Global law firm White & Case LLP has published a new report – ‘Currents of Capital 2025’ – uncovering significant momentum for investment into global water infrastructure, technology and services in 2024, with capital deployment to increase further in 2025.
The research is based on a survey of over 300 senior leaders across the water value chain including water utilities, multinational corporations, investment funds, engineering firms and technology providers in more than 20 countries.
It found that 30% of respondents invested more than US$500 million into the water sector in 2024, including 15% who deployed over US$1 billion to the sector.
This investment was primarily driven by infrastructure funds, whose deployment of private capital (approximately US$1.3 billion each) is approaching public sector levels (approximately US$1.5 billion each), with multinational corporations making up much of the remaining investment.
Looking ahead, 72% of organisations expect to increase spending by up to 50 percent in the coming year. The upper end of the investment spectrum suggests the emergence of ambitious growth strategies, with approximately 4% planning spending increases exceeding 50% compared to 2024.
These outsized commitments suggest growing confidence in the water sector and reflect increasing recognition of water’s critical role in providing economic security and sustainable development.
40% of respondents now view investment opportunities in water as their top priority and 33% are focusing on portfolio growth, signalling a shift from maintenance-focused investment toward strategic expansion. Respondents also see technology as a key enabler of growth, with over 60% identifying AI as the most likely driver of transformation in the sector.
Western Europe and North America are considered the primary growth markets for capital deployment, but geographic diversification is accelerating. Asian respondents are expanding into Western markets to access advanced water management technologies and 29% of all respondents are actively exploring new regions. 40% of infrastructure funds now identify the Middle East as a major growth opportunity.
Investment flows between North America and Europe remain particularly robust illustrating a strong transatlantic relationship in water investments, facilitating knowledge sharing and capital flows between these key markets.
Water scarcity was the sector’s main concern, with 88% identifying it as important or very important. This challenge is compounded by the perceived high costs of the technological innovation needed to address it, with 81% of respondents suggesting costs were an important or very important challenge.
