enters the cavity through a port in left vertical wall and leaves through right one. ... Richardson number and Hartmann number parameters on the fluid flow and heat ..... on heat transfer and entropy generation of nanofluid flow in an open cavity,.
Available online at www.sciencedirect.com
ScienceDirect Procedia Engineering 127 (2015) 1181 – 1188
,QWHUQDWLRQDO&RQIHUHQFHRQ&RPSXWDWLRQDO+HDWDQG0DVV7UDQVIHU
,QYHVWLJDWLRQRQHIIHFWRIPDJQHWLFILHOGRQPL[HGFRQYHFWLRQKHDW WUDQVIHULQDYHQWLODWHGVTXDUHFDYLW\ .DPHO0LODQL6KLUYDQDE0RMWDED0DPRXULDQD 6RURXVK0LU]DNKDQODULF 0RKDPPDG0RJKLPDQD D
F
)HUGRZVL8QLYHUVLW\RI0DVKKDG'HSDUWPHQWRI0HFKDQLFDO(QJLQHHULQJ0DVKKDG,UDQ E 6RXWK3DUV*DV&RPSOH[$VVDOX\HK%XVKHKU,UDQ 'HSDUWPHQWRI0HFKDQLFDODQG$HURVSDFH(QJLQHHULQJ6FLHQFHDQG5HVHDUFKEUDQFK,VODPLF$]DG8QLYHUVLW\7HKUDQ,UDQ
$EVWUDFW
7KHHIIHFWRIDSSO\LQJWKHPDJQHWLFILHOGRQWKHPL[HGFRQYHFWLRQKHDWWUDQVIHULQDYHQWLODWHGVTXDUHFDYLW\ILOOHG ZLWKEDVHIOXLGZDWHU KDVEHHQLQYHVWLJDWHGQXPHULFDOO\7KHXSSHUZDOORISUHVHQWHGFDYLW\ZDVKHOGDWFRQVWDQW WHPSHUDWXUHDQGWKHERWWRPRQHZDVDWFRQVWDQWKHDWIOX[7KHULJKWDQGOHIWZDOOVDUHDGLDEDWLF$QH[WHUQDOIORZ HQWHUV WKH FDYLW\ WKURXJK D SRUW LQ OHIW YHUWLFDO ZDOO DQG OHDYHV WKURXJK ULJKW RQH 7KH JRYHUQLQJ HTXDWLRQV ZHUH GLVFUHWL]HG E\ D ILQLWH YROXPH PHWKRG DQG VROYHG ZLWK 6,03/( DOJRULWKP ,Q WKLV DUWLFOH WKH HIIHFWV RI WKH 5LFKDUGVRQQXPEHUDQG+DUWPDQQQXPEHUSDUDPHWHUVRQWKHIOXLGIORZDQGKHDWWUDQVIHUUDWHKDYHEHHQH[DPLQHG 7KHREWDLQHGUHVXOWVVKRZHGWKDWWKHKHDWWUDQVIHUUDWHGHFUHDVHVZLWKDQLQFUHDVHRIWKH+DUWPDQQQXPEHU © 2015 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license 7KH$XWKRUV3XEOLVKHGE\(OVHYLHU%9 (http://creativecommons.org/licenses/by-nc-nd/4.0/). 3HHUUHYLHZXQGHUUHVSRQVLELOLW\RIWKHRUJDQL]LQJFRPPLWWHHRI,&&+07± Peer-review under responsibility of the organizing committee of ICCHMT – 2015 .H\ZRUGV0L[HGFRQYHFWLRQYHQWLODWHGFDYLW\+DUWPDQQQXPEHU5LFKDUGVRQQXPEHU
,QWURGXFWLRQ 0DJQHWR+\GURG\QDPLFV 0+' FRQYHFWLRQV KDYH YDULRXV DSSOLFDWLRQV LQ HQJLQHHULQJ DQG LQGXVWULDO ILHOGV &U\VWDO JURZWK LQ OLTXLG FRROLQJ RI QXFOHDU UHDFWRU HOHFWURQLF SDFNDJH PLFURHOHFWURQLF GHYLFHV DQG VRODU
&RUUHVSRQGLQJDXWKRU7HO (PDLODGGUHVVPDPRXULDQ#XPDFLU
1877-7058 © 2015 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer-review under responsibility of the organizing committee of ICCHMT – 2015
doi:10.1016/j.proeng.2015.11.458
1182
Kamel Milani Shirvan et al. / Procedia Engineering 127 (2015) 1181 – 1188
WHFKQRORJ\DUHVRPHH[DPSOHV6HYHUDOVWXGLHVKDYHEHHQGRQHLQUHFHQWGHFDGHRQWKHHIIHFWRIWKHPDJQHWLFILHOG RQFRQYHFWLYHKHDWWUDQVIHULQFDYLWLHVg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g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
)LJ6FKHPDWLFRIYHQWLODWHGFDYLW\
1183
Kamel Milani Shirvan et al. / Procedia Engineering 127 (2015) 1181 – 1188
,WZDVDVVXPHGWKDWWKHFDYLW\LVILOOHGZLWK&XZDWHUQDQRIOXLG7KHWKHUPRSK\VLFDOSURSHUWLHVRI QDQRSDUWLFOHVDQGWKHZDWHUFDQEHVHHQLQ7DEOH 7DEOH7KHUPRSK\VLFDOSURSHUWLHVRIZDWHUDQGQDQRSDUWLFOHV0DKPRXGLHWDO>@ SURSHUW\ 6SHFLILFKHDW&S-NJ. 7KHUPDOFRQGXFWLYLW\.:P. 7KHUPDOH[SDQVLRQFRHIILFLHQWȕ. 'HQVLW\ȡNJP
:DWHU î
&XQDQRSDUWLFOHV î
7KHIORZRIWKLVVLPXODWLRQZDVFRQVLGHUHGWREHLQFRPSUHVVLEOHVWHDG\1HZWRQLDQDQGODPLQDU7KHYLVFRXV GLVVLSDWLRQLQWKHHQHUJ\HTXDWLRQKDVEHHQQHJOHFWHG$OVRDOORISURSHUWLHVH[FHSWWKHGHQVLW\DUHFRQVLGHUHGWREH FRQVWDQW7KHGHQVLW\YDULHVDFFRUGLQJWRWKH%RXVVLQHVTDSSUR[LPDWLRQ 7KHGLPHQVLRQOHVVYDULDEOHVZKLFKDUHXVHGWRDFKLHYHGLPHQVLRQOHVVIRUPRIWKHJRYHUQLQJHTXDWLRQVDUH OLVWHGDVIROORZV ܺൌ
ሺܶ െ ܶ ሻ݇ ݕ ݑ ݒ ݔ ǡ ܻ ൌ ǡ ܷ ൌ ǡ ܸ ൌ ǡ ߠ ൌ ǡܲ ൌ ܮ̶ݍ ܮ ݑ ݑ ߩ ݑ ଶ ܮ
7KHGLPHQVLRQOHVVIRUPRIWKHJRYHUQLQJHTXDWLRQVFRQWLQXLW\PRPHQWXPDQGHQHUJ\HTXDWLRQV IRUODPLQDU DQGVWHDG\VWDWHPL[HGFRQYHFWLRQIOXLGIORZDQGKHDWWUDQVIHUZLWKWKH%RXVVLQHVTDSSUR[LPDWLRQLQ\GLUHFWLRQDUH DVIROORZLQJ ߲ܷ ߲ܸ ൌͲ ߲ܺ ߲ܻ ܷ
ܷ
߲ܷ ͳ ߲ܷ ߲ܲ ͳ ߩ ߲ଶܷ ߲ଶܷ ܸ ൌെ ቆ ଶ ଶቇ ଶǤହ ߲ܺ ߲ܺ ߲ܻ ߲ܻ ߲ܺ ߩ ሺͳ െ ʣሻ
ߩ ߲ܸ ͳ ߲ܸ ߲ܲ ͳ ߩ ߲ଶܸ ߲ଶܸ ߩ௦ ߚ௦ ܸ ൌെ ቆ ଶ ଶ ቇ ቆͳ െ ʣ ʣ ቇߠ ଶǤହ ߲ܺ ߩ ߩ ߚ ߲ܺ ߲ܻ ߲ܻ ߲ܻ ߩ ሺͳ െ ʣሻ ߩ ߪ ଶ ܸ െ ߩ ߪ
߲ߠ ݇ ሺߩܿ ሻ ͳ ߲ଶߠ ߲ଶߠ ߲ߠ ܸ ൌ ቆ ଶ ଶቇ ܷ ݇ ሺߩܿ ሻ ߲ܺ ߲ܻ ߲ܻ ߲ܺ
:KHUHWKHGHQVLW\KHDWFDSDFLW\HIIHFWLYHG\QDPLFYLVFRVLW\RIWKHQDQRIOXLGWKHHIIHFWLYHWKHUPDOFRQGXFWLYLW\RI WKHQDQRIOXLGDQGLWVWKHUPDOGLIIXVLYLW\DUHDVIROORZLQJUHVSHFWLYHO\>@ ߩ ൌ ሺͳ െ ሻߩ ߩ ሺߩܥ ሻ ൌ ሺͳ െ ሻሺߩܥ ሻ ሺߩܥ ሻ ߤ ൌ
ߤ ሺͳ െ ሻଶǤହ
݇ ൫݇ ʹ݇ ൯ െ ʹ൫݇ െ ݇ ൯ ൌ ݇ ൫݇ ʹ݇ ൯ ൫݇ െ ݇ ൯
1184
Kamel Milani Shirvan et al. / Procedia Engineering 127 (2015) 1181 – 1188
ߙ ൌ
݇ ሺߩܥ ሻ
:KHUH3U5H5LDQG+DDUH3UDQGWHOQXPEHU5H\QROGVQXPEHU5LFKDUGVRQQXPEHUDQG+DUWPDQQQXPEHU UHVSHFWLYHO\DQGDUHGHILQHGE\IROORZLQJ ൌ
߭ ǡ ߙ
ൌ
ݑ ܮ ǡ ߭
ൌ
ǡ ଶ
ߪ ൌ ܤ ܮඨ Ɋ
7KHGLPHQVLRQOHVVERXQGDU\FRQGLWLRQVIRUWKHSUHVHQWHGSUREOHPDUHVSHFLILHGDVIROORZV ,QOHWSRUW כൌ ͳǡ כൌ Ͳ ǡ Ʌ ൌ Ͳ
2XWOHWSRUW μכ μ כ μɅ ൌ Ͳǡ ൌ Ͳǡ כൌ Ͳ μ μ μ
/HIWVROLGZDOO כൌ Ͳǡ כൌ Ͳ ǡ
μɅ ൌͲ μ כ
5LJKWVROLGZDOO כൌ Ͳǡ כൌ Ͳ ǡ
μɅ ൌͲ μ כ
7RSVROLGZDOO כൌ Ͳǡ כൌ Ͳ ǡ Ʌ ൌ Ͳ
%RWWRPVROLGZDOO כൌ Ͳǡ כൌ Ͳ ǡ
μɅ ୠ ൌ μ כ୬
7KHORFDO1XVVHOWQXPEHURYHUWKHKHDWWUDQVIHUZDOOVZDVFDOFXODWHGE\ ൌ
ݍ ̶ ͳ ݄ܮ ǡ݄ ൌ ǡ ൌ ܶ௦ െܶ ߠ௦ ݇
$QGWKHPHDQ1XVVHOWQXPEHURYHUWKHKRWZDOOLV ܰݑ ൌ
݊݀ݑܰ ݊݀
7KH JRYHUQLQJ HTXDWLRQV KDYH EHHQ GLVFUHWL]HG XVLQJ WKH ILQLWH YROXPH PHWKRG QXPHULFDOO\ 8WLOL]LQJ WKH 6,03/( DOJRULWKP PDGH WKH YHORFLW\ DQG SUHVVXUH WR EH FRXSOHG LQ WKH PRPHQWXP HTXDWLRQ >@ :KHQHYHU WKH
1185
Kamel Milani Shirvan et al. / Procedia Engineering 127 (2015) 1181 – 1188
GLIIHUHQFH EHWZHHQ WZR VXFFHVVLYH LWHUDWLRQV ZDV OHVV WKDQ IRU HYHU\ HTXDWLRQ DQG HYHU\ GLVFUHWH FRQWURO YROXPH WKH DVVXPSWLRQ RI FRQYHUJLQJ VROXWLRQ ZDV FRQVLGHUHG $ VTXDUH FDYLW\ ZDV DVVXPHG DV WKH VROXWLRQ GRPDLQ)LQDOO\Dî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ͳͲିଵ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
D
E
F
G H )LJ7KHHIIHFWRIDSSO\LQJWKHPDJQHWLFILHOGRQVWUHDPOLQHVFRQWRXUVDW5D DQG5L D +D E +D F +D G +D H +D
$VLWLVLOOXVWUDWHGLQ)LJZLWKRXWDQ\PDJQHWLFILHOG+D WKHIORZHQWHUVWKHFDYLW\WKURXJKLQOHWDQGWKHQ H[LWVWKURXJKRXWOHW)LJD %XWE\DSSO\LQJPDJQHWLFILHOGDQGLQFUHDVLQJ+DUWPDQQQXPEHULW$FWVOLNHDEDUULHU DJDLQVW WKH IORZ ZKLFK /HDGV WR D EHWWHU GLVWULEXWLRQ RI WKH IORZ LQVLGH RI WKH FDYLW\ DQG ILQDOO\ WKH IORZ OHDYHV WKURXJKRXWOHW7KHHIIHFWRIFKDQJHVLQ+DUWPDQQQXPEHUDQG5LFKDUGVRQQXPEHURQLVRWKHUPDOOLQHVLVLOOXVWUDWHG LQ)LJ$VWKHVWDWXVRIWKHLVRWKHUPDOOLQHVVKRZVE\LQFUHDVLQJ+DUWPDQQQXPEHUWKDWLVFDXVHGE\LQFUHDVLQJRI WKH /RUHQW] IRUFH WKH WKLFNQHVV RI WKH WKHUPDO ERXQGDU\ OD\HU GHFUHDVHV ,Q WKH RWKHU ZRUGV E\ LQFUHDVLQJ WKH +DUWPDQQ QXPEHU WKH FHQWUDOL]DWLRQ RI WKH LVRWKHUPDO OLQHV QHDU WKH KRW ZDOO LQFUHDVHV DQG WKH WKLFNQHVV RI WKH WKHUPDOERXQGDU\OD\HUGHFUHDVHVVRWKHWHPSHUDWXUHJUDGLHQWVLQFUHDVHV
1186
Kamel Milani Shirvan et al. / Procedia Engineering 127 (2015) 1181 – 1188
D
E
F
G H I )LJ7KHHIIHFWRIDSSO\LQJWKHPDJQHWLFILHOGRQLVRWKHUPDOOLQHVFRQWRXUVDW5D DQGD 5L DQG+D E 5L DQE+D F 5L +D OLQH DQG5L +D 'DVKOLQH G 5L DQG+D H 5L DQG+D I 5L +D OLQH DQG5L +D 'DVKOLQH
,Q)LJGLPHQVLRQOHVV YHORFLW\DQGWHPSHUDWXUHSURILOHV IRUVHFWLRQ< ZLWK5LFKDUGVRQQXPEHUHTXDOWR DQG GLIIHUHQW +DUWPDQQ QXPEHUV DUH LOOXVWUDWHG $V WKLV ILJXUH VKRZV E\ LQFUHDVLQJ WKH +DUWPDQQ QXPEHU FDXVHGE\LQFUHDVLQJ/RUHQW]IRUFHWKHWHPSHUDWXUHLQFUHDVHVZKLFKLWOHDGVWRGHFUHDVHLQPHDQ1XVVHOWQXPEHU DFFRUGLQJWRUHODWLRQ
D E )LJ7KHHIIHFWRIYDULDWLRQRI+DUWPDQQQXPEHURQD GLPHQVLRQOHVVYHORFLW\SURILOHE GLPHQVLRQOHVVWHPSHUDWXUHSURILOHDW< 5L DQG5D
7KHHIIHFWRI+DUWPDQQQXPEHUVFKDQJHLQGLIIHUHQW5LFKDUGVRQQXPEHUVRQWKHPHDQ1XVVHOWQXPEHULVVKRZQ LQ)LJ $VLWLVLOOXVWUDWHGLQWKLV ILJXUHE\ LQFUHDVLQJ WKH+DUWPDQQQXPEHUDQG5LFKDUGVRQQXPEHUWKH PHDQ 1XVVHOWQXPEHUGHFUHDVHV$FFRUGLQJWRPRPHQWXPHTXDWLRQLQ@3.DQGDVZDP\606XQGDUL11LWK\DGHYL0DJQHWRFRQYHFWLRQLQDQHQFORVXUHZLWKSDUWLDOO\DFWLYHYHUWLFDOZDOOV,QWHUQDWLRQDO-RXUQDO RI+HDW0DVV7UDQVIHU ± >@ 6 6LGGLTD 0$ +RVVDLQ 56 5HGG\*RUOD +DOO FXUUHQW HIIHFWV RQ PDJQHWR K\GURG\QDPLF QDWXUDO FRQYHFWLRQ IORZ ZLWK VWURQJ FURVV PDJQHWLFILHOG,QWHUQDWLRQDO-RXUQDORI7KHUPDO6FLHQFH ± >@ 0 3LUPRKDPPDGL 0 *KDVVHPL (IIHFW RI PDJQHWLF ILHOG RQ FRQYHFWLRQ KHDW WUDQVIHU LQVLGH D WLOWHG VTXDUH HQFORVXUH ,QWHUQDWLRQDO &RQIHUHQFHRI+HDW0DVV7UDQVIHU ± >@ +) g]WRS .K $O6DOHP , 3RS 0+' PL[HG FRQYHFWLRQ LQ D OLG GULYHQ FDYLW\ ZLWK FRUQHU KHDWHU ,QWHUQDWLRQDO -RXUQDO RI +HDW 0DVV 7UDQVIHU ± >@+6DOHK55RVODQ,+DVKLP1DWXUDOFRQYHFWLRQLQDSRURXVWUDSH]RLGDOHQFORVXUHZLWKDQLQFOLQHGPDJQHWLFILHOG&RPSXWHUV)OXLGV ± >@0+DVDQX]]DPDQ+)g]WRS005DKPDQ1$5DKLP56DLGXU@ .K $O6DOHP +) 2]WRS , 3RS @ . .KDQDIHU . 9DIDL 0 /LJKWVWRQH %XR\DQF\ GULYHQ KHDW WUDQVIHU HQKDQFHPHQW LQ D WZRGLPHQVLRQDO HQFORVXUH XWLOL]LQJ QDQRIOXLGV ,QWHUQDWLRQDO-RXUQDORI+HDWDQG0DVV7UDQVIHU ± >@693DWQNDU1XPHULFDO+HDW7UDQVIHUDQG)OXLG)ORZ+HPLVSKHUH1HZ@=0HKUH]$(OFDIVL$%HOJKLWK3/H4XpUp0+'HIIHFWVRQKHDWWUDQVIHUDQGHQWURS\JHQHUDWLRQRIQDQRIOXLGIORZLQDQRSHQFDYLW\ -RXUQDORI0DJQHWLVPDQG0DJQHWLF0DWHULDOV ±