Bluefield Research

One less talked about—but critical—part of the water sector is the equipment rental market. As Reese Tisdale puts it, "Not the sexiest topic out there", but it plays a fundamental role in keeping water infrastructure moving. And, as Ethan Edwards explains in the latest Future of Water podcast, it’s not that different from the car rental business model. Many large equipment rental companies operate fleets of specialized equipment used for water management and treatment—cranes, dewatering systems, trench safety equipment, trucks, tanks, and pumps. These companies maintain, rent, and eventually resell this equipment, serving as a key operational backbone for the water sector. The top three equipment rental companies (United Rentals, Sunbelt Rentals, Inc., Herc Rentals) hold a combined 32% market share in the U.S., making them a key sales channel for equipment manufacturers. These companies have leveraged M&A to build out higher-margin specialty water pump rental fleets across wide geographies. One of the most recent deals: In February, Florida-based Herc Rentals successfully outbid United Rentals with a US$5.3 billion bid for H&E Rentals. A combined Herc and H&E, with US$5.1 billion in revenues, will be represented by more than 600 rental locations and a fleet valued at US$10.0 billion. Learn more by listening to this week's 'The @FutureofWater' Podcast: ?? https://hubs.ly/Q03bQVM40 Bluefield Water M&A Clients can access the full research note here: ?? https://hubs.ly/Q03bQWc20

At Bluefield, we believe in hard work and celebrating milestones. Stephen Curry is on the brink of history—set to become the first player ever to hit 4,000 career 3-pointers! (https://lnkd.in/e2KzYKEf) ?? When he's not dominating on the court, he's making an impact off of it—advocating for clean water through his partnership with BRITA Group. ?? (https://lnkd.in/ebP3ZAY2) ?? Help us reach our next milestone! We’re closing in on 4,000 LinkedIn followers—who will push us over the mark? Invite your friends and colleagues to follow Bluefield Research for the latest in #watermarket insights. Wishing Steph Curry the best as he chases this historic achievement! ?? #WaterMatters #CleanWater #Milestones #GoldenStateWarriors Golden State Warriors

?? Thrilled to be at Aquatech with the amazing Bluefield Research team! We’re hosting insightful speaking sessions and connecting with our valued clients and prospects. It’s a great opportunity to discuss the latest trends and innovations in the water sector. Swing by our booth (11.318) to chat with us and learn more about how we support our clients in the water space! #Aquatech #BluefieldResearch

In honor of #InternationalWomensDay tomorrow, we’re proud to celebrate key members of Bluefield’s Europe team—Dovil? Vai?iūnait?, Maria Cardenal, Zineb Moumen, and Chloé Meyer—who attended a #WomeninWater presentation in Barcelona last November. The event highlighted challenges and solutions for water sustainability, focusing on drought resilience, reclaimed water planning, water circularity, and the increasing regulatory pressures on industries like pharmaceuticals to manage water impacts responsibly. At Bluefield, we’re proud to support and amplify the voices of women driving change in the #watersector. Checkout our latest Europe water market analysis: https://lnkd.in/eF5v9BWS Meet our team: https://lnkd.in/eu6XTiZm #IWD2025 #WaterLeadership Joana Tobella Brunet, Nuria Campa?a, Marina Gaton

Businesses that adopt forward-thinking water strategies can turn risks into opportunities. Companies are leveraging #watermanagement as a tool to safeguard their operations and market position. Bluefield's #waterexperts have analyzed over 450 projects from 110 companies across 11 water-intensive industries, which collectively generated US$9.2 trillion in 2023. These industries—from food & beverage to #power and #mining—demonstrate diverse water use intensities and distinct strategies for managing operational, financial, and brand risks. Leading companies, around the world, are undertaking a range of water projects aimed at improving operational water efficiencies, promoting #waterreuse, and deploying varying conservation strategies.?A few examples: - PepsiCo implemented rainwater harvesting and microfiltration at its Mexico facilities, mitigating potential losses of up to US$642 million from #groundwater depletion. - The Coca-Cola Company's watewater recovery systems in Greece and Nigeria achieved circular #water use, reducing both water dependency and operational costs. - The Estée Lauder Companies Inc. installed rainwater collection systems in Belgium, achieving an 85% water recycling rate and cutting operational costs by 70%. - Tata Steel aims to achieve water neutrality by 2030, demonstrating leadership in water withdrawals for water-stressed areas. ?? New Report + Data: Available for purchase or included with a #IndustrialWater Corporate Subscription: https://hubs.ly/Q039xp9x0

Aquatech Amsterdam is only 8 days away! Bluefield is gearing up for nine sessions over three days, covering some of the biggest challenges and opportunities in water. From digital twins and industrial reuse to data centers and decentralized solutions for smaller communities, we’re bringing expert insights to the table. Join us for discussions on: ? Advanced digital solutions in water management ? Water industry efficiency & EU Green Deal targets ? Future-proofing cities with stormwater solutions ?? Want to connect with our water experts at Aquatech Amsterdam? Set up a meeting with us here: https://lnkd.in/e36dewan #AquatechAmsterdam #WaterInnovation #WaterManagement #FutureofWater #WaterIndustry Aliaxis, K-water (Korea Water Resources Corporation), Amazon, Orbia, RSE, HydroDigital, LLC, Arcadis, Royal HaskoningDHV, ACCIONA

Bluefield had a great time at the UMC Conference last week! Bluefield's own Senior Analyst Charlie Suse joined Mott MacDonald's sponsored lunch panel, where he spoke alongside industry experts on key challenges facing the water sector. While aging infrastructure and workforce concerns remain top of mind, utilities are increasingly prioritizing issues like climate resilience and decarbonization. Over the last 45 years, the U.S. has experienced 400+ major climate disasters, causing over US$2.9 trillion in cumulative damage. - https://hubs.ly/Q038F1Q_0 As utilities are challenged to build and maintain more resilient systems while balancing affordability for rates, we’re seeing increased investment in efficiency, recycled water, and diversification of revenue streams through solutions like on-site renewables and biogas capture. American Water Works Association, Water Environment Federation Kennedy Jenks, SUEZ, Optimatics, HDR, Ramboll, Xylem, Black & Veatch, Arcadis, VODA.ai, Kimley-Horn, Brown and Caldwell, PipeAId, Woodard & Curran, Stantec, Jacobs, Oracle, GRUNDFOS, 1898 & Co., Carollo Engineers, Schneider Electric, CDM Smith, Hazen and Sawyer #UtilityManagement #WaterSector #BluefieldResearch #AWWAUMC #UMC2025

The U.S. #powersector remains one of the nation’s largest water consumers. Driven by regulatory mandates, technological advances, and federal incentives, this shift is reshaping electricity generation and the sector’s significant #waterfootprint. Rising electricity demand, particularly from #datacenters and #AI, is pushing utilities to reconsider nuclear power and delay coal plant closures, increasing water-intensive energy production. Here are five key opportunities influenced by the power sector: 1. #BigTech’s Thirst for Water is on the Rise – Data center power needs are expected to double by 2030, increasing water needs for cooling. 2. Cleaning Up Coal’s Legacy – The 2024 #EPA ruling regulates 421 legacy coal ash impoundments, requiring monitoring and cleanup. 3. Hydrogen Hits the Renewable Horizon – #Greenhydrogen production requires 2.4 to 6.3 gallons of water per kg of hydrogen, future growth in the industry still depends on federal support. 4. Midstream Water for Natural Gas – Rising natural gas exports and increasing energy costs are driving investment in U.S. natural gas and increased produced water volumes. 5. Battery Supply Chain Sparks Surge in Water Demand – Direct lithium extraction has the potential to recover up to 90% of lithium with less water than traditional methods. Industrial Water clients can access our full Energy Transition report here → https://hubs.ly/Q038fC_q0. For non-clients, the report is also available for purchase at the same link. For more insights on #EnergyTransition, explore our topic page→ https://hubs.ly/Q038fFX00

Thames Water remains in the spotlight as Ofwat's final determinations for #AMP8 pave the way for investment—yet uncertainty persists. "With a sanctioned ￡104 billion investment under AMP8, the 2024 price review offers a more favorable outcome than anticipated for most utilities, but there are ongoing concerns about the utilities’ financial health. As financial strains persist for #ThamesWater, the utility has received bids to take a majority stake from suitors Brookfield, CK Infrastructure Solutions ltd, COVALIS CAPITAL , and KKR." — Bluefield’s Senior Research Director Chloé Meyer ?? What’s at stake? Investment & Oversight – Ofwat approved a 36% average household bills increase (pre-inflation) through 2030, but Thames Water’s requested hike was cut significantly. Last week, Thames Water announced it asked the regulator to refer its ruling to the Competition and Markets Authority (CMA) for a redetermination, along with five other utilities. Debt & Restructuring – Thames Water’s debt is projected to exceed ￡17 billion by the end of March, fueling investor concerns. On Tuesday, London's High Court approved an up-to-￡3 billion rescue loan in an effort to avoid insolvency. The same day, Southern Water, another struggling utility, announced it would receive a ￡900 million equity injection from funds led by former Thames Water owner Macquarie Group. Potential Buyout – Several #privateequity groups, including Brookfield Asset Management and KKR, have made preliminary bids. On Wednesday, private equity giant KKR submitted a ￡4 billion bid to take a majority stake in Thames Water. ?? More Bluefield coverage on Thames Water: Research Note (Europe Municipal Water Clients) ? https://hubs.ly/Q037wzCy0 Insight Report (Europe Municipal Water Clients or for Purchase) ? https://hubs.ly/Q037wzvX0 Podcast: How Real is the Thames Water Crisis? ? https://hubs.ly/Q037wBXh0

?? New Report: Europe’s Digital Water Market to Double by 2033 as Policy and Technology Drive Transformation The European digital water market—the world's largest—is set to grow from US$13.7B in 2024 to US$27.2B by 2033, driven by energy costs, funding initiatives, and advanced digital solutions. “The business case for digital water solutions in Europe has strengthened, in part due to rising energy prices and increasing pressure on water utilities to reduce operational spend,” says Maria Cardenal, Europe Municipal Water Analyst at Bluefield Research. Key growth drivers: ? Energy prices have doubled in Europe over the last five years, pushing water utilities to optimize operations with digital tools. ? EU & EIB funding initiatives are accelerating real-time data adoption. ? AI and cloud solutions are enhancing SCADA, GIS, and metering investments for more adaptive networks. New Report: Available for purchase or included with a Digital Water Corporate Subscription: https://hubs.ly/Q037kzsS0 #DigitalWater #WaterUtilities #EnergyEfficiency #WaterTech #SmartWater #WaterInfrastructure #BluefieldResearch