The global behind-the-meter power for data centers market was valued at USD 9.80 billion in 2025. The market is estimated at USD 14.60 billion in 2026 and is projected to reach USD 86.70 billion by 2036, at a CAGR of 19.5% during the forecast period 2026-2036. This report provides a detailed assessment of the market, covering generation technologies, interconnection and energization timelines, levelized cost of energy, fuel supply, FERC rulings, commercial structures, pricing, the supplier landscape, and growth opportunities.
The market includes generating and storage assets placed on the customer side of the utility meter to power a data center campus. Gas turbines, engine gensets, solid oxide and PEM fuel cells, on-site solar PV, batteries within the on-site system, small modular reactors planned for later use, and diesel, dual-fuel, hydrogen-ready, and waste heat recovery units are all in scope. The study also covers switchgear, microgrid controls, and protection equipment, plus EPC, O&M, and energy-as-a-service contracts.
Demand for behind-the-meter power for data centers stems from a timing gap: a campus takes a few quarters to build, while grid studies and upgrades for a load of several hundred megawatts take years. Bloom Energy reported third-quarter 2026 revenue of USD 1.23 billion, up 138.1% from a year earlier, while its framework agreement with Oracle covers up to 2.8 GW of fuel cell capacity, 1.2 GW of it firmly contracted. GE Vernova reported second-quarter 2026 orders of USD 24.2 billion, up 88% organically, and said in July 2026 that its data center orders for the year to date had passed USD 5 billion, more than double its 2025 total.
In December 2025, the Federal Energy Regulatory Commission ruled in a PJM order that netting on-site generation against large loads can shift costs to other customers, told PJM to set a megawatt materiality threshold, and allowed a three-year transition. This removes a transmission cost benefit behind many project cases, so new projects must rest on speed to power, supply control, and resilience. Equipment lead times are another restraint, as GE Vernova's gas equipment backlog and slot reservations rose from 100 GW to 116 GW in the second quarter of 2026, committing turbine output years ahead. Challenges include gas supply and pipeline capacity at the site, air permits and local opposition to combustion units, and the reliability duties an operator assumes when on-site plants become the main supply.
Bridge power for facilities waiting on a grid connection is a large opportunity, favoring fast-to-deploy engines, mobile turbines, and leased equipment, with premium pricing because the alternative is an unused campus. Solid oxide fuel cells suit constrained and emissions-sensitive sites, as they run without combustion and can be permitted where engines and turbines cannot. Energy-as-a-service contracts give providers fifteen to twenty years of recurring revenue, and small modular reactors are expected to add revenue mainly after the early 2030s. Key trends include on-site generation moving from backup duty to primary supply, capacity reservation replacing project-by-project buying, and hybrid systems combining generation, storage, and controls.
By technology, the behind-the-meter power for data centers market is segmented into natural gas generation, fuel cells, battery energy storage, on-site solar photovoltaic (PV), nuclear & small modular reactors (SMRs), and other technologies. Natural gas generation, which includes aeroderivative and industrial gas turbines and engine gensets, is expected to account for the largest share in 2026, as these units come in the sizes large campuses need, their supply chain and service network are mature, and gas offers a low cost per megawatt hour wherever supply is ample. Fuel cells are expected to grow at the highest CAGR, supported by their acceptance at sites where combustion plants face permitting barriers, high electrical efficiency with low local emissions, and modular delivery that fits phased energization. Nuclear and small modular reactors should add little before the early 2030s and then grow quickly from a very small base.
By power capacity, the behind-the-meter power for data centers market is segmented into up to 50 MW, 50 MW to 200 MW, 200 MW to 500 MW, and above 500 MW. The 50 MW to 200 MW range is expected to account for the largest share in 2026, because most single buildings and early campus phases fall in this band, standard equipment packages are built for it, and fuel, permits, and site area are easier to manage than at larger sizes. Installations above 500 MW are expected to record the highest CAGR, as fully built AI campuses need power at this scale, operators prefer to secure generation for a whole campus in one deal, and capacity frameworks are now sized in gigawatts. Deals such as Bloom Energy's Oracle framework for up to 2.8 GW show where the largest installations are heading.
By configuration, the behind-the-meter power for data centers market is segmented into grid-parallel supplemental systems, bridge power, island primary supply, and co-located generation. Grid-parallel supplemental systems are expected to account for the largest share in 2026, as operators keep their grid connection while adding on-site units for load above their interconnection limit, the grid stays available as a backstop, and protection needs are simpler than for islanded operation. Bridge power is expected to grow at the highest CAGR, driven by the number of finished facilities waiting for interconnection, the premium an idle campus justifies, and the fit of leased, quickly deployed equipment for a fixed-term need. Co-located generation should also grow strongly, although FERC's rulings will shape its pace.
By offering, the behind-the-meter power for data centers market is segmented into equipment, engineering, procurement & construction (EPC), operations & maintenance (O&M), and energy-as-a-service. Equipment is expected to account for the largest share in 2026, since generating units, storage, switchgear, and controls make up most of the project cost, and most capacity so far has been bought or reserved as hardware by the operator or its contractor. Energy-as-a-service is expected to grow at the highest CAGR, as operators prefer paying for availability and energy over owning power plants, institutional investors are funding providers that own the assets, and the contracts produce long-term recurring revenue.
By data center type, the behind-the-meter power for data centers market is segmented into hyperscale & cloud data centers, AI & HPC campuses, colocation facilities, and enterprise & edge sites. Hyperscale & cloud operators are expected to account for the largest share in 2026, given the volume of capacity they are building, their ability to sign gigawatt-scale power frameworks, and the balance sheets needed to arrange on-site generation at this size. AI & HPC campuses are expected to grow at the highest CAGR, as they place very large loads at single sites that more often exceed grid headroom, competition compresses their build schedules, and idle accelerated computing makes delayed energization far more costly than on-site power. Colocation should also grow strongly as providers market powered capacity to tenants.
In 2026, North America is expected to hold the largest regional share, driven by the scale of hyperscale and AI campus construction, long interconnection queues in the main data center hubs, and competitively priced natural gas. Many leading suppliers, including Bloom Energy, GE Vernova, Caterpillar, Cummins, Oklo, and NuScale Power, are based in the U.S. FERC's December 2025 PJM order obliges co-located loads to buy specified transmission services subject to contract demand caps, which is changing how regional projects are structured.
The Middle East & Africa is expected to grow at the highest CAGR during the forecast period, supported by sovereign-backed AI campus projects in Saudi Arabia and the UAE, low-cost gas, limited transmission headroom, and a policy preference for building power and computing capacity together. In Asia-Pacific, projects across Japan, Singapore, Malaysia, India, South Korea, and Australia support demand, while grid and land limits in Singapore and Japan favor compact, low-emission systems and many markets rely on LNG rather than pipeline gas. Demand in Europe comes from Ireland, the Netherlands, Germany, and the Nordic countries, where grid connection moratoria in several metro areas have made on-site power a condition for new projects and strict emissions rules favor fuel cells and hybrid systems. Latin America should grow from a low base, supported by projects in Brazil, Mexico, and Chile.
Competition in the behind-the-meter power for data centers market spans several technologies, but supply is consolidating around a smaller group of companies that can deliver at the capacities large campuses require. Turbine and engine makers compete with fuel cell suppliers mainly on delivery time and permitting, while energy service providers compete on commercial structure and financing. Leading companies are adding capacity for prime-rated generation, converting it into multi-gigawatt frameworks and slot reservations, raising funding for energy-as-a-service, and contracting advanced nuclear capacity for the 2030s. Recent activity includes Bloom Energy's Oracle framework and expanded Brookfield financing, and record orders at GE Vernova, which reported that Power segment orders rose 134% organically in the second quarter of 2026.
Key companies profiled in the report include Bloom Energy Corporation (U.S.), GE Vernova Inc. (U.S.), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Siemens Energy AG (Germany), Mitsubishi Heavy Industries, Ltd. (Japan), Wartsila Corporation (Finland), Rolls-Royce Holdings plc (U.K.), Generac Holdings Inc. (U.S.), Schneider Electric SE (France), Eaton Corporation plc (Ireland), Oklo Inc. (U.S.), NuScale Power Corporation (U.S.), FuelCell Energy, Inc. (U.S.), Mainspring Energy, Inc. (U.S.), and Enchanted Rock, LLC (U.S.).
The market includes generating and storage assets placed on the customer side of the utility meter to power a data center campus. Gas turbines, engine gensets, solid oxide and PEM fuel cells, on-site solar PV, batteries within the on-site system, small modular reactors planned for later use, and diesel, dual-fuel, hydrogen-ready, and waste heat recovery units are all in scope. The study also covers switchgear, microgrid controls, and protection equipment, plus EPC, O&M, and energy-as-a-service contracts.
Demand for behind-the-meter power for data centers stems from a timing gap: a campus takes a few quarters to build, while grid studies and upgrades for a load of several hundred megawatts take years. Bloom Energy reported third-quarter 2026 revenue of USD 1.23 billion, up 138.1% from a year earlier, while its framework agreement with Oracle covers up to 2.8 GW of fuel cell capacity, 1.2 GW of it firmly contracted. GE Vernova reported second-quarter 2026 orders of USD 24.2 billion, up 88% organically, and said in July 2026 that its data center orders for the year to date had passed USD 5 billion, more than double its 2025 total.
Market Dynamics
The main driver of the behind-the-meter power for data centers market is the mismatch between data center build schedules and grid interconnection timelines, which leaves operators choosing between an idle facility and generation they control. AI computing adds to the pressure, since single campuses now request loads that exceed the spare capacity at many grid connection points. Turbines, engines, and modular fuel cells can be commissioned within the construction window, so power arrives hall by hall. Hyperscale operators also contract capacity in gigawatt-scale frameworks, and energy-as-a-service models backed by institutional capital keep generation off their balance sheets, as shown by the USD 25 billion financing framework that Bloom Energy reported with Brookfield.In December 2025, the Federal Energy Regulatory Commission ruled in a PJM order that netting on-site generation against large loads can shift costs to other customers, told PJM to set a megawatt materiality threshold, and allowed a three-year transition. This removes a transmission cost benefit behind many project cases, so new projects must rest on speed to power, supply control, and resilience. Equipment lead times are another restraint, as GE Vernova's gas equipment backlog and slot reservations rose from 100 GW to 116 GW in the second quarter of 2026, committing turbine output years ahead. Challenges include gas supply and pipeline capacity at the site, air permits and local opposition to combustion units, and the reliability duties an operator assumes when on-site plants become the main supply.
Bridge power for facilities waiting on a grid connection is a large opportunity, favoring fast-to-deploy engines, mobile turbines, and leased equipment, with premium pricing because the alternative is an unused campus. Solid oxide fuel cells suit constrained and emissions-sensitive sites, as they run without combustion and can be permitted where engines and turbines cannot. Energy-as-a-service contracts give providers fifteen to twenty years of recurring revenue, and small modular reactors are expected to add revenue mainly after the early 2030s. Key trends include on-site generation moving from backup duty to primary supply, capacity reservation replacing project-by-project buying, and hybrid systems combining generation, storage, and controls.
Segment Analysis
The report analyzes the market by technology, power capacity, configuration, offering, data center type, and geography, helping stakeholders identify the most attractive areas for investment, product development, and partnering.By technology, the behind-the-meter power for data centers market is segmented into natural gas generation, fuel cells, battery energy storage, on-site solar photovoltaic (PV), nuclear & small modular reactors (SMRs), and other technologies. Natural gas generation, which includes aeroderivative and industrial gas turbines and engine gensets, is expected to account for the largest share in 2026, as these units come in the sizes large campuses need, their supply chain and service network are mature, and gas offers a low cost per megawatt hour wherever supply is ample. Fuel cells are expected to grow at the highest CAGR, supported by their acceptance at sites where combustion plants face permitting barriers, high electrical efficiency with low local emissions, and modular delivery that fits phased energization. Nuclear and small modular reactors should add little before the early 2030s and then grow quickly from a very small base.
By power capacity, the behind-the-meter power for data centers market is segmented into up to 50 MW, 50 MW to 200 MW, 200 MW to 500 MW, and above 500 MW. The 50 MW to 200 MW range is expected to account for the largest share in 2026, because most single buildings and early campus phases fall in this band, standard equipment packages are built for it, and fuel, permits, and site area are easier to manage than at larger sizes. Installations above 500 MW are expected to record the highest CAGR, as fully built AI campuses need power at this scale, operators prefer to secure generation for a whole campus in one deal, and capacity frameworks are now sized in gigawatts. Deals such as Bloom Energy's Oracle framework for up to 2.8 GW show where the largest installations are heading.
By configuration, the behind-the-meter power for data centers market is segmented into grid-parallel supplemental systems, bridge power, island primary supply, and co-located generation. Grid-parallel supplemental systems are expected to account for the largest share in 2026, as operators keep their grid connection while adding on-site units for load above their interconnection limit, the grid stays available as a backstop, and protection needs are simpler than for islanded operation. Bridge power is expected to grow at the highest CAGR, driven by the number of finished facilities waiting for interconnection, the premium an idle campus justifies, and the fit of leased, quickly deployed equipment for a fixed-term need. Co-located generation should also grow strongly, although FERC's rulings will shape its pace.
By offering, the behind-the-meter power for data centers market is segmented into equipment, engineering, procurement & construction (EPC), operations & maintenance (O&M), and energy-as-a-service. Equipment is expected to account for the largest share in 2026, since generating units, storage, switchgear, and controls make up most of the project cost, and most capacity so far has been bought or reserved as hardware by the operator or its contractor. Energy-as-a-service is expected to grow at the highest CAGR, as operators prefer paying for availability and energy over owning power plants, institutional investors are funding providers that own the assets, and the contracts produce long-term recurring revenue.
By data center type, the behind-the-meter power for data centers market is segmented into hyperscale & cloud data centers, AI & HPC campuses, colocation facilities, and enterprise & edge sites. Hyperscale & cloud operators are expected to account for the largest share in 2026, given the volume of capacity they are building, their ability to sign gigawatt-scale power frameworks, and the balance sheets needed to arrange on-site generation at this size. AI & HPC campuses are expected to grow at the highest CAGR, as they place very large loads at single sites that more often exceed grid headroom, competition compresses their build schedules, and idle accelerated computing makes delayed energization far more costly than on-site power. Colocation should also grow strongly as providers market powered capacity to tenants.
Regional Analysis
The report covers North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, spanning 18 countries, the Nordics, and four rest-of-region groups. The regional analysis of the behind-the-meter power for data centers market considers construction pipelines, interconnection queues, gas and fuel availability, permitting and emissions rules, and the presence of local suppliers.In 2026, North America is expected to hold the largest regional share, driven by the scale of hyperscale and AI campus construction, long interconnection queues in the main data center hubs, and competitively priced natural gas. Many leading suppliers, including Bloom Energy, GE Vernova, Caterpillar, Cummins, Oklo, and NuScale Power, are based in the U.S. FERC's December 2025 PJM order obliges co-located loads to buy specified transmission services subject to contract demand caps, which is changing how regional projects are structured.
The Middle East & Africa is expected to grow at the highest CAGR during the forecast period, supported by sovereign-backed AI campus projects in Saudi Arabia and the UAE, low-cost gas, limited transmission headroom, and a policy preference for building power and computing capacity together. In Asia-Pacific, projects across Japan, Singapore, Malaysia, India, South Korea, and Australia support demand, while grid and land limits in Singapore and Japan favor compact, low-emission systems and many markets rely on LNG rather than pipeline gas. Demand in Europe comes from Ireland, the Netherlands, Germany, and the Nordic countries, where grid connection moratoria in several metro areas have made on-site power a condition for new projects and strict emissions rules favor fuel cells and hybrid systems. Latin America should grow from a low base, supported by projects in Brazil, Mexico, and Chile.
Competitive Landscape
The report provides a detailed review of the competitive landscape, covering key growth strategies, competitive benchmarking, the competitive dashboard (market leaders, market differentiators, vanguards, and emerging players), and market share/rank analysis by key player for 2025. Company profiles include business and financial overviews, behind-the-meter power and product portfolios, manufacturing footprints, strategic developments, and SWOT analyses.Competition in the behind-the-meter power for data centers market spans several technologies, but supply is consolidating around a smaller group of companies that can deliver at the capacities large campuses require. Turbine and engine makers compete with fuel cell suppliers mainly on delivery time and permitting, while energy service providers compete on commercial structure and financing. Leading companies are adding capacity for prime-rated generation, converting it into multi-gigawatt frameworks and slot reservations, raising funding for energy-as-a-service, and contracting advanced nuclear capacity for the 2030s. Recent activity includes Bloom Energy's Oracle framework and expanded Brookfield financing, and record orders at GE Vernova, which reported that Power segment orders rose 134% organically in the second quarter of 2026.
Key companies profiled in the report include Bloom Energy Corporation (U.S.), GE Vernova Inc. (U.S.), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Siemens Energy AG (Germany), Mitsubishi Heavy Industries, Ltd. (Japan), Wartsila Corporation (Finland), Rolls-Royce Holdings plc (U.K.), Generac Holdings Inc. (U.S.), Schneider Electric SE (France), Eaton Corporation plc (Ireland), Oklo Inc. (U.S.), NuScale Power Corporation (U.S.), FuelCell Energy, Inc. (U.S.), Mainspring Energy, Inc. (U.S.), and Enchanted Rock, LLC (U.S.).
How This Report Helps
- Provides reliable market size estimates and long-term forecasts for the global behind-the-meter power for data centers market.
- Explains how the interconnection gap, AI load growth, and gigawatt-scale contracting are driving on-site generation demand.
- Assesses the effect of FERC's co-located load rulings, equipment lead times, and gas supply and permitting limits on project economics.
- Identifies high-growth opportunities across technology, power capacity, configuration, offering, data center type, and region.
- Compares on-site generation technologies on lead time, cost, emissions, and footprint.
- Benchmarks leading suppliers on deliverable capacity, portfolios, manufacturing footprints, financing models, and strategic developments.
- Supports technology selection, partnering, and market entry decisions for suppliers, data center operators, and investors.
Key Questions Answered
- How big is the global behind-the-meter power for data centers market today, and how will it grow through 2036?
- Why are data center operators turning to on-site generation, and how long is the interconnection gap likely to last?
- What are the main drivers, restraints, opportunities, challenges, and trends shaping the market?
- How do FERC's determinations on co-located load and netting change the business case for on-site power?
- Which technologies, capacity ranges, configurations, offerings, and data center types will grow the fastest?
- How do gas turbines, engines, fuel cells, and small modular reactors compare on lead time, cost, emissions, and footprint?
- How are energy-as-a-service and independent power producer structures changing the way on-site generation is bought?
- Which regions and countries offer the most attractive business opportunities?
- Who are the leading suppliers, and how are they using capacity reservations, financing, and partnerships to compete?
Table of Contents
1. Introduction
2. Research Methodology
4. Market Insights
5. Behind-the-Meter Power for Data Centers Market, by Technology
6. Behind-the-Meter Power for Data Centers Market, by Power Capacity
7. Behind-the-Meter Power for Data Centers Market, by Configuration
8. Behind-the-Meter Power for Data Centers Market, by Offering
9. Behind-the-Meter Power for Data Centers Market, by Data Center Type
10. Behind-the-Meter Power for Data Centers Market, by Geography
11. Competitive Landscape
12. Company Profiles
13. Appendix
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Bloom Energy Corporation
- GE Vernova Inc.
- Caterpillar Inc.
- Cummins Inc.
- Siemens Energy AG
- Mitsubishi Heavy Industries, Ltd.
- Wartsila Corporation
- Rolls-Royce Holdings plc
- Generac Holdings Inc.
- Schneider Electric SE
- Eaton Corporation plc
- Oklo Inc.
- NuScale Power Corporation
- FuelCell Energy, Inc.
- Mainspring Energy, Inc.
- Enchanted Rock, LLC
