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.”

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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:

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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. With Aragon alone seeing over €33 billion in announced investment, this conversation explores the trade-offs between hyperscale growth, resource constraints, and local response.

Key topics covered:

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In Episode 114 of The Future of Water podcast, host Reese Tisdale is joined by Bluefield Research Senior Analyst Ethan Edwards for a deep dive into the water landscape, focusing on the evolving role of the equipment rental sector. The conversation centers on the competitive dynamics among major rental companies such as Herc, Sunbelt, and United Rentals, with a spotlight on Herc’s recent US$5.3 billion acquisition of H&E Equipment Services.

Ethan breaks down the impact of this deal, positioning Herc as the third-largest equipment rental company in North America. He also discusses how original equipment manufacturers rely on rental firms to distribute pumps, dewatering systems, and trench safety solutions, particularly as municipalities and industries adopt asset-light models. He highlights that rental companies are an essential channel for water equipment, especially in sectors like mining, construction, and oil & gas.

Key Takeaways:

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Podcast host Reese Tisdale is joined by Bluefield’s Analyst Christine Ow to discuss the latest developments in digital water. From Badger Meter’s expansion into wastewater to Ferguson’s growing presence in smart buildings, Bluefield's water experts examine recent acquisitions, investment trends, and the competitive landscape in the U.S. and Europe.

With the U.S. and Canada digital water market set to double by 2033, Christine and Reese take a closer look at what’s driving investment, how markets in the U.S. and Europe compare, and where the biggest opportunities lie.

Key Topics Discussed:

Badger Meter's Move into Wastewater: Badger Meter’s US$185 million acquisition of SmartCover Systems marks a shift into wastewater asset management. What does this signal about their long-term strategy? Christine and Reese break down how this acquisition fits into Badger’s history of strategic growth, its expansion beyond metering, and its increasing focus on wastewater and potentially stormwater solutions.

Ferguson's Expansion into Smart Buildings: Ferguson’s partnership with WINT Water Intelligence marks another step in its digital water expansion. What does this mean for the company’s strategy? The conversation explores Ferguson’s push beyond hardware distribution into software solutions, how it compares to Core & Main’s digital strategy, and what this means for the broader smart buildings market.

The U.S. & Canada Digital Water Market Forecast: The U.S. and Canada digital water market is set to double from US$11.5 billion in 2024 to US$23.8 billion by 2033​. What are the key drivers? This segment highlights the role of policy, funding initiatives, cybersecurity concerns, and the increasing demand for AI-driven analytics and IoT solutions.

Comparing the U.S. & Canada and Europe's Digital Water Markets: Each region has different regulatory and investment landscapes. How does this impact digital water adoption? Bluefield's water experts discuss the centralized regulatory approach in Europe versus the fragmented U.S. market, the challenges of funding and procurement cycles, and how these factors influence digital technology adoption in utilities.

What's Next for the Digital Water Market?: With market consolidation and increasing investment, what are the key trends to watch? The discussion covers the potential impact of tariffs, economic uncertainty affecting M&A activity, the rise of smart stormwater solutions, and the growing role of AI in utility decision-making.

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Spanish engineering firms have played a significant role in the global water sector, leading major desalination and water treatment projects across Latin America, the Middle East, and beyond. But recent financial pressures, acquisitions, and shifting competition are reshaping the landscape.

In this episode, host Reese Tisdale speaks with Bluefield Senior Analyst Antonio del Olmo about the evolving strategies of firms such as GS Inima, Acciona, FCC Aqualia, and Ferrovial. Our water experts break down the implications of GS Inima’s pending sale, how Spanish firms are navigating market consolidation, and whether they can maintain leadership amid growing competition from French and Chinese players.

Key topics include:

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In this episode, Bluefield's Private Water Analyst Megan Bondar joins host Reese Tisdale to discuss the latest findings on U.S. water and sewer rates. What has changed in 2024? With Bluefield’s ninth annual analysis covering data from 50 of the largest U.S. cities, this episode explores key trends in pricing, affordability challenges, and the factors driving rising household water bills.

What you’ll learn in this episode:

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Podcast host Reese Tisdale is joined by Bluefield Analyst Mike Muroff to dive into Diehl Metering’s recent acquisition of Preventio, a software company specializing in AI-powered solutions like leak detection and predictive maintenance. This deal is not just a major step for Diehl’s digital water strategy, but also reflects broader trends in Europe and beyond.

Preventio enhances Diehl's existing capabilities, particularly within its Analytics & Services division, which focuses on water loss management and IoT solutions. This acquisition positions Germany-based Diehl Metering alongside competitors like Xylem and Itron, who have also made strides in analytics and IoT, while marking a strategic pivot for the company as it strengthens its digital portfolio.

Economic and geopolitical shifts in Europe—especially in Germany—have also influenced this transaction. Challenges like the energy crisis and restrictive data regulations are driving demand for innovative solutions, while Diehl’s success in international markets like the U.S. and Saudi Arabia highlights the global potential for scaling Preventio’s offerings. This acquisition marks an important move in addressing critical market challenges like water scarcity and energy efficiency.

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In this year-end episode of The Future of Water, podcast host and Bluefield President Reese Tisdale shares his reflections on the most pressing issues that shaped the water sector in 2024 and offers a forward-looking perspective for 2025. Covering a range of topics, Reese dives into global trends, challenges, and opportunities that you need to watch in the new year.

1. Germany’s Economic Challenges and the EU’s Troubles

Germany, the largest economy in the Eurozone, faces mounting challenges—from slow GDP growth to underinvestment in infrastructure. These issues have ripple effects across Europe, including the water sector, as infrastructure upgrades struggle to keep pace with economic pressures.

2. EPA’s Cybersecurity Report: A Wake-Up Call

The EPA’s report on vulnerabilities in U.S. drinking water systems highlights critical cybersecurity risks. With nearly 193 million Americans reliant on systems susceptible to high-risk threats, the need for a comprehensive cybersecurity strategy has never been more urgent.

3. Thames Water’s Financial Challenges

The U.K.’s largest water utility is grappling with nearly £19 billion in debt, stringent regulatory oversight, and mounting public scrutiny. Reese explores the financial and operational pressures reshaping the U.K. water market and what it means for utilities globally.

4. Water Sector M&A Maintains Momentum

While the pace of transactions has moderated, 2024 saw 334 water sector deals, driven by falling interest rates and infrastructure incentives. Reese highlights the segments and companies leading the charge, from hardware & equipment to geographic expansion in key markets.

5. Companies Putting Water First

Major players like Georg Fischer, Kemira, Veralto, and DuPont Water Solutions continued to prioritize water in 2024, driving sustainability, innovation, and technological advancements. Their strategies underscore the rising prominence of water as a critical industry focus.

6. U.S. Elections: Shaping Water’s Future

The 2024 U.S. elections introduced significant implications for water policy and funding. Reese examines how shifts in political leadership could influence federal regulations, public funding programs, and private sector dynamics in the years ahead.

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In this episode, Bluefield's water experts take a closer look at industrial water markets, exploring the trends and dynamics influencing water and wastewater management across key sectors.

Reese Tisdale is joined by Amber Walsh, Senior Analyst at Bluefield Research, to unpack findings from Bluefield's recently released U.S. & Canada Industrial Water Market Forecasts report. Together, they discuss:

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.

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