PWF estimates that the U.S. water/wastewater utility outsourcing market, including fees from contract operations, concessions, DBO capital projects, and asset management contracts, was about $2.2 billion in 2015, up 5% from the year before (p. 2). The “total market” represents fees paid by municipal and industrial clients to private companies for the operation, maintenance and/or capital projects management of their water and wastewater facilities. The industrial market accounts for about $264 million, or 12%, of the total revenues.