Making money from water

Implications: The Liquid Assets Article implies that water markets are hot and that millions of people lack good water, and that water companies have high PE valuations, which is true, but more than seeing sales growth, how can the investor make money, where and how?

Analysis: As I read this article, a familiar challenge comes up: "the water market is not really one market but many markets, so, where do I invest my money for a positive return?"  For example, China and India both have huge deficits in the quantity and the quality of water available, yet, it is China that is serious about large investments in infrastructure. India, on the other hand, so far has shown a lack of dollars and determination to make a dent in its water problems.
In the developed world, much of the water business is driven by public funding of projects and by market pricing of water delivered. Generally, funding becomes more available from crisis than from planning and water pricing is a very political decision and that impacts profits. In summary, investors need to be careful. You need to know where to invest -what country, what market segment and what company?  It is not enough to say that water is getting scarcer or that infrastructure is ageing.