Cost, Environmental Impact and Multi‐Objective Optimization of Battery TMSs

Abstract

A multi-objective optimization that couples the second law of thermodynamics with economics and environmental impact becomes crucial to develop a tool for the systematic study of the thermal management systems (TMSs). This chapter analyses the contributors to the cost in battery thermal management systems (BTMS) and explains how can the operating parameters and associated cost flows be changed to reduce the investment and variable costs. It talks about the most applicable optimization methodologies to be used in developing BTMSs in a multi-faceted fashion and the most critical steps to ensure the accuracy and the reliability of the multi-objective optimization outcomes. Exergoeconomic analysis combines exergy analysis and economic principles, such as costs associated with purchase of equipment, input energy resources and maintenance and incorporates the associated costs of the thermodynamic inefficiencies in the total product cost of the system. Pareto optimality is introduced to determine whether a solution is really one of the best possible trade-offs.