRF funding—realistic or contradictory? With Russian gas returning, how does U.S. Liquefied Natural Gas (LNG) outlook impact water markets? Is the Boundary Waters Treaty or International Joint Commission under threat? Are manufacturers reshoring due to political pressure? Has the federal share of water infrastructure funding declined—and where is it heading? If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: Uncertain Times: The State of Water Policy in Washington U.S. & Canada Water Policy Review: Key Developments and Market Outlook, H1 2025

In this episode, host Reese Tisdale is joined by Bluefield colleagues Keith Hays and Chloé Meyer to unpack the rapid expansion of data centers in Spain and the growing challenges related to water and energy management. Key topics covered: Why dig into this topic now? Driven by AI, global data consumption is accelerating and Spain is emerging as a major data center hub. Developers are now facing growing pressure to balance growth with limited resources like land, energy, and water. What makes Spain an attractive market for data centers? Spain offers lower energy and land costs, fast-track approvals, and strategic geographic positioning compared to more constrained FLAP-D markets. How are companies addressing growing concerns around water use? Developers are taking different approaches: Meta is revising its cooling strategies with air and dry-cooling to reduce water use, while AWS is investing in leak detection, offset projects, and local water infrastructure. How are local communities responding to exponential data center growth? While regions like Aragon are expanding rapidly, others like Lleida are pushing back over water use and long-term economic benefits. How will AI-driven growth shape future water and energy demands? AI workloads are accelerating data center demand, leading to higher energy density and cooling needs. If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen. If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: Investment Pours into Spain Data Centers Corporate Water Sustainability: Project Trends, Targets, and Management Approaches U.S. & Canada Industrial Water & Wastewater Market: Key Trends and Forecasts, 2024–2030