Advisory firms are looking closely at a number of investment sectors that are almost certain to get a boost under a Biden administration with a Democratic-controlled Congress, analysts and advisors said.

Infrastructure construction, extension of 5G technology and clean technology are among the areas where investment opportunity already is being realized and will be further enhanced this year, they said.

“There is a confluence of factors that have occurred since the election” that will continue through 2021, Andrew Little, research analyst at Global X, a New York City-based provider of global exchange-traded funds with $15 billion in AUM, said in an interview Friday. Recent events already have boosted some sectors.

“Investing around domestic infrastructure is going to be a good opportunity, with a large portion of that focus devoted to the development of clean technologies,” he added.

In particular, areas such as gas and electric utilities that were not impacted to any large degree by the pandemic because they are essential services, will benefit from more support that is expected under Biden, Nick Langley, managing director and portfolio manager at ClearBridge Investments, an active equity manager with more than $176 billion in AUM, added in a statement. Langley co-manages global infrastructure investment strategies for ClearBridge.

Because Biden has said he wants to devote $2 trillion to spending in a number of areas, including infrastructure, ClearBridge is particularly bullish about opportunities in all of the sectors related to construction and maintenance of roads, bridges and tunnels, Langley said.

Opportunities also will be spawned in the auto industry, even with the more environmentally friendly regulations that are anticipated. Automakers should be well positioned to thrive since many automakers already have planned for a much lower carbon emission economy, Morningstar Director of Policy Research Aron Szapiro added in a statement.

“A bright spot for the auto industry will be the development and distribution of electric vehicles,” Little said.

Addressing climate change, which Biden is expected to emphasize, does not just involve promoting new clean energy projects. It also will mean retrofitting existing buildings and utility production facilities. “For instance, we are going to have to decarbonize the utility sector,” Little said.

The development of expanded 5G technology will enable smarter transit systems and smarter city planning.

Another sector to watch is cannabis and all of its related needs for growing, distribution and accessories, he added.

Battery technology and fuel cells are related commodities that will be developed in order to accommodate clean technology and should be considered by investors, Little said.

“People should think about thematic investing,” Little said. “There are subsegments to each sector” that will be boosted by upcoming changes.

For instance, a massive push for infrastructure construction will boost the U.S. steel industry and rental companies for construction equipment, Little said.

While investors are talking about building carbon neutral facilities, the need for carbon capture technology is often overlooked, Little added. Development of hydrogen technologies often suffers from the same fate of being overlooked by investors.

“All of this is popular because it will help make us more competitive with other countries,” he said. “These investment areas have sound growth expectations.”

Biden’s expected emphasis on the environment should accelerate asset growth and subsequent earnings, cash flow and dividend growth in the medium and longer terms, including such areas as renewable energy targets, gas to electricity switching in residential as well as commercial sectors, the build-out of electric vehicle charging infrastructure and the need to build grid resilience against increasingly destructive weather events related to climate change, Langley explained.

Biden will look to ensure clean, safe drinking water, which will accelerate the assimilation of smaller water networks into larger ones, a process called tuck-ins, capable of funding the capital expenditures needed for the upgrades and creating investment opportunities in these larger companies, he said. ClearBridge expects double-digit earnings growth across the sector, Langley said.

In addition, railroads, already considered the “greener mode” of long-haul transport, will probably become more electrified under Biden, resulting in lower operating ratios and higher profitability over the medium term, he added.

Another opportunity is developing in wireless towers because of Biden’s promise to expand broadband and wireless technology to every American. This will accelerate the build-out of the wireless tower networks and implementation of 5G technology, requiring additional tower sites and leased slots on existing wireless tower infrastructure. “The result is the likely expansion of the mid-single-digit revenue growth to high-single-digit growth of the sector,” ClearBridge said.

On the health-care front, Morningstar’s Szapiro said, “We believe the new administration will draft new rules on short-term health plans, raise non-appropriated funds to restore advertising and other support for federally run exchanges, and use waivers to expand eligibility for coverage, such as in the Medicaid program,” all of which could open new investment opportunities in the health-care sector.