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Nanoparticles have been thoroughly investigated in the last few decades because they have many beneficial and functional qualities. Their capability to enhance and manipulate light absorption, thermal conductivity, and heat transfer efficiency has attracted significant research attention. This systematic and comprehensive work is a critical review of research on the photothermal energy conversion performance of various nanofluids as well as the recent advances in several engineering applications. Different nanofluids used in the photothermal energy conversion process were compared to identify the suitable applications of each nanofluid in thermal systems. An analysis of the previous investigations based on experimental and numerical studies has established that nanomaterials have the potential to increase the efficiency of solar thermal systems.

Multiwalled carbon nanotubes (MWCNTs) have attracted attention from researchers because of their superior thermal properties and high optical absorption. In this investigation, the thermal and optical properties of functionalized and nonfunctionalized MWCNT nanofluid based on ethylene glycol/water were experimentally studied and compared. The results indicated that the use of the functionalized MWCNT nanofluid improved the thermal properties and optical absorption performance compared with the nonfunctionalized MWCNT nanofluid. The thermal conductivity enhancement of the functionalized MWCNT nanofluid was higher than that of the nonfunctionalized MWCNT nanofluid. The maximum thermal conductivity enhancement (10.15%) was observed in a functionalized MWCNT concentration of 0.01 wt% at 50 °C compared with the base fluid. In addition, the photo-thermal energy conversion efficiency of the functionalized MWCNT nanofluid was higher than that of the nonfunctionalized one owing to its higher light absorption and thermal conductivity.

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