Economic Appraisal and Enhanced Efficiency Optimization for Liquid Methanol Production Process

Alireza Khatamijouybari () and Adrian Ilinca
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Alireza Khatamijouybari: Department of Mechanical Engineering, École de Technologie Supérieure, 1100, Rue Notre-Dame Ouest, Montréal, QC H3C 1K3, Canada
Adrian Ilinca: Department of Mechanical Engineering, École de Technologie Supérieure, 1100, Rue Notre-Dame Ouest, Montréal, QC H3C 1K3, Canada

Sustainability, 2024, vol. 16, issue 5, 1-21

Abstract: The presented study examines the economic viability and optimization of a previously designed integrated process for producing liquid methanol. The annualized cost of the system method is applied for economic analysis. The optimization method includes a robust hybrid approach that combines the NSGA-II multi-objective optimization algorithm with artificial intelligence. Decision variables for the optimization are taken from a sensitivity analysis to optimize the exergy and energy efficiencies and the investment return period. Decision-making methodologies, including LINMAP, fuzzy, and TOPSIS, are utilized to identify the optimal outcomes, effectively identifying points along the Pareto-optimal front. Compared with the original design, the research outcomes demonstrate an over 38% reduction in the process’s investment return period post optimization, as evaluated through the TOPSIS and LINMAP methodologies. Additionally, the highest level of thermal efficiency achieved through optimization stands at 79.9%, assessed using the LINMAP and TOPSIS methods, and 79.2% using the fuzzy Bellman–Zadeh method. The process optimization in the presented research, coupled with the improved economic feasibility, mitigates energy consumption through maximizing efficiency, thereby fostering sustainable and environmentally friendly development.

Keywords: multi-objective optimization; economic analysis; sensitivity analysis; methanol production (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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