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Lithium-ion batteries have greater energy density, hold charges well, and have higher voltage per cell than other alternatives. In fact, the global market size is expected to rise from $44 billion in 2021 to $193 billion in 2028.
But they are a growing fire hazard. When damaged or overloaded, they are prone to spontaneous ignition. A 2018 report from the U.S. Consumer Product Safety Commission found more than 25,000 overheating or fire incidents have been reported over the previous five-year period.
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