South Korea Battery Management Systems Market Size Insights Forecasts to 2032

• The Market Size is Growing at a CAGR of 14% from 2022 to 2032.       
• The South Korea Battery Management Systems Market Size is Expected to Hold a Substantial Share by 2032.

Get more details on this report -

Request Free Sample PDF

The South Korea Battery Management Systems Market Size is Expected to Hold a Substantial Share by 2032, at a CAGR of 14% during the forecast period 2022 to 2032. 

 

Market Overview

Battery management systems (BMS) regulate the behavior of batteries while integrating them with the machinery that charges or uses their output. They play an important role in maximizing a battery's lifespan by controlling the temperature to prevent overheating and distributing the charge uniformly among the cells to prevent damage from undercharging or overcharging specific cells. Furthermore, they ensure that the battery does not operate outside of the safe current, voltage, and temperature ranges. Modern BMS have systems that monitor the health of the cells and can provide the user with performance and maintenance information. While BMS is required for all current battery applications in energy systems, hybrid electric vehicles, including plug-in hybrid electric vehicles and fuel cell electric vehicles, are especially important. This is because they coordinate the contributions of different energy sources and make the battery responsive to sudden changes in charge and discharge cycles during travel, such as steady accelerations, power bursts, and regenerative braking. They also control the charging of the vehicle by exchanging in long-term demand for South Korean battery management systems (BMS) is expected to increase due to their functional safety for improved battery pack performance and the country's growing demand for energy storage systems. formation about the battery's charge status with the charging station as quickly as possible.

 

Report Coverage

This research report categorizes the market for South Korea battery management systems market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea battery management systems market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea battery management systems market.

Driving Factors

Several factors are positively influencing the growth of the BMS market in South Korea, including the increasing adoption of electric vehicles and battery-powered public transportation, as well as a growing preference for renewable energy, which is increasing demand for sustainable battery solutions across a variety of industries. The adoption of rechargeable batteries is increasing across a wide range of end-use industries, including telecommunications, aerospace and defense, marine, electronics, and many others. Furthermore, significant investment by key players in the R&D of advanced battery management and diagnostic systems to increase their market share is likely to provide lucrative opportunities for BMS growth in the South Korean market.

 

Restraining Factors

The additional costs for integrating BMS solutions into battery packs, which raise their cost, are expected to stymie market growth.

 

Market Segment

 

• In 2022, the stationary battery segment accounted for the largest revenue share over the forecast period.

Based on the type, the South Korean battery management systems are segmented into stationary batteries and motive batteries. Among these, the stationary battery segment has the largest revenue share over the forecast period. Stationary batteries have thicker grid structures and other features to ensure a long shelf life. They are widely used in handheld devices such as power emergency lights and uninterruptible power systems for hospitals, factories, and telephone exchanges, as well as for storing energy generated by terrestrial solar cells. Stationary batteries are rarely discharged and operate on a constant float charge.

 

• In 2022, the distributed segment accounted for a significant revenue share over the forecast period.

Based on the topology, the South Korea battery management systems market is segmented into centralized, distributed, and modular. Among these, the distributed segment has a significant revenue share over the forecast period. The BMS distributed topology includes cell strings or cells that are equipped with their own BMS module to provide operational parameter measurement, balancing, and communication, as well as the BMS controller handles calculation and communication. This approach combines central control management and distributed data collection by segmenting a distributed BMS into a master and several battery modules. The distributed BMS provides a high level of reliability and robustness while also allowing for a cost-effective development process, allowing for a significant reduction in the cost of the final battery pack. The benefits of distributed BMSs include scalability and flexibility as there is no maximum number of inputs defined and cells can be added or removed even after installation, resulting in simple hardware integration.

 

• In 2022, the battery management unit segment accounted for the largest revenue share over the forecast period.

Based on the components, the South Korea battery management systems market is segmented into battery management units and communication units. Among these, the battery management unit segment has the largest revenue share over the forecast period. The battery management unit's primary function is to record all relevant data in the battery system of electric and hybrid vehicles and to analyze the battery's health. For example, if the battery condition becomes critical, the battery management unit takes appropriate action by communicating with the vehicle's energy management system via the controller area network (CAN). In addition, the battery management unit manages and controls the battery system's components such as the cell monitoring unit, high voltage current sensor, and insulation monitoring unit. Furthermore, the battery management unit is in charge of monitoring the battery's state of charge (SoC), state of health (SoH), and state of function (SoF).

 

• In 2022, the lithium-ion segment is expected to grow at a significant CAGR over the forecast period.

Based on the battery type, the South Korea battery management systems market is segmented into lithium-ion and lead-acid. Among these, the lithium-ion segment is expected to grow at a significant CAGR over the forecast period. Lithium-ion batteries are rechargeable batteries that contain lithium ions that migrate from the negative electrode to the positive electrode during discharge and back to the negative electrode when the battery is charged. In comparison to other battery types, lithium-ion batteries use an intercalated lithium compound as one electrode material and have a high energy density, little or no memory effect, and low self-discharge. The chemistry of Li-ion batteries varies with performance and cost across different use cases, but they are widely used in EVs and other portable electronic devices.

 

• In 2022, the automotive segment accounted for a significant revenue share over the forecast period.

Based on the application, the South Korea battery management systems market is segmented into automotive, consumer/industrial handheld devices, and energy. Among these, the automotive segment has a significant revenue share over the forecast period. The application of BMS in the automotive sector is further classified as electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, battery electric vehicles, electric heavy vehicles, E-bikes, off-road vehicles, and others. Electric vehicles are defined as vehicles that run on an electric motor rather than an internal combustion engine. Hybrid electric vehicles and plug-in hybrid electric vehicles, on the other hand, are powered by both an internal combustion engine and one or more electric motors that use energy stored in batteries. Similarly, battery electric vehicles are fully electric vehicles with no gasoline engine and only rechargeable batteries.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea battery management systems market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Ficosa International SA
• Schneider Electric SE
• Renesas Electronics Corporation
• NXP Semiconductors NV
• LG Energy Solutions Ltd
• AVL List GmBH
• Avnet Asia Pte Ltd
• SkOn Co. Ltd (SK Innovation)
• Panasonic Holdings Corporation
• Others
•  

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Development

 

• In April 2022, Avnet Asia, a Singapore-based global technology provider, announced plans to host a virtual exhibition and conference series for its South Korean and South Asian customers, with the subjects being technological advancements in Battery Management Systems (BMS) and Industrial IoT (IIoT). The event included discussions about introducing cutting-edge technology in BMS and IIoT, with expected avenues on smart manufacturing systems and widespread use of alternative energy.

 

• In April 2022, SK Inc. revealed the creation of a Battery Monitoring Integrated Circuit (BMIC). The product was created in collaboration with Autosilicon, a South Korean semiconductor company. The company's goal with this product is to improve the safety and cost-effectiveness of EV batteries.

 

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea Battery Management Systems Market based on the below-mentioned segments:

 

South Korea Battery Management Systems Market, By Type

 

• Stationary Battery
• Motive Battery

 

South Korea Battery Management Systems Market, By Topology

 

• Centralized
• Distributed
• Modular

 

South Korea Battery Management Systems Market, By Component

 

• Battery Management Unit
• Communication Unit

South Korea Battery Management Systems Market, By Battery Type

 

• Lithium-ion
• Lead-acid

 

South Korea Battery Management Systems Market, By Application

 

• Automotive
• Consumer/Industrial Handheld Devices
• Energy