Xylem makes water technology equipment, including pumps, valves, treatment systems and monitoring technology used by municipalities, utilities and industrial customers to move, treat and manage water and wastewater. Its equipment is used across the full water cycle, from extracting and treating fresh water to distributing it to homes and businesses, then collecting and treating wastewater before returning it to the environment. Water infrastructure spending tends to be relatively stable and non-discretionary, since municipalities and utilities need to maintain and upgrade aging water systems regardless of broader economic cycles, giving Xylem a fairly resilient demand base. The company's growth is tied to global water infrastructure investment, including addressing aging pipe networks in developed markets and expanding water access and treatment capacity in developing regions.