[00:00:00] Speaker A: It's become a risk, it's become a financial risk and an operating risk to these oil and gas companies, the majors that are active in places like the Permian Basin.
I am Reece Disallow and this is the Future of Water which we talk about all the ways which companies, utilities and people are addressing the challenges and opportunities in water. This is episode 108 and today we're exploring the industrial water markets, the changing market dynamics that could reshape the outlook for industrial water and wastewater management. And I know it's going to be a good one. That's because I'm joined by Amber Walsh, senior analyst at Bluefield Research. Ask Amber to jump onto the podcast to share insights on our recently released U.S. and Canada Industrial Water Market Forecast report, which I think it just came out last week and I'm hoping she's going to highlight some of the key findings. But I'm also hoping she'll share some of her perspectives on the if there are emerging undercurrents in Washington and elsewhere that could shape or alter the trajectory of select industrial verticals such as oil and gas and renewables and power, but also semiconductors and data centers. But before we do that, you're going to have to bear with me just a little bit and let me talk about what has caught my attention this past week. So as it happens every now and then, this is going to be a little bit self serving. But Bluefield also just released a report which has been really popular, I'm not going to lie. That's why I'm letting everybody know. Third party O and M, that's operations and maintenance for US drinking water and wastewater utilities. We've done a market sizing, we've put together a competitive landscape and also talked about the key trends. My colleague Megan Bondar has been digging into this for some time. So some of the takeaways the US drinking water and wastewater third party O& M market, it's reached an annual spend of about nearly US$3 billion. So that's being driven by an increasing reliance on private contractors to manage what are essential water services for over 38, almost 39 million people in the US alone. So this does show a shift in the market. The market is quite honestly being led mostly by a couple key players, Veoli, Jacobs and Inframark. They account for the lion's share of the total population served among the top 20 O&M service providers. These companies, they've solidified their market positions through things like strategic mergers. But also the old integration with Suez was a big jump for them as well, or certainly helped them. But that's also influenced the consolidation of the sector. So it's been a couple years since then. So there's also private equity and international entrants that are entering the market through M and A. So new market entrants, including companies like Levine, Lechman Capital Partners, they're one. Another international player that's entered the market is the Spanish epc, a subsidiary of out of Spain Aqualia. They're actively pursuing acquisitions to establish a foothold in the US market. And like anything else, you know, once they put a pen in the map, ideally you draw a radius around that pen. Sort of the what I would call from business school to Walmart strategy, how they began, you just start drawing circles and take up as much opportunity as you can within those circles and then you put another pin in the map and go from there. And then I would say lastly, Texas and Florida, they continue to be some of the highest demand regions in the market. They're attracting both international but also the domestic players. And a big part of this is there's a high level of municipal utility districts and a lot of activity in there. So these housing developments that essentially have their own water wastewater services, they need ongoing operations and maintenance and there are a lot of them in the region. So the southern region of the U.S. but Texas in particular really stands out. And you can see all the main players there. Most recent big player that's been really active. There is Inframark, that's one that stands out in my mind. But also H2 Innovation out of Canada, they've been increasingly active as well. So those are a couple takeaways from the recent report that we put out. It's on our website@bluefield research.com you should check it out if you've seen it before. We've added a lot more contracts. Part of that is we've just discovered more, but also there's just been more deal flow. So big shout out to Megan Bondar at Bluefield for putting this all together.
So with that being said, let's get to Amber Walsh and talk a little bit about industrial water management and where that market is heading.
All right, so I'm joined by Amber Walsh. Amber, what's going on?
[00:05:06] Speaker B: Not much. How are you?
[00:05:08] Speaker A: I am pretty good. We're in a post Thanksgiving malaise right now, but Christmas is heading or the holidays. So I think that's what we're supposed to say these days. They're coming at us and you know, just trying to wrap up the year. But What I wanted to talk to you about though is industrial water management. So you have recently put out a report, spent a lot of time on it, forecasting 16 different industrial verticals. You've not only forecasted them, you've mapped them. You've kind of looked at the trajectory and trends within each of these sectors and also talked about the drivers. So what I'd like to do is talk to you about that and I'll throw out a couple questions and maybe we can walk through some things that not only have come up internally, just in our own discussions, but also from clients. So without sort of talking through the entire report, maybe dial in on a couple of areas including what is the state of the policy environment potentially coming down the pipe. So when you look across the industrial spectrum, what are some of the things, broadly speaking, that jump out to you that are shaping the markets, but also are they shaping company strategies as well? So give us a little headline take on that.
[00:06:29] Speaker B: Yeah, definitely. So I'll dive in. I would say off the top of my head, three things that stand out are policy incentives, energy transition and data demand, really shaping the industrial water market. So for policy incentives we have the CHIPS act, the Inflation Reduction act, allocating billions of dollars in these sectors and that's really spurring investment in these water intensive industries. The next piece of this is the energy transition. So we have this ongoing shift from fossil fuels to renewables and it really has created new water management opportunities from green hydrogen to critical mineral mining. And then lastly, we can't not talk about data centers. So data demand, AI driven growth in data centers, it's increased the need for water efficient cooling solutions. And we forecast that the data center market is growing at over a 9% compound annual growth rate.
[00:07:27] Speaker A: Yeah, what's interesting about those three things is, I mean if you sort of starting with data demand or data centers and sort of AI that is such a disruptor that actually is sort of rolling through all of these different industries. So it's calling for more power, it's calling for semiconductor chips and faster chips. And all along the way there's demand for water water management and treatment. So I think that's what's one thing that really jumped out at me within the report. But for clarity, let's just sort of even step back further based on the forecast you've done. Just so the listeners know, what we're actually talking about is what is the size of industrial water management market in the US and Canada?
[00:08:15] Speaker B: Yeah, definitely. So industrial water management in the U.S. and Canada. We forecast that to total over $388 billion from 2024 to 2030. So through the end of the decade, growing at just over a 4% compound annual growth rate. Looking annually annual expenditures, they're expected to rise from just over 48 billion in 2024 to 62 billion in 2030. So those are big numbers. But when we break them down on the industrial vertical level, we see that a huge chunk of the pie is going to oil and gas extraction in the water management. That comes along with that, and that represents about half of spend. So about 186 billion over the forecast period. And this is largely consolidated in places like Texas and New Mexico and Western Canada.
And then to take a step back and give some context to these numbers, so the US and Canada, they're global leaders in industrial activity. So we looked at nearly 450,000 facilities across 16 verticals and they generate over 8 trillion in annual production output. So this is a huge market. And that activity, it does drive nearly half of total water withdrawals in these two countries if we include power generation. So it really underscores this critical role of water management in industrial.
[00:09:42] Speaker A: Yeah, and I think kudos to you because one of the challenges is that you're looking at 16 different verticals and they all act independently of one another in many respects. They have different drivers, they have different size markets, and quite honestly different water wastewater management needs. So it is pretty complex and part of the reason it's taken a while to get to this point. So let me set the scene a little bit. So, as you mentioned already, it's not a secret that an energy transition is underway. I've talked about that a number of times on this podcast. But things like water intensive, coal fired electric power generation, it's on its way out. That's no matter what people say. I know there's discussions about slowing down the decommissioning of some of these coal plants, but the reality of it is they're not finance well. So banks are not touching these. We're not building new, at least in the US and Canada. We're not building new coal plants. And in fact, it's down, I think by the numbers just this decade. Coal generation is down about 10%, if I recall, just looking at the report we put out. And as a result, renewables of various kinds are making their way into the mix. Solar generation is the one sort of, I don't want to call it an outlier, but it stands out in the mix. It's up 38% while it doesn't represent the share of total generation that some of these other technologies do.
It's by far the fastest growing and in fact, far outpacing even, even wind, onshore wind, that is. So some of these technologies do seem to be a target of the incoming Republican administration and Congress. Right. So we've talked about this in an election white paper, but given that the water sector could be impacted by any changes that they make, what perspectives are you able to share on any potential rollbacks in any policies or any moves that we, at least they're talking about whether it's executed upon. We'll see.
[00:11:50] Speaker B: Yeah, definitely. And that's the question, right? Like, what do we think is going to happen? And before I answer this, want to emphasize there is a lot of uncertainty around what might happen, as you alluded to. So what policies, promises, goals were announced during the campaign? Like how are these actually going to come to fruition and to what extent? So one key, important piece here is the Trump's goal to cut the Inflation Reduction Act. He pledged to rescind any unspent funds under the ira. So that could have substantial implications for water management. And just to give some background, we've talked about the IRA on here before, but this policy includes about 370 billion for the transition to clean energy. That's through funding and tax credits for solar, wind, green hydrogen, et cetera. So the goal of the act was to drive economic growth, create jobs by investing in clean energy. And then in tandem, we see that lithium, nickel, cobalt, other critical mineral projects were developed to meet this expected demand. And if we look at what the impact of the IRA has been so far, there's over 650 projects that have been announced, whether it's battery manufacturing, heat pumps, wind, solar, hydrogen, nuclear, and over just about 50 companies announcing projects that are over a billion dollars. So there's significant deployment of capital happening already with these facilities having water requirements and infrastructure needs. However, there's still dollars at risk of being cut out.
[00:13:30] Speaker A: Yeah. And I mean, it is a confluence of factors sort of coming to a head, not only just the new administration that's just part of it, but I think also they're talking about tax cuts or extending the individual tax cuts that were set and legislated in 2017. So they some have said, oh, cutting back or rolling back some of these policies and incentives is a way to help pay for that continuation of that tax cut. Otherwise it's going to, you know, hit the horizon and that'll be the end of it. So that is one big part of it the other is there are a number of factors. Who's in the administration. We obviously know Elon Musk is involved with the administration and his role in electric vehicles, that's another story. But there is also a lot of investments that have been made in a lot of jobs that have been created by this. So it's not like they can easily be shut down either, even in oil rich states like Texas. But your background's super helpful. So what can we expect in terms of, you know, of action items that would come out of this?
[00:14:41] Speaker B: Yeah, definitely. So certain parts of the Inflation Reduction act might be tweaked to appease Republican lawmakers and interest groups such as oil and gas, offshore wind. We expect to be in the crosshairs as it was during the last Trump administration.
I would like to note though that wind generation facilities did rise about 11% compound annual growth rate over the last administration. So 2017 to 2021. So it doesn't mean just because we're in this new administration that renewables are just going away. I feel like that is something that we're seeing in the media. And it's just important to note that there was still growth in renewables under Trump's first administration.
And then also this might impact just the rate of the energy transition. So we saw the CEO of Duke Energy noted a potential regulatory rollback. They might re examine plans to convert coal fire power plants in Indiana, citing that the pace of the energy transition could change or slow, especially like we talked about earlier match with the boom in data centers and new factories. This is a little more along the lines of the coal ash pond ruling that was passed recently under Biden. But again similar lines. And this matters for water and how we forecast water spend because your traditional dirty fossil fuels, they require a lot more water than solar or wind. You also have water needs for battery manufacturing facilities and mining sites. So what happens in terms of the energy transition directly impacts how we're sizing the market.
[00:16:17] Speaker A: Yeah, I think it's interesting and this is a, maybe a lead or a drop of sorts, but we do have a report that's no, it's in production somewhere that talks about I think five outcomes of the energy transition for the water sector and what that all means. And I think the other part of it is, you know, things like nuclear power is still in the mix and being considered as well at least, you know, restarting things like Three Mile island and as well as small reactor nuclear that is being invested in by some of the big tech companies. So I want to Jump in here and also add that oil and gas companies are, they're also benefiting from subsidies and water is the raw material input to things like hydrogen. That's something that we're also keeping an eye on as well. And you know, how will these projects be impacted if the incentives are rolled back? Right? I think that's something that needs to be considered. You know, things like hydrogen are, we're talking early stages, first inning in baseball parlance, early first quarter in football parlance. Pick your sport. But another piece of the discussion is the EV landscape. I already mentioned Elon Musk, which is obviously a focus of his, but he's also connected to Trump and has been for some time now. So to put things in context, in the wake of Tesla success, EV sales are expected to represent about 9% of U.S. vehicle sales by the end of this year. I think those are the numbers I saw from was JD Power. But it remains to be seen what's going to happen to the EV market as well as the supply chain and the supply chain incentives. So it can be argued that rolling back or curtailing EV incentives is going to quite honestly benefit, could potentially benefit Tesla because it has such a, such a lead versus the others that it can withstand this. Whereas the Fords, the GMs, the other American manufacturers that are trying to get into the EV market, they really need those incentives. So it may be a way of stifling competition. That's a conspiracy theorist view, but I don't think it's necessarily unfounded. But in doing so, this could also derail any domestic mining for things like as you mentioned, lithium and other things, whether it be in the Western U.S. i know there's discussion about lithium and things, other materials in places like North Carolina. In doing so that's also water intensive, requiring water supplies for just the processing, but also just wastewater management. So it's interesting to see all these factors influencing the market. So do you have any insights on sort of the EV battery landscape and what's happening?
[00:19:11] Speaker B: Yeah, so as you alluded to, driven by the RIA's incentives and state regulations. So California, they passed their advanced clean car regulations, so new cars to be zero emission vehicles by 2035. So those have really spurred the rollout of new battery manufacturing plants and EV battery cell plants. So some examples are Toyota, they announced the billion dollar facility in North Carolina. Hyundai, a $5 billion EV battery cell plant in Georgia. So it is going to be interesting to keep an eye on how this plays out. And then there have been headwinds with Adoption already. So, for example, for their EV battery plant in Michigan, it was initially announced as a $3.5 billion capital investment, but the company has since scaled it back due to slower than expected consumer adoption rates and rising labor costs. So in addition to potentially altering regulations and incentives, you have some macroeconomic conditions going on. And then since this is a water podcast, though, like, what does this mean for water? So a typical battery plant uses millions of gallons of water per day to prepare minerals. They remove impurities in the water, they wash finished cells and equipment, they have cooling towers, they have air pollution control, and then they also have resulting wastewater with contaminants, whether it be heavy metals or oil and grease. So it is a big water conversation when we're talking about the rollout of these facilities.
[00:20:55] Speaker A: I mean, I guess the alternative, being a cynic, is we could just shift all this water management opportunity, as I would like to put it, to China, because that's where, that's where companies like BYD are building electric vehicles. And I, and I get it, there's this sort of push and pull, whether it's incentive driven or policy driven or just costs.
There's been a lot of disruption in the market, just manufacturing, but also consumer demand markets over the past five years, probably because of COVID partly because of, you know, just general shocks of the system like inflation. So it will be interesting to see how this plays out. So is there anything else we should consider as a result of the incoming administration and the impact on, let's say, the energy sector?
[00:21:45] Speaker B: Yeah, so we talked about renewables a bit, but I also wanted to touch on the other side of it, the support of traditional fossil fuels and oil and gas extraction. So Trump's made numerous statements along his campaign in support of the domestic production of oil and gas, even stating, like in his victory speech, that we have more liquid gold than any country in the world. So very in support of oil and gas extraction. But it is important to note that oil and gas production in the US is at an all time high. So crude oil production in 2023 averaged just under 13 million barrels per day, which breaks the previous U.S. and global record of just over 12, 12.3, I believe, million barrels per day in 2019. So it's not like it needs to be stimulated. However, like we mentioned in the beginning of the podcast, oil and gas is a huge piece of this industrial water and wastewater management pie in the US And Canada. Water management for oil and gas is forecasted to reach just over 29 billion by 2030. So if anything There will be the continuation of driving efficiencies through reuse and centralized water management systems in these shale basins.
[00:23:08] Speaker A: Yeah, and I think that just the scale of the water usage, I mean it really is massive and it's hard to believe historically a lot of it has really just been trucking water around. Just the volume is immense. Getting it from the, from the water supply source to the well head, it's being stored, there's produced water flow back water that comes out of the well, then it's either stored or, you know, and reused and treated and reused and for fracking again, which they've gotten better at, definitely more efficient. But then the, you know, the last step in the, I guess ultimate process is discharge using things like saltwater disposal wells, which has created other problems, things like earthquakes. But the Permian Basin has been really impressive and what it's been able to do. And as a result the US is the largest oil producer in the world. And also gas from places like the Marcellus or the Appalachian Basin, Marcellus Shale we've been able to supply Europe, particularly since Russia's invasion of Ukraine. We've been able to supply upwards of 15 to 20%, if I recall, of natural gas supplies to the European continent. So it is really a wealth of riches in the US when it comes to oil and gas. But behind the scenes there are companies like Aris as well as Select Water. They're midstream water companies, they're publicly traded, but they are helping the exploration companies manage their water, whether it be supplies, in centralizing it, building pipelines, moving it around, but also treating it and disposing of it as well. Really interesting market landscape. And the water is quite honestly flowback water is pretty nasty. So it requires a lot of treatment and is highly variable, which as a result makes it a difficult market in which to operate and work. But my last point on the oil and gas sector is that because of the volume of water, but also just the overall climatic conditions, whether is there enough water, but also sometimes there's too what to do with all the produced water. There's such high volumes of produced water, they're trying to figure out how to manage it cost effectively. And so it's become a risk, it's become a financial risk and an operating risk to these oil and gas companies, the majors that are active in places like the Permian Basin. So they're putting more emphasis on it. So I think there's a lot of innovation that is beginning to happen in that space. So definitely worth keeping an eye on and I know we are at Bluefield. We've been doing this Since I think 2014 was the first report we did on hydraulic fracturing because of the volatility in the market. It's sort of come and gone partly based on client interest, but it seems that because of the scale, because of the innovation, because of the risk to the oil and gas sector, it's once again in the headlines and in our minds as far as needed research. So we'll be doing more of that in 2025. So changing subjects for you, Amber, though, and getting you back into the conversation, because I could talk all day, that is. What about semiconductors in the CHIPS Act? Where do we stand on that? Because that's a big chunk of change that's been out there and it's something that actually stands out also in the forecast.
[00:26:51] Speaker B: Yeah, so that's about 39 billion that's earn marked for semiconductor manufacturing with 25% investment tax credits.
And that is a large price tag. So there have been mentions of rollback for the CHIPS act throughout the campaign, but I would be hesitant to see or I wouldn't expect to see a rollback of this funding allocation because of the support for reshoring advanced manufacturing, especially in wake of what's going on in conflicts with China. So I would expect that it would outweigh opposition, but we will keep an eye on what goes on. There have been headwinds that have faced the semiconductor manufacturing industry. Currently intel is struggling a little bit and the CHIPS funding that they were awarded has been reduced down to under 8 billion. Their CEO was recently fired amid market struggles. So that there are other factors going on here that we will continue to watch. But the key takeaway as we continue to say there's billions of dollars in capital investments being deployed and these large scale fabs, they require extensive water treatment to meet ultra pure water standards as well as treatment of the resulting contaminated wastewater. And that creates opportunities along the value chain. So we see that different large water solution providers are really benefiting from this. Veolia is an example. They want to contract with Samsung at their Texas facility. TSMC is doing a lot of work on their water recovery in Arizona. So there's a lot of opportunities to come and lots of dollars that are being allocated. Just something to keep an eye on whether the remaining funds will be allocated before Biden's administration's up.
[00:28:51] Speaker A: Yeah, and it's definitely attracting a lot of attention. It comes up in so many different areas of research. For instance, I was just working with some analysts yesterday talking about this CVC DIF acquisition of some of some utilities in Arizona. And while Maricopa county and Pinal county in Arizona are high growth, I mean they're growing gangbusters. Housing starts have been up even. I mean it's all relative to where the market is. But overall, nationally. But part of the discussion also is just there's a lot of industrial investment in places like Arizona. So you're seeing companies like Microsoft, but you mentioned tsmc. Intel has long been based there. It's obviously a dry climate. There's water stress on that market and environment. And so it's interesting to see how much it is driving. The questions about intel are real. But I agree with you completely. And when you start looking at what we would call the top companies in water every quarter and I know our colleague Mike Miroff is going through the financials, I think he's wrapping it up in fact today going through all the transcripts, the publicly traded companies transcripts as well as their financials, their 10qs I guess and there were 10ks depending. Looking at them a lot it's interesting to see which ones are talking about things like semiconductors. It's a bit like you said, it's a big chunk of change. It's coming fast and furious and when will it end? It definitely has a horizon or likely is going to peak in the next five to eight years. I don't know what the timeline is and that's going to require a lot of build out of water related infrastructure in places like Arizona and Texas. I think Samsung is in Texas. So yeah, super interesting but all right, my getting towards the end here. But what about macroeconomic shifts or which ones are you considering when it comes to industrial water management or certain things that we're looking at that are influencing the forecast or might influence them by the end of next year if we revisit these forecasts.
[00:31:07] Speaker B: Yeah. So the as we look at what might change as the new administration comes in and cutting environmental regulations, lowering corporate taxes that might prompt build out of like new facilities, business investment and growth. So that actually could benefit industrial facility output, something we're keeping a close eye on. And then we can't talk about what to expect in the coming years without talking about tariffs. So the proposed tariffs could create some supply chain issues.
So for example, Trump gets credit for protecting domestic steel in the ag sector during his first term with tariffs. However that cost was just then passed on to the auto sector and then for farmers, they required a government payout of billions of dollars to make up for the losses. So it will be interesting to keep an eye on how these tariffs will impact industry and then investment and resulting water management spend. And then lastly, just to add on to what could potentially negatively impact industrial producers, is any labor market challenges that could arise from various policies that come with the new administration causing headaches along the workforce.
[00:32:30] Speaker A: Yeah, I think there's a really good point. The tariff stuff, I go back and forth how much of it at this point, still early, and that is how much of it is just a negotiating tool to make, whether it be in this more recently Mexico or Canada to address other issues like immigration or, or fentanyl and things like that that are entering the U.S. i mean, the labor market challenges are real. It's already a problem not just for industrials, but also for the municipal sector as well as all the companies sort of across the value chain, like engineering companies, for instance. So in immigration and illegal or illegal, honestly, Tom do play a role in that. So it'll be interesting to see what that means. So, all right, my last question for you, and that is we've talked about forecasts, we've talked about macroeconomic conditions and drivers, talked about sort of policies themselves, the size of the market. So we've looked at 16 different verticals now, sort of as we look forward. If I were a Bluefield research client and I would ask you, hey, what sectors sort of jump out at you or which ones are attracting the most attention and why? What are the top ones that you see?
[00:33:55] Speaker B: I would first like to preface this as I've spent much time in the weeds, I feel I could talk to our clients about all the verticals and how they all have interesting components to them and how even though paper manufacturing isn't really growing and they're facing a lot of headwinds, there are a lot of cool tidbits to pull from them. But if we are just looking at what's attracting the most attention, what are keen opportunities? I would have to say semiconductors, as we have mentioned with Chips act, the scale and incentives are really driving large water management opportunities. Data centers we also touched on in the beginning, the pace of growth is. It's hard to wrap your head around how fast the data center AI booms taking off and it's just accelerating a trend that's already been happening.
And with that, what's the water management opportunity? Whether it's your chemicals for your cooling tower or water reuse or the connection with the municipality. So just kind of honing in on action items for what the opportunity for data Centers are another industry that is really picked up since COVID is pharmaceuticals. We've seen a ton of new builds, especially billion dollar campuses being built in North Carolina. They need ultra pure water, they have contaminated wastewater, they have to abide by regulations. So another hot industry to watch, kind of a standard, almost not classic of sort, but a go to industry is your food and Bev. It is highly fragmented and we do see that as an entry point for a lot of solution providers because you can win more like regional small to medium sized facilities to deploy your solutions which can then take off. So we do see that as an entry point. And then lastly we've talked about this in the podcast today and it just takes up so much of the forecast spend. We have to say it as a attractive vertical. It's just oil and gas, the produced water component of it, the infrastructure build out that's needed for water management.
Just the size of the market makes it an attractive market.
[00:36:16] Speaker A: Yeah, I think it's interesting how you. We've just sort of walked down the industries. But what I like at least in your comments thereafter each is they do kind of break out into different opportunities. Right. You do have some, some sectors that are really for water management are really for the. They're looking for gold plated solutions really, you know, sort of what we would call big water for like you mentioned them like the Violas and the Xylems of the world. Right. They're the big water players that companies are going to lean on. Like semiconductors is the one I think you referenced. And then there's some highly fragmented ones like food and beverages, sort of the other end of the spectrum where it's so fragmented. They're big players, they're the Nestle's of the world. There's the Heinekens, the Coca Cola is. But then there's so many smaller, mid, mid tier, smaller tier companies that may not need such, for lack of a better way to put it, sophistication or high end services and equipment. So there are other opportunities and this applies to not only hardware and equipment digital solutions vendors, but also engineering companies as well. It's an entry point for them. And for some companies, I think we've seen it in industrials, it is an entry point that some technology vendors use. They go, there's a need, clearly a need, water supply or wastewater treatment. But it's also, you may find pockets of opportunity where there's less competition that you're up against that maybe the 800 pound gorillas are just less interested in. So all right, well, I think I'll leave it at that. So, I mean, it's almost at the end of the year. Amber, you've been working on this for a while, and you've got a really good understanding of industrial water markets. What's. What's next?
[00:38:17] Speaker B: Working on the quarterly, so that'll be out soon. And then starting out the new year, taking a deep dive into the US Data center market. So that'll be. I'm excited about that one. That'll be good.
[00:38:30] Speaker A: Yeah. The data center, it changes so quickly. Like you said, we kind of have to try to keep up with it. But like I said, there's been some interesting research we've also put out. Like, Ecolab had just made an acquisition, and part of that acquisition was. Was related to data centers and semiconductors. They call it high tech, global high tech. So that's interesting to see what they're up to. And that kind of is just another signal of how fast or how much faster that sector is growing than some of the other verticals. So.
All right, with that being said, I will let you go, set you free and let you enjoy the rest of the day as you sort of wrap up the Industrial quarterly Review. And hopefully clients will get that soon.
[00:39:16] Speaker B: Thank you.
[00:39:17] Speaker A: Take care.
All right, that's a wrap for our 108th episode. So thanks for being part of the journey. As always, we're excited about the future of water and industrial water management and all the innovations that come with it that lie ahead. So stay tuned for more insightful discussions and expert interviews. So here's what I guess this would be. Here's to the next 92 episodes, because at that point, we will reach 200, and I promise to reach that. But promises are cheap, so. But we're going to do it. We already got to 100, so before we sign off, if you're in Boston, Barcelona, the Bay Area, Chicago, New York, Paris, or anywhere else for that matter, just let us know. We'd enjoy the opportunity for a meeting. We like meeting people. That's how we do business.
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