Lithium

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The global lithium-ion battery market is expected to grow at a noteworthy CAGR of over 18.9% over the forecast period 2022 to 2030. The lithium-ion batteries market has been predicted to see tremendous growth as a result of the recent upsurge in popularity of electric cars, in addition to continuing to rise exponentially due to the increased demand for electronic items like laptops, tablets, and smartwatches.

Compared to other battery chemistries, lithium batteries are unique because of their high energy density and cheap cost per cycle. But the word "lithium battery" is vague. There are around six popular lithium battery chemistries, each with specific benefits and drawbacks. Lithium Iron Phosphate is the most common chemical for uses in renewable energy (LiFePO4). Excellent thermal stability, high current ratings, a long cycle life, and abuse tolerance all contribute to the chemistry's high level of safety.