Who owns the battery management systems market in South Korea?

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. Image © Mordor Intelligence.

Are South Korean companies investing in energy storage systems?

Less than a decade ago, South Korean companies held over half of the global energy storage system (ESS) market with the rushed promise of helping secure a more sustainable energy future. However, a string of ESS-related fires and a lack of infrastructure had dampened investments in this market.

Will South Korean battery management systems upscale the demand for energy storage systems?

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.

Which battery manufacturers are based in South Korea?

Major battery manufacturers such as LG Chem and Samsung SDI Co., Ltd. are based in South Korea. They have been investing heavily in developing advanced battery technologies, which has contributed to the growth of the BESS market in the country.

What is the growth rate of South Korea battery management systems market?

The South Korea Battery Management Systems Market is growing at a CAGR of greater than 16% over the next 5 years. Ficosa International SA, Schneider Electric SE, Renesas Electronics Corporation, NXP Semiconductors NV and LG Energy Solutions Ltd are the major companies operating in this market.

What drives the Bess market in South Korea?

The BESS market in South Korea has been driven by the country's strong manufacturing base in the battery industry. Major battery manufacturers such as LG Chem and Samsung SDI Co., Ltd. are based in South Korea.