An analysis of the survey data shows the enduring significance of North America and Western Europe for water sector investments. Currently, 59 percent of respondents are primarily engaged in business activities in Western Europe and 48 percent in North America. This trend is expected to continue, with the majority of respondents anticipating that growth opportunities will continue to be concentrated in these markets (60 percent and 47 percent, respectively), indicative of the significant volume of deferred water infrastructure investment required to support economic growth in those markets.

“There are still plenty of critical water challenges to solve across North America and Western Europe—and there will continue to be, considering the gap between water demand and water availability is only increasing,” says Anne Le Guennec, Senior Executive Vice President, Worldwide Water Technologies, Veolia.

“As more organizations experience water scarcity or flooding events, it is clear that a water footprint is just as crucial as carbon in terms of strategic decision-making. Water is not only a priority for long-term business continuity, but an urgent reality for today," she added.

View full image: Current investment focus and views on future biggest growth opportunities (%) (PDF)

Notably, investment flows between North America and Europe are robust. Two in five US-based respondents report significant business activities in Western Europe, while a similar proportion of all European organizations (excluding the UK) are active in North America. This interconnectedness illustrates a strong transatlantic relationship in water investments, facilitating knowledge sharing and capital flows between these regions. Those in the US are increasingly looking toward Asia, with 28 percent active in Southeast Asia and 22 percent in East Asia; and those in the UK are focusing predominantly on European markets, with only 15 percent engaging in North America and even fewer exploring opportunities in other regions.

Interestingly, in Asia, organizations (particularly those headquartered in China, Singapore, Japan and South Korea) are diversifying their portfolios to take advantage of opportunities in Western markets. Approximately half of these organizations have established significant business activities in both North America and Western Europe, reflecting a strategic approach to accessing advanced water management technologies and investment opportunities. Despite the maturity of these markets, different types of organizations, whether funds, contractors or multinational corporations, have identified key growth opportunities in these regions, underscoring their continued relevance in the global water investment landscape.

Given that the survey data was collected prior to US President Trump’s “Liberation Day” tariffs announcement, it is too early to predict how this development will impact international investment strategies. Notably, the US currently imports approximately 50 percent of its water equipment and it will be interesting to see whether investment and business opportunities continue to flow in these directions.

View full image: Current international investment focus by primary location (%) (PDF)

Although North America and Western Europe dominate the investment landscape, there is a notable inclination among certain respondents to explore diversification into other regions. Private equity funds and multinational corporations are increasingly looking toward Asia for growth, while just over one in three (35 percent) infrastructure funds say the Middle East represents the biggest growth opportunity for their organization. However, the survey data shows that only 29 percent of respondents are actively considering geographic diversification, with infrastructure funds, technology providers and multinational corporations driving the trend. Specifically, 40 percent of the infrastructure funds planning to diversify globally are keenly interested in the Middle East, indicating a focused yet strategic approach to expanding their investment horizons.

View full image: Views on future biggest growth opportunities by organization type (%) (PDF)

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