Abstract In recent years, nanotechnology has emerged as a field of study concerned with producing materials at the nanoscale and their usage for research and commercial purposes like nanoelectronics, biomedicals, energy storage, environmental remediation, heat transfer applications, etc. This review provides a comprehensive analysis of nanofluid synthesis methods, specifically the one-step and two-step approaches, with a focus on their scalability and industrial feasibility. The main aim of this review article is to provide a quick reference for researchers working on the synthesis of nanofluids for heat transfer applications in various thermal systems. The development of nanofluids as enhanced thermal fluids is a result of the obvious demand for fluids that are more efficient. The review systematically examines recent advancements in nanofluids, emphasizing key factors influencing their thermal conductivity, such as nanoparticle properties, base fluids, concentration, stability, and dispersion mechanisms. Additionally, the study explores the integration of nanofluid in heat transfer applications such as heat exchangers, internal combustion (IC) engines, convective boiling, and renewable energy systems. Furthermore, to address sustainability and potential ecological effects of nanofluids applications, a discussion on environmental impact of nanofluids is presented, highlighting the need for green synthesis methods and life cycle assessments. This review intends to provide useful information about the development and optimization of nanofluids for efficient thermal management in future energy systems.
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