What is the expected revenue for the water filtration business in three or four years 
 for starters, what 5G has multiple near-term and longer-term ramifications for our business. In the near term, it's significant infrastructure investment where we have meaningful content and an accelerated replacement cycle, driving not just more smartphones but more content in each of those phones for us given the technical requirements in the 5G phone versus a legacy technology phone. That's not a 1-year trend. That's a multi-year trend. The investment in infrastructure is gonna go 3, 5-plus years. And the smartphone replacement cycle will be -- or the smartphone-driven demand for our technology will match that. Once you get beyond that sort of medium-term horizon, you're gonna have faster connectivity, greater connectivity, greater bandwidth, distributed. And that will allow for disseminated computing power in areas that are -- that will open market here to foreclosed. And so, this chip shortage that we're seeing today is just the beginning, and you can hear from folks in the semiconductor industry, the massive ramps of investment to drive capacity. That's all in anticipation, not just of 5G infrastructure and smartphone, but what 5G technology will do for the industrial economy. And that's something that's going to drive our performance for many, many years. It's a long way of saying that we've got a medium-term tailwind in our high-end electronics business that's gonna last quite a while.
Operator
We'll move next to Matthew DeYoe of Bank of America.
Matthew Porter DeYoe -- Bank of America Securities -- Analyst
Thanks for taking my question. So, what's next for the water filtration business, should we just expect things to grow organically? Or are there moves you need to make to increase scale or product offering?
Benjamin Gliklich -- President and Chief Executive Officer
Yes. So we are making moves to increase scale and product offering organically. This is a business, as we said in our prepared remarks, that has gained traction faster than we expected it to, and we expected it to gain traction quite fast. We've made investments to grow our manufacturing capability and our commercial capability outside of the U.S. And so we're currently manufacturing in -- equipment in Europe, and about to be manufacturing equipment in Asia. We have commercial teams building in both of those regions. This is a business that was doing $20 million, $25 million of sales last year. And, our expectations are for it to become $100 million business in three or four years. And we believe we can do that all organically. Our customers are very eager for our -- the customer service and technology that they know and have come to expect from us in other areas to address their water treatment concerns. And so it's a very exciting opportunity for us, and we're executing well against it.
Matthew Porter DeYoe -- Bank of America Securities -- Analyst
Thank you and I saw the ESG report that came out. I haven't had time to dig through it as much as I would have liked to. But, part of it was talking about the circular economy and there's obviously a lot of value to the metals you use. I'm just kind of wondering what opportunities there are ahead for ESI in that regard.
Benjamin Gliklich -- President and Chief Executive Officer
Yes. I appreciate that question. We published our inaugural ESG report yesterday. There's also a website that captures the tops of the waves from the report. It's something we're very, very proud of. And, this intersection between sustainability and profitability is something that has been well trafficked by our businesses for many, many years, but not something that we've sort of brought together in one document and communicated externally sort of in one place as we did with this ESG report that we published. There's a huge opportunity for our company to continue to help our supply chains improve their environmental impacts. And it's an area where we have quite a bit of sales already and quite a bit of technology under way. And, it's doing well by doing good.
And if you go through the report, you can see the many, many products 
 for starters, what 5G has multiple near-term and longer-term ramifications for our business. In the near term, it's significant infrastructure investment where we have meaningful content and an accelerated replacement cycle, driving not just more smartphones but more content in each of those phones for us given the technical requirements in the 5G phone versus a legacy technology phone. That's not a 1-year trend. That's a multi-year trend. The investment in infrastructure is gonna go 3, 5-plus years. And the smartphone replacement cycle will be -- or the smartphone-driven demand for our technology will match that. Once you get beyond that sort of medium-term horizon, you're gonna have faster connectivity, greater connectivity, greater bandwidth, distributed. And that will allow for disseminated computing power in areas that are -- that will open market here to foreclosed. And so, this chip shortage that we're seeing today is just the beginning, and you can hear from folks in the semiconductor industry, the massive ramps of investment to drive capacity. That's all in anticipation, not just of 5G infrastructure and smartphone, but what 5G technology will do for the industrial economy. And that's something that's going to drive our performance for many, many years. It's a long way of saying that we've got a medium-term tailwind in our high-end electronics business that's gonna last quite a while.
Operator
We'll move next to Matthew DeYoe of Bank of America.
Matthew Porter DeYoe -- Bank of America Securities -- Analyst
Thanks for taking my question. So, what's next for the water filtration business, should we just expect things to grow organically? Or are there moves you need to make to increase scale or product offering?
Benjamin Gliklich -- President and Chief Executive Officer
 Yes. So we are making moves to increase scale and product offering organically. This is a business, as we said in our prepared remarks, that has gained traction faster than we expected it to, and we expected it to gain traction quite fast. We've made investments to grow our manufacturing capability and our commercial capability outside of the U.S. And so we're currently manufacturing in -- equipment in Europe, and about to be manufacturing equipment in Asia. We have commercial teams building in both of those regions. This is a business that was doing $20 million, $25 million of sales last year. And, our expectations are for it to become $100 million business in three or four years. And we believe we can do that all organically. Our customers are very eager for our -- the customer service and technology that they know and have come to expect from us in other areas to address their water treatment concerns. And so it's a very exciting opportunity for us, and we're executing well against it.
Matthew Porter DeYoe -- Bank of America Securities -- Analyst
Thank you and I saw the ESG report that came out. I haven't had time to dig through it as much as I would have liked to. But, part of it was talking about the circular economy and there's obviously a lot of value to the metals you use. I'm just kind of wondering what opportunities there are ahead for ESI in that regard.
Benjamin Gliklich -- President and Chief Executive Officer
Yes. I appreciate that question. We published our inaugural ESG report yesterday. There's also a website that captures the tops of the waves from the report. It's something we're very, very proud of. And, this intersection between sustainability and profitability is something that has been well trafficked by our businesses for many, many years, but not something that we've sort of brought together in one document and communicated externally sort of in one place as we did with this ESG report that we published. There's a huge opportunity for our company to continue to help our supply chains improve their environmental impacts. And it's an area where we have quite a bit of sales already and quite a bit of technology under way. And, it's doing well by doing good.
And if you go through the report, you can see the many, many products 