Market Size of South Korea Battery Management Systems Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 16.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
South Korea Battery Management Systems Market Analysis
The South Korean battery management systems market is expected to register a CAGR of over 16% during the forecast period.
COVID-19 has impacted the battery management systems market. 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.
- On the other hand, the additional costs for integrating BMS solutions into the battery packs, which make them more expensive, are expected to hinder the market growth.
- Nevertheless, the country's renewable energy plans for the near future create ample opportunities for market development. 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.
