Presently, the market has reached pre-pandemic levels. Over the long term, South Korean battery management systems (BMS) are likely to have an upscaled demand due to their functional safety for the better performance of battery packs and the growing demand for energy storage systems in the country.
The South Korean battery management systems market is moderately consolidated. Some of the key players in the market (in no particular order) include Ficosa International SA, Schneider Electric SE, Renesas Electronics Corporation, NXP Semiconductors NV, and LG Energy Solutions Ltd.
The country's BESS projects and other renewable projects have so far stretched the Renewable Portfolio Standard (RPS) from 3.5% in 2016 to 9% in 2021. This section covers the major market trends shaping the South Korea Battery Management Systems Market according to our research experts:
A battery management system is a technology that is dedicated to the supervision of a battery pack. The supervision includes monitoring the battery pack, providing battery protection, optimizing battery performance, etc. The South Korean battery management systems market is segmented by application (Stationary, Portable, and Transportation).
South Korea has attempted to strengthen the power security of the country with energy storage systems. Standalone and hybrid battery energy storage systems have been frequently established in the country in the last decade, which directly impacted the battery manufacturing industry and the associated systems positively.
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