What are the two liquids, their temperatures and pressures?
What are the dimensions of the tube?
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Irregardless of corrosion/erosion/..... you need to be aware of vibrations and the particularly nasty natural frequencies.
This area/problem is a very difficult topic and is best let to advanced computer design (that's what/who I depend on)
I want to say "Check the TEMA standards for Flow Induced Vibration and Critical Flow Velocity", but if memory serves me right (I am away from my copy) - this only provides for single phase flow - but you might want to check into it. And/or start researching some really good, technical heat exchanger design books.
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A little knowledge is a dangerous thing.
It all depend on what the the degree of temperature that you want to removed out from the liquid in the vertical heart exchanger tube. Most of the head exchanger are design upon what liquid you are using and the delta "T" of the temperature. Of course it also depend upon the size of the tube.
If you use bigger heat exchanger tube then you will get higher velocity of the liquid passing thru your heat exchanger tube but then again, the temperature inside your liquid are not able to be removed out efficiency from the heat exchanger.
Most of the heat exchanger tube are design to the optimal flow and heat transfer out from the liquid.
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