"Currently, most ships lack suitable firefighting capabilities and early detection systems to tackle these fires at sea," says Miguel Herrera, senior marine risk consultant at Allianz Risk Consulting. (Credit: Avigator Thailand/Shutterstock.com)

Demand for lithium-ion batteries is soaring on the back of sales for items ranging from smart devices to electric vehicles. A key component for the renewable energy sector as well, lithium-ion batteries are expected to see sales grow from $44.5 billion this year to more than $135 billion by 2031, according to market research.

While lithium-ion offers the highest energy density among rechargeable battery types, it also carries fire and explosion risks if incorrectly stored or handled, according to Allianz Global Corporate Specialty (AGCS). These risks become even more troublesome on cargo vessels, which already face difficulties in fighting blazes.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

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