A new report from global law firm White & Case LLP – ‘Currents of Capital 2025’ – reveals 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.
The study 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.
The 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”, the law firm says.
40% of respondents now view investment opportunities in water as their top priority and 33% are focusing on portfolio growth, signaling 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.
North America and Western Europe dominate investment landscape - with Middle East seen as major growth opportunity
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.
Click here to access Currents of Capital 2025 online