Thermoeconomic Lifecycle Cost Optimization of an Annular Fin Heat Exchanger

In this paper the design of annular fin heat exchanger based on economic optimization has been carried out. The optimization process targeted minimizing the lifecycle cost of annular fin heat exchanger that has the same frontal area, effectiveness and heat load of available practical standard geometry exchangers. The lifecycle cost includes both capital and operating costs. Beside the pumping cost, both the cost of exergy destruction due to irreversibilities and 10% inflation rate are included in the operating cost. The optimization process is implemented using Evolutionary Algorithm (EA). Evolutionary Algorithm is a numerical technique which is initiated by randomly generating a set of possible solutions. The optimized design has shown a significant decrease in the lifecycle cost as compared with that of standard geometry that has minimum lifecycle cost. Based on the optimized design relations for Colburn and friction factors are developed.