Thermoeconomic Analysis of Heat Exchanger by P1 –P2 and Effectiveness-NTU Method

Abstract

Application of thermoeconomics principles to the heat exchanger design development will be one of the ways to reduce the energy demand. The process of heat exchange between two fluids that are at different temperatures and separated by a solid wall is widely used in many fields of technology. Therefore, heat transfer analysis and design heat exchanger become an important issue in energy conservation. Thermoeconomic study on two types of heat exchanger namely, counter flow heat exchanger and parallel flow heat exchanger had been performed. The P₁-P₂ method together with Effectiveness-NTU method had been followed. The main purpose of this study is to maximize cost saving on using these heat exchangers. The study showed counter flow heat exchanger outperformed than parallel type heat exchanger. The payback period of counter flow heat exchanger based on heat transfer surface area, is shorter compared to parallel flow heat exchanger.