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RBC identifies GE, Siemens, and Caterpillar as key equipment suppliers for major BTM energy projects
Tuesday, March 10, 2026 at 11:50 AM
RBC Capital Markets identified the primary equipment suppliers for major Behind-the-Meter (BTM) energy projects, listing GE, Siemens, and Caterpillar as the dominant providers in the infrastructure supply chain.
Context
RBC Capital Markets has identified Caterpillar, GE Vernova, and Siemens Energy as the primary equipment providers for major behind-the-meter (BTM) energy projects. This trend is accelerating as data center operators and industrial sites seek to bypass lengthy grid interconnection queues. By installing on-site power solutions, including natural gas turbines, reciprocating engines, and battery energy storage systems (BESS), these companies are securing the infrastructure needed to support the massive electricity demands of AI and hyperscale computing.
Industry forecasts suggest that 25% to 33% of incremental data center power demand through 2030 will be met via BTM solutions. This shift represents a significant market opportunity, with potential equipment revenue for suppliers already scaling into the billions. For example, a single partnership between Chevron, Engine No. 1, and GE Vernova aims to deliver up to 4 GW of co-located power by 2027, while other projects are deploying massive battery arrays ranging from 20 MWh to over 500 MWh per site.
Sources (15)
Battery storage: Strategies for revenue stacking and investment success | Institutional Investor | Macquarie Asset Management | Macquarie Group[PDF] DELTA Switches and Socket Outlets - Catalog ET D1 - 2018/19Data center power solutions - Siemens EnergyChevron, Engine No. 1 and GE Vernova To Power U.S. Data Centers — ChevronPower Hungry: How The AI Boom Is Forcing A Clean Energy ReckoningHow AI Labs Are Solving the Power Crisis: The Onsite Gas Deep DiveNews & Research - RBC Richardson BarrEnergy Reports - RBC
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