The second TICCS® pillar categorises infrastructure companies by groups of industrial activities. Industrial-sector group classifications (or superclasses) represent broad areas of industrial activity as well as transaction or project-development expertise. Industrial sector and sub-sector classifications (or classes and subclasses) represent specific industrial activities and types of physical assets and technologies.

Academic Insights

Standard industrial classification can be ill-suited to represent the different types of infrastructure companies. They focus on broad industrial activities only, and fail to take into account other aspects of the delivery of infrastructure projects and services. For instance, an airport operator and an airline-catering company are typically bundled together. Thus, under MSCI's Global Industrial Classification Standard, 'operators of airports and companies providing related services' are classified together.

Likewise, many road-operating companies are categorised as construction firms, while some project-financing vehicles are often found under 'financials.'

A better way to view the activities of infrastructure companies is as broad families of technical and financial skill sets that are relevant not only to creating and operating infrastructure companies but also to investing in them.

Infrastructure investments require highly specialised knowledge of various industrial processes, such as power generation or the construction and maintenance of major structures, and also awareness of project management and financial structuring.

Transportation projects have common technical and industrial features, as do renewable-energy or social infrastructure projects. These correspond to broad groups of professionals who have the relevant know-how to understand and execute individual transactions.

For instance, stand-alone power generation facilities may use different fuel types and water-treatment companies may serve residential (potable water) or industrial clients (ultra-pure water). Wind power generation may be on-shore or off-shore. Such industrial activities can be sufficiently differentiated to warrant individual classifications. For example, different types of power-generation fuel (coal vs gas vs nuclear) have an impact on the level of regulatory risk taken by investors.


Infrastructure Asset Inclusion Criteria

The inclusion of different asset types in TICCS® is determined by a number of fundamental economic criteria defined here.

Rolling stock and other edge cases

The matter of whether rolling stock should be included in TICCS® is determined by our treatment of finance leases (vs. operating leases) as explained in the 2019 Consultation Results.


The TICCS® Industrial Classification TICCS® 2020 √

TICCS® uses a multi-criteria classification system focusing specifically on infrastructure-related industrial activities, as well as varying degrees of complexity, size, and scale. Using the insights above, TICCS® includes the following industrial classes and subclasses:

  • 8 industrial-group classifications (or superclasses)
  • 33 industrial classes
  • 95 industrial subclasses or asset-level categories

The table below describes the TICCS® industrial classification and the next table provides the corresponding definitions.


Industrial Activity Classifications

CodeNameCodeNameCodeName
IC10Power Generation x-RenewablesIC1010Independent Power ProducersIC101010Nuclear Power Generation
    IC101020Gas-Fired Power Generation
    IC101030Coal-Fired Power Generation
    IC101040Combined Heat and Power Generation
    IC101050Other Fossil-Fuel-Fired Power Generation
  IC1020Independent Water and Power ProducersIC102010Power and Water Production
IC20Environmental ServicesIC2010Solid Waste TreatmentIC201010Non-Hazardous Waste Treatment
    IC201020Hazardous Waste Treatment
    IC201030Waste-to-Power Generation
    IC201040Waste incineration
    IC201050Gaseous Waste Treatment
  IC2020Water TreatmentIC202010Potable Water Treatment
    IC202020Industrial Water Treatment
    IC202030Sea Water Desalination
    IC202040Water Supply Dams
  IC2030Wastewater TreatmentIC203010Residential Wastewater Treatment and Reuse
    IC203020Industrial Wastewater Treatment and Reuse
  IC2040Environmental ManagementIC204010Flood Control
    IC204020Coastal and Riverine Locks
    IC204030Energy Efficiency
    IC204040Carbon Capture
IC30Social InfrastructureIC3010Defence ServicesIC301010Strategic Transport and Refuelling
    IC301020Training Facilities
    IC301030Barracks and Accommodation
  IC3020Education ServicesIC302010Schools (Classes and Sports Facilities)
    IC302020Universities (Classes, Labs, Administration Buildings)
    IC302030Student Accommodation
  IC3030Government ServicesIC303010Police Stations and Facilities
    IC303020Courts of Justice
    IC303030Prisons
    IC303040Street Lighting
    IC303050Social Accommodation
    IC303060Government Buildings and Office Accommodation
  IC3040Health and Social Care ServicesIC304010Hospitals
    IC304020Clinics
    IC304030Residential and Assisted Living
    IC304040Crematorium
  IC3050Recreational FacilitiesIC305010Stadiums and Sports Centres
    IC305020Public Parks and Gardens
    IC305030Convention and Exhibition Centres
    IC305040Arts, Libraries, and Museums
IC40Energy and Water ResourcesIC4010Pipeline CompaniesIC401010Gas Pipeline
    IC401020Oil Pipeline
    IC401030Water Pipeline
    IC401040Wastewater Pipeline
    IC401050LNG Ships
  IC4020Energy Resource Processing CompaniesIC402010Liquefied Natural Gas - Liquefaction
    IC402020Liquefied Natural Gas - Regasification
    IC402030Crude Oil Refinery
  IC4040Energy Resource Storage CompaniesIC404010Gas Storage
    IC404020Liquid Storage
    IC404030Other Storage
    IC404040Floating Storage Units - FSU
IC50Data InfrastructureIC5010Data TransmissionIC501010Telecom Towers
    IC501020Long-Distance Cables
    IC501030Communication Satellites
  IC5020Data StorageIC502010Data Centres
IC60TransportIC6010Airport CompaniesIC601010Airport
  IC6020Car Park CompaniesIC602010Car Park
  IC6030Port CompaniesIC603010Tool Port
    IC603020Bulk Goods Port
    IC603030Container Port
    IC603040Other Port
  IC6040Rail CompaniesIC604010Heavy Rail Lines
    IC604020High Speed Rail Lines
    IC604030Freight Rail Rolling Stock
    IC604040Passenger Rail Rolling Stock
  IC6050Road CompaniesIC605010Motorways
    IC605020Motorway Network
    IC605030Dual-Carriage way roads
    IC605040Stand-Alone Tunnels
    IC605050Stand-Alone Bridges
  IC6060Urban Commuter CompaniesIC606010Urban Light-Rail
    IC606020Underground Mass Transit
    IC606030Overground Mass Transit
    IC606040Bus Transportation
IC70Renewable PowerIC7010Wind Power GenerationIC701010On-Shore Wind Power Generation
    IC701020Off-Shore Wind Power Generation
  IC7020Solar Power GenerationIC702010Photovoltaic Power Generation
    IC702020Thermal Solar Power
  IC7030Hydroelectric Power GenerationIC703010Hydroelectric Dam Power Generation
    IC703020Hydroelectric Run-of-River Power
    IC703030Pumped Hydroelectric storage
  IC7040Other Renewable Power GenerationIC704010Biomass Power Generation
    IC704020Geothermal Power Generation
    IC704030Wave Power Generation
  IC7050Other Renewable TechnologiesIC705010Battery storage
    IC705020Off-Shore Transmission (OFTO)
IC80Network UtilitiesIC8010Electricity Distribution CompaniesIC801010Electricity Distribution Network
  IC8020Electricity Transmission CompaniesIC802010Electricity Transmission Network
  IC8030District Cooling/Heating CompaniesIC803010District Cooling/Heating Network
  IC8040Water and Sewerage CompaniesIC804010Water and Sewerage Network
  IC8050Gas Distribution CompaniesIC805010Gas Distribution Network
  IC8060Data Distribution CompaniesIC806010Data Distribution Network

SuperClass and Class-Level Definitions

CodeDefinitionCodeDefinition
IC10Stand-alone power generation using a range of technologies except wind, solar, and other renewable sources.IC1010Independent power producers (IPP) provide electricity to power distribution and transmission companies or directly to industrial or commercial clients.
  IC1020Independent water and power producers (IWPP) are power producers with a colocated water-desalination or filtration facility. Industrial, potable, or ultra-pure water is typically a by-product of the power generation process.
IC20Companies involved in the treatment of water, wastewater, and solid waste for sanitation and reuse purposes.IC2010Waste treatment services include the collection and disposal of solid refuse from residential, commercial, or industrial sources.
  IC2020Stand-alone water treatment companies produce water for various uses, including residential, commercial, and industrial end users.
  IC2030Stand-alone wastewater treatment companies treat wastewater from residential, commercial, and industrial sources to a certain discharge or reuse standard.
  IC2040Environmental management companies invest in projects that conserve natural resources, protect habitats, and control hazards.
IC30Companies involved in the delivery of support and accommodation services for public or other services.IC3010Defence infrastructure companies provide noncombatant support services to public-sector military organisations, including strategic transport, training facilities, and telecommunications.
  IC3020Infrastructure companies providing education services through the development and maintenance of school and university buildings and related facilities for the use of public or private institutions.
  IC3030Infrastructure companies providing support and accommodation services to government departments and other public-sector organisations and agencies.
  IC3040Healthcare infrastructure companies provide support service and facilities to public- or private-sector medical treatment units.
  IC3050Convention, entertainment, and recreational facilities infrastructure companies deliver and maintain various large-scale leisure facilities typically requiring a bespoke structural-engineering component.
IC40Companies involved in the treatment and delivery of natural resources.IC4010Pipeline companies develop and operate high-pressure transmission pipelines.
  IC4020Energy natural resource processing companies transform crude oil, natural gas, and other commodities into various derivative or transformed products.
  IC4040Energy natural resource storage companies provide storage services to private and public clients by exploiting large natural caverns or buildings and maintaining over- or underground tanks.
IC50Companies involved in the provision of telecommunication and data infrastructure.IC5010Data transmission companies involved in the construction, operation, and maintenance of data transmission assets including telecommunications towers, land or sea based long-distance communication cables, and communication satellites.
  IC5020Data storage companies involved in the development, operation, and maintenance of physical data storage infrastructure. This does not include companies that offer data storage in addition to other products.
IC60Companies involved in the provision of transportation infrastructure services.IC6010Airport companies build, maintain, and operate airport terminals, runways, and associated support and logistical services. Large airports also lease property for commercial and retail purposes.
  IC6020Car park service companies provide individual and commercial end users with vehicle-parking facilities. They are relatively small-scale structures built over- and underground mostly within large urban areas.
  IC6030Port infrastructure companies build, maintain, and operate port jetties, passenger terminals, and freight transit and storage facilities.
  IC6040Rail companies provide long-distance, intercity passenger and freight services.
  IC6050Road companies build, maintain, and operate roads and motorways including bridges and tunnels.
  IC6060Urban commuter companies build, maintain, and operate urban rail routes from light (tramway) to mass-transit rail tracks, including over- and underground rail lines.
IC70Stand-alone power generation and transmission companies using wind, solar, hydro and other renewable energy sources. Also energy storage companies.IC7010Wind power companies produce electricity using wind power to operate various types of electromagnetic turbines.
  IC7020Solar power companies produce electricity by capturing solar radiation using a range of solar-cell technologies.
  IC7030Hydroelectric power generating companies use water to produce electricity. This can either be from a dam or from a river.
  IC7040Other renewable power generation companies using various physical phenomena or alternative renewable fuels (other than the wind, sun, or hydro) to generate electricity.
  IC7050Other renewables technology companies use a variety of different methods to provide, store and transmit renewable energy.
IC80Companies operating an infrastructure network with natural monopoly characteristics (barriers to entry, increasing returns to scale).IC8010Electricity distribution companies distribute medium-voltage electricity to final consumers.
  IC8020Electricity transmission companies transmit relatively high-voltage electricity from the point of generation source to a distribution network.
  IC8030Heating or cooling companies provide service in urban areas using combined heat and power to recycle or reuse waste heat.
  IC8040Water and sewerage companies provide potable water treatment and distribution services as well as the collection, treatment, and disposal of wastewater and sewerage.
  IC8050Gas distribution companies operate low-pressure pipeline networks delivering natural gas to end residential, commercial, and industrial consumers.