Do nanofluids affect the future of heat transfer?“A benchmark study on the efficiency of nanofluids”

In this research, the thermal performance and economic efficiency of nanofluids are investigated. Considering that the economic justification is the most important factor for the survival of industry and the advancement of invention, price-performance analysis is examined using empirical data. What initially led to the development of research of the heat transfer of nanofluids was reports of anomalous increase in the thermal properties of fluids containing nanoparticles. Abundant need for introducing solutions to increase the heat transfer rate in cooling systems attracted many researchers. After two decades of research on this phenomenon, it is time to investigate whether nanofluids have been able to meet the expectations of heat transfer researchers and create a massive transformation in the field of heat transfer or not? Whether or not the nanofluids, as claimed, would increase efficiency and reduce costs? And finally, will nanofluids acquire a share of the fluid market of heat transfer in the near future? In this research, experimental data of efficiency of different nanofluids (aqueous Ag, MgO, MWCNT and DWCNT) is reviewed and efficiency-price index is presented. Afterward, these informations are compared according to the price of nanofluids and specifying the most efficient nanofluid. Economic analysis of heat transfer of nanofluids indicated that nanofluids don’t have economic justification except in high-tech devices with critical applications. •Investigating four aqueous nanofluids containing metal, metal oxide and CNT nanoparticles.•Investigating different criteria of evaluation of nanofluids that are presented in literature.•Presenting economic evaluation and price-performance ratio for testing nanofluids.•Surveying the application of nanofluids and feasibility study of nanofluids according to their Efficiency-Price Index.