Industry Sector

Our industry sector definitions are based on the The Global Industry Classification Standard (GICS®) with some modifications.

Some initial notes

Somes of the most common confusions are between:

Independent Power Producer vs Construction & Engineering

Independent Power Producers (also IPPs) generate electricity and sometimes heat (via cogeneration) for sale to a third party which could be the national electricity company or a specified company. Therefore, IPPs are engaged in the development, construction, operation of the power projects.

Whereas, Construction & Engineering companies provide construction & engineering (sometimes also procurement) services to typically a range of sectors.

Independent Power Producer vs Utilities

Utilities are engaged in the generation, transmission and distribution of electricity, gas, heating and water. Whereas, IPPs are only engaged in the generation aspect.

Utilities may choose to build and own renewable energy projects by themselves or buy electricity output from IPPs for resale.

Industry Sector Definitions

Automobiles & ComponentsAuto ComponentsAuto Parts & EquipmentManufacturers of parts and accessories for automobiles and motorcycles. Excludes companies classified in the Tires & Rubber Sub-Industry.
Tires & RubberManufacturers of tires and rubber.
AutomobilesAutomobile ManufacturersCompanies that produce mainly passenger automobiles and light trucks. Excludes companies producing mainly motorcycles and three-wheelers classified in the Motorcycle Manufacturers Sub-Industry and heavy duty trucks classified in the Construction Machinery & Heavy Trucks Sub-Industry.
Motorcycle ManufacturersCompanies that produce motorcycles, scooters or three-wheelers. Excludes bicycles classified in the Leisure Products Sub-Industry.
Banking & FinanceBanksBanks
Thrifts & Mortgage Finance
Diversified FinancialsDiversified Financial Services
Consumer Finance
Capital Markets
Capital GoodsAerospace & DefenseManufacturers of civil or military aerospace and defense equipment, parts or products. Includes defense electronics and space equipment.
Building ProductsManufacturers of building components and home improvement products and equipment. Excludes lumber and plywood classified under Forest Products and cement and other materials classified in the Construction Materials Sub-Industry.
Industrial ConglomeratesDiversified industrial companies with business activities in three or more sectors, none of which contributes a majority of revenues. Stakes held are predominantly of a controlling nature and stake holders maintain an operational interest in the running of the subsidiaries.
Construction Machinery & Heavy TrucksManufacturers of heavy duty trucks, rolling machinery, earth-moving and construction equipment, and manufacturers of related parts. Includes non-military shipbuilding.
Agricultural & Farm MachineryCompanies manufacturing agricultural machinery, farm machinery, and their related parts. Includes machinery used for the production of crops and agricultural livestock, agricultural tractors, planting and fertilizing machinery, fertilizer and chemical application equipment, and grain dryers and blowers.
Industrial MachineryManufacturers of industrial machinery and industrial components. Includes companies that manufacture presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings and other metal fabrications.
Trading Companies & DistributorsTrading companies and other distributors of industrial equipment and products.
Commercial & Professional ServicesCommercial PrintingCompanies providing commercial printing services. Includes printers primarily serving the media industry.
Environmental & Facilities ServicesCompanies providing environmental and facilities maintenance services. Includes waste management, facilities management and pollution control services. Excludes large-scale water treatment systems classified in the Water Utilities Sub-Industry.
Office Services & SuppliesProviders of office services and manufacturers of office supplies and equipment not classified elsewhere.
Diversified Support ServicesCompanies primarily providing labor oriented support services to businesses and governments. Includes commercial cleaning services, dining & catering services, equipment repair services, industrial maintenance services, industrial auctioneers, storage & warehousing, transaction services, uniform rental services, and other business support services.
Security & Alarm ServicesCompanies providing security and protection services to business and governments. Includes companies providing services such as correctional facilities, security & alarm services, armored transportation & guarding. Excludes companies providing security software classified under the Systems Software Sub-Industry and home security services classified under the Specialized Consumer Services Sub-Industry. Also excludes companies manufacturing security system equipment classified under the Electronic Equipment & Instruments Sub-Industry.
Human Resource & Employment ServicesCompanies providing business support services relating to human capital management. Includes employment agencies, employee training, payroll & benefit support services, retirement support services and temporary agencies.
Research & Consulting ServicesCompanies primarily providing research and consulting services to businesses and governments not classified elsewhere. Includes companies involved in management consulting services, architectural design, business information or scientific research, marketing, and testing & certification services. Excludes companies providing information technology consulting services classified in the IT Consulting & Other Services Sub-Industry.
Construction & EngineeringConstruction & EngineeringCompanies engaged in primarily non-residential construction. Includes civil engineering companies and large-scale contractors. Excludes companies classified in the Homebuilding Sub-Industry.
Consumer Durables & ApparelHousehold DurablesConsumer ElectronicsManufacturers of consumer electronics products including TVs, home audio equipment, game consoles, digital cameras, and related products. Excludes personal home computer manufacturers classified in the Technology Hardware, Storage & Peripherals Sub-Industry, and electric household appliances classified in the Household Appliances Sub-Industry.
Home FurnishingsManufacturers of soft home furnishings or furniture, including upholstery, carpets and wall-coverings.
HomebuildingResidential construction companies. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes.
Household AppliancesManufacturers of electric household appliances and related products. Includes manufacturers of power and hand tools, including garden improvement tools. Excludes TVs and other audio and video products classified in the Consumer Electronics Sub-Industry and personal computers classified in the Technology Hardware, Storage & Peripherals Sub-Industry.
Housewares & SpecialtiesManufacturers of durable household products, including cutlery, cookware, glassware, crystal, silverware, utensils, kitchenware and consumer specialties not classified elsewhere.
Leisure ProductsLeisure ProductsManufacturers of leisure products and equipment including sports equipment, bicycles and toys.
Textiles, Apparel & Luxury GoodsApparel, Accessories & Luxury GoodsManufacturers of apparel, accessories & luxury goods. Includes companies primarily producing designer handbags, wallets, luggage, jewelry and watches. Excludes shoes classified in the Footwear Sub-Industry.
FootwearManufacturers of footwear. Includes sport and leather shoes.
TextilesManufacturers of textile and related products not classified in the Apparel, Accessories & Luxury Goods, Footwear or Home Furnishings Sub-Industries.
Consumer ServicesHotels, Restaurants & LeisureCasinos & GamingOwners and operators of casinos and gaming facilities. Includes companies providing lottery and betting services.
Hotels, Resorts & Cruise LinesOwners and operators of hotels, resorts and cruise-ships. Includes travel agencies, tour operators and related services not classified elsewhere . Excludes casino-hotels classified in the Casinos & Gaming Sub-Industry.
Leisure FacilitiesOwners and operators of leisure facilities, including sport and fitness centers, stadiums, golf courses and amusement parks not classified in the Movies & Entertainment Sub-Industry.
RestaurantsOwners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes companies that provide food catering services.
Diversified Consumer ServicesEducation ServicesCompanies providing educational services, either on-line or through conventional teaching methods. Includes, private universities, correspondence teaching, providers of educational seminars, educational materials and technical education. Excludes companies providing employee education programs classified in the Human Resources & Employment Services Sub-Industry
Specialized Consumer ServicesCompanies providing consumer services not classified elsewhere. Includes residential services, home security, legal services, personal services, renovation & interior design services, consumer auctions and wedding & funeral services.
Consumer StaplesFood & Staples RetailingDrug RetailOwners and operators of primarily drug retail stores and pharmacies.
Food DistributorsDistributors of food products to other companies and not directly to the consumer.
Food RetailOwners and operators of primarily food retail stores.
Hypermarkets & Super CentersOwners and operators of hypermarkets and super centers selling food and a wide-range of consumer staple products. Excludes Food and Drug Retailers classified in the Food Retail and Drug Retail Sub-Industries, respectively.
Food, Beverage & TobaccoBrewersProducers of beer and malt liquors. Includes breweries not classified in the Restaurants Sub-Industry.
Distillers & VintnersDistillers, vintners and producers of alcoholic beverages not classified in the Brewers Sub-Industry.
Soft DrinksProducers of non-alcoholic beverages including mineral waters. Excludes producers of milk classified in the Packaged Foods Sub-Industry.
Agricultural ProductsProducers of agricultural products. Includes crop growers, owners of plantations and companies that produce and process foods but do not package and market them. Excludes companies classified in the Forest Products Sub-Industry and those that package and market the food products classified in the Packaged Foods Sub-Industry.
Packaged Foods & MeatsProducers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
TobaccoManufacturers of cigarettes and other tobacco products.
Household & Personal ProductsHousehold ProductsProducers of non-durable household products, including detergents, soaps, diapers and other tissue and household paper products not classified in the Paper Products Sub-Industry.
Personal ProductsManufacturers of personal and beauty care products, including cosmetics and perfumes.
Electrical EquipmentElectrical Components & EquipmentCompanies that produce electric cables and wires, electrical components or equipment not classified in the Heavy Electrical Equipment Sub-Industry.
Heavy Electrical EquipmentManufacturers of power-generating equipment and other heavy electrical equipment, including power turbines, heavy electrical machinery intended for fixed-use and large electrical systems. Excludes cables and wires, classified in the Electrical Components & Equipment Sub-Industry.
Health Care Equipment & ServicesHealth Care Equipment & SuppliesHealth Care EquipmentManufacturers of health care equipment and devices. Includes medical instruments, drug delivery systems, cardiovascular & orthopedic devices, and diagnostic equipment.
Health Care SuppliesManufacturers of health care supplies and medical products not classified elsewhere. Includes eye care products, hospital supplies, and safety needle & syringe devices.
Health Care Providers & ServicesHealth Care DistributorsDistributors and wholesalers of health care products not classified elsewhere.
Health Care ServicesProviders of patient health care services not classified elsewhere. Includes dialysis centers, lab testing services, and pharmacy management services. Also includes companies providing business support services to health care providers, such as clerical support services, collection agency services, staffing services and outsourced sales & marketing services
Health Care FacilitiesOwners and operators of health care facilities, including hospitals, nursing homes, rehabilitation centers and animal hospitals.
Managed Health CareOwners and operators of Health Maintenance Organizations (HMOs) and other managed plans.
Health Care TechnologyHealth Care TechnologyCompanies providing information technology services primarily to health care providers. Includes companies providing application, systems and/or data processing software, internet-based tools, and IT consulting services to doctors, hospitals or businesses operating primarily in the Health Care Sector
Independent Power ProducerIndependent Power Producers & Energy TradersCompanies that operate as Independent Power Producers (IPPs), Gas & Power Marketing & Trading Specialists and/or Integrated Energy Merchants. Excludes producers of electricity using renewable sources, such as solar power, hydropower, and wind power. Also excludes electric transmission companies and utility distribution companies classified in the Electric Utilities Sub-Industry.
Renewable ElectricityCompanies that engage in the generation and distribution of electricity using renewable sources, including, but not limited to, companies that produce electricity using biomass, geothermal energy, solar energy, hydropower, and wind power. Excludes companies manufacturing capital equipment used to generate electricity using renewable sources, such as manufacturers of solar power systems, installers of photovoltaic cells, and companies involved in the provision of technology, components, and services mainly to this market.
Information Technology Hardware & EquipmentCommunications EquipmentManufacturers of communication equipment and products, including LANs, WANs, routers, telephones, switchboards and exchanges. Excludes cellular phone manufacturers classified in the Technology Hardware, Storage & Peripherals Sub-Industry.
Technology Hardware, Storage & PeripheralsManufacturers of cellular phones, personal computers, servers, electronic computer components and peripherals. Includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Excludes semiconductors classified in the Semiconductors Sub-Industry.
Electronic Equipment, Instruments & ComponentsElectronic Equipment & InstrumentsManufacturers of electronic equipment and instruments including analytical, electronic test and measurement instruments, scanner/barcode products, lasers, display screens, point-of-sales machines, and security system equipment.
Electronic ComponentsManufacturers of electronic components. Includes electronic components, connection devices, electron tubes, electronic capacitors and resistors, electronic coil, printed circuit board, transformer and other inductors, signal processing technology/components.
Electronic Manufacturing ServicesProducers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets.
Technology DistributorsDistributors of technology hardware and equipment. Includes distributors of communications equipment, computers & peripherals, semiconductors, and electronic equipment and components.
MaterialsChemicalsCommodity ChemicalsCompanies that primarily produce industrial chemicals and basic chemicals. Including but not limited to plastics, synthetic fibers, films, commodity-based paints & pigments, explosives and petrochemicals. Excludes chemical companies classified in the Diversified Chemicals, Fertilizers & Agricultural Chemicals, Industrial Gases, or Specialty Chemicals Sub-Industries.
Diversified ChemicalsManufacturers of a diversified range of chemical products not classified in the Industrial Gases, Commodity Chemicals, Specialty Chemicals or Fertilizers & Agricultural Chemicals Sub-Industries.
Fertilizers & Agricultural ChemicalsProducers of fertilizers, pesticides, potash or other agriculture-related chemicals not classified elsewhere.
Industrial GasesManufacturers of industrial gases.
Specialty ChemicalsCompanies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products, including but not limited to fine chemicals, additives, advanced polymers, adhesives, sealants and specialty paints, pigments and coatings.
Construction MaterialsConstruction MaterialsManufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks. Other finished or semi-finished building materials are classified in the Building Products Sub-Industry.
Containers & PackagingMetal & Glass ContainersManufacturers of metal, glass or plastic containers. Includes corks and caps.
Paper PackagingManufacturers of paper and cardboard containers and packaging.
Metals & MiningAluminumProducers of aluminum and related products, including companies that mine or process bauxite and companies that recycle aluminum to produce finished or semi-finished products. Excludes companies that primarily produce aluminum building materials classified in the Building Products Sub-Industry.
Diversified Metals & MiningCompanies engaged in the diversified production or extraction of metals and minerals not classified elsewhere. Including, but not limited to, nonferrous metal mining (except bauxite), salt and borate mining, phosphate rock mining, and diversified mining operations. Excludes iron ore mining, classified in the Steel Sub-Industry, bauxite mining, classified in the Aluminum Sub-Industry, and coal mining, classified in either the Steel or Coal & Consumable Fuels Sub-Industries.
CopperCompanies involved primarily in copper ore mining.
GoldProducers of gold and related products, including companies that mine or process gold and the South African finance houses which primarily invest in, but do not operate, gold mines.
Precious Metals & MineralsCompanies mining precious metals and minerals not classified in the Gold Sub-Industry. Includes companies primarily mining platinum.
SilverCompanies primarily mining silver. Excludes companies classified in the Gold or Precious Metals & Minerals Sub-Industries.
SteelProducers of iron and steel and related products, including metallurgical (coking) coal mining used for steel production.
Paper & Forest ProductsForest ProductsManufacturers of timber and related wood products. Includes lumber for the building industry.
Paper ProductsManufacturers of all grades of paper. Excludes companies specializing in paper packaging classified in the Paper Packaging Sub-Industry.
Media & EntertainmentMediaAdvertisingCompanies providing advertising, marketing or public relations services.
BroadcastingOwners and operators of television or radio broadcasting systems, including programming. Includes radio and television broadcasting, radio networks, and radio stations.
Cable & SatelliteProviders of cable or satellite television services. Includes cable networks and program distribution.
PublishingPublishers of newspapers, magazines and books in print or electronic formats.
EntertainmentMovies & EntertainmentCompanies that engage in producing and selling entertainment products and services, including companies engaged in the production, distribution and screening of movies and television shows, producers and distributors of music, entertainment theaters and sports teams. Also includes companies offering and/or producing entertainment content streamed online.
Interactive Home EntertainmentProducers of interactive gaming products, including mobile gaming applications. Also includes educational software used primarily in the home. Excludes online gambling companies classified in the Casinos & Gaming Sub-Industry.
Interactive Media & ServicesInteractive Media & ServicesCompanies engaging in content and information creation or distribution through proprietary platforms, where revenues are derived primarily through pay-per-click advertisements. Includes search engines, social media and networking platforms, online classifieds, and online review companies. Excludes companies operating online marketplaces classified in Internet & Direct Marketing Retail.
Oil & Gas Equipment & ServicesOil & Gas DrillingDrilling contractors or owners of drilling rigs that contract their services for drilling wells
Oil & Gas Equipment & ServicesManufacturers of equipment, including drilling rigs and equipment, and providers of supplies and services to companies involved in the drilling, evaluation and completion of oil and gas wells.
Oil, Gas & Consumable FuelsIntegrated Oil & GasIntegrated oil companies engaged in the exploration & production of oil and gas, as well as at least one other significant activity in either refining, marketing and transportation, or chemicals.
Oil & Gas Exploration & ProductionCompanies engaged in the exploration and production of oil and gas not classified elsewhere.
Oil & Gas Refining & MarketingCompanies engaged in the refining and marketing of oil, gas and/or refined products not classified in the Integrated Oil & Gas or Independent Power Producers & Energy Traders Sub-Industries.
Oil & Gas Storage & TransportationCompanies engaged in the storage and/or transportation of oil, gas and/or refined products. Includes diversified midstream natural gas companies, oil and refined product pipelines, coal slurry pipelines and oil & gas shipping companies.
Coal & Consumable FuelsCompanies primarily involved in the production and mining of coal, related products and other consumable fuels related to the generation of energy. Excludes companies primarily producing gases classified in the Industrial Gases sub-industry and companies primarily mining for metallurgical (coking) coal used for steel production.
Pharmaceuticals, Biotechnology & Life SciencesBiotechnologyCompanies primarily engaged in the research, development, manufacturing and/or marketing of products based on genetic analysis and genetic engineering. Includes companies specializing in protein-based therapeutics to treat human diseases. Excludes companies manufacturing products using biotechnology but without a health care application.
PharmaceuticalsCompanies engaged in the research, development or production of pharmaceuticals. Includes veterinary drugs.
Life Sciences Tools & ServicesCompanies enabling the drug discovery, development and production continuum by providing analytical tools, instruments, consumables & supplies, clinical trial services and contract research services. Includes firms primarily servicing the pharmaceutical and biotechnology industries.
Real EstateEquity Real Estate Investment Trusts (REITs)Diversified REITsA company or Trust with significantly diversified operations across two or more property types.
Industrial REITsCompanies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of industrial properties. Includes companies operating industrial warehouses and distribution properties.
Hotel & Resort REITsCompanies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of hotel and resort properties.
Office REITsCompanies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of office properties.
Health Care REITsCompanies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties serving the health care industry, including hospitals, nursing homes, and assisted living properties.
Residential REITsCompanies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of residential properties including multifamily homes, apartments, manufactured homes and student housing properties
Retail REITsCompanies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of shopping malls, outlet malls, neighborhood and community shopping centers.
Specialized REITsCompanies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties not classified elsewhere. Includes trusts that operate and invest in storage properties. It also includes REITs that do not generate a majority of their revenues and income from real estate rental and leasing operations.
Mortgage REITsCompanies or Trusts that service, originate, purchase and/or securitize residential and/or commercial mortgage loans. Includes trusts that invest in mortgage-backed securities and other mortgage related assets.
Real Estate Management & DevelopmentDiversified Real Estate ActivitiesCompanies engaged in a diverse spectrum of real estate activities including real estate development & sales, real estate management, or real estate services, but with no dominant business line.
Real Estate Operating CompaniesCompanies engaged in operating real estate properties for the purpose of leasing & management.
Real Estate DevelopmentCompanies that develop real estate and sell the properties after development. Excludes companies classified in the Homebuilding Sub-Industry.
Real Estate ServicesReal estate service providers such as real estate agents, brokers & real estate appraisers.
Internet & Direct Marketing Retail
Multiline Retail
Specialty Retail
Semiconductors & Semiconductor EquipmentSemiconductor EquipmentManufacturers of semiconductor equipment, including manufacturers of the raw material and equipment used in the solar power industry.
SemiconductorsManufacturers of semiconductors and related products, including manufacturers of solar modules and cells.
Software & IT ServicesIT ServicesIT Consulting & Other ServicesProviders of information technology and systems integration services not classified in the Data Processing & Outsourced Services Sub-Industry. Includes information technology consulting and information management services.
Data Processing & Outsourced ServicesProviders of commercial electronic data processing and/or business process outsourcing services. Includes companies that provide services for back-office automation.
Internet Services & InfrastructureCompanies providing services and infrastructure for the internet industry including data centers and cloud networking and storage infrastructure. Also includes companies providing web hosting services. Excludes companies classified in the Software Industry.
SoftwareApplication SoftwareCompanies engaged in developing and producing software designed for specialized applications for the business or consumer market. Includes enterprise and technical software, as well as cloud-based software. Excludes companies classified in the Interactive Home Entertainment Sub-Industry. Also excludes companies producing systems or database management software classified in the Systems Software Sub-Industry.
Systems SoftwareCompanies engaged in developing and producing systems and database management software.
Telecommunication ServicesDiversified Telecommunication ServicesAlternative CarriersProviders of communications and high-density data transmission services primarily through a high bandwidth/fiber-optic cable network.
Integrated Telecommunication ServicesOperators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line telecommunications services not classified elsewhere. Also includes internet service providers offering internet access to end users.
Wireless Telecommunication ServicesProviders of primarily cellular or wireless telecommunication services.
TransportationAir Freight & LogisticsAir Freight & LogisticsCompanies providing air freight transportation, courier and logistics services, including package and mail delivery and customs agents. Excludes those companies classified in the Airlines, Marine or Trucking Sub-Industries.
AirlinesAirlinesCompanies providing primarily passenger air transportation.
MarineMarineCompanies providing goods or passenger maritime transportation. Excludes cruise-ships classified in the Hotels, Resorts & Cruise Lines Sub-Industry.
Road & RailRailroadsCompanies providing primarily goods and passenger rail transportation.
TruckingCompanies providing primarily goods and passenger land transportation. Includes vehicle rental and taxi companies.
Transportation InfrastructureAirport ServicesOperators of airports and companies providing related services.
Highways & RailtracksOwners and operators of roads, tunnels and railtracks.
Marine Ports & ServicesOwners and operators of marine ports and related services.
UtilitiesElectric UtilitiesElectric UtilitiesCompanies that produce or distribute electricity. Includes both nuclear and non-nuclear facilities.
Gas UtilitiesGas UtilitiesCompanies whose main charter is to distribute and transmit natural and manufactured gas. Excludes companies primarily involved in gas exploration or production classified in the Oil & Gas Exploration & Production Sub-Industry. Also excludes companies engaged in the storage and/or transportation of oil, gas, and/or refined products classified in the Oil & Gas Storage & Transportation Sub-Industry.
Multi-UtilitiesMulti-UtilitiesUtility companies with significantly diversified activities in addition to core Electric Utility, Gas Utility and/or Water Utility operations.
Water UtilitiesWater UtilitiesCompanies that purchase and redistribute water to the end-consumer. Includes large-scale water treatment systems.