The K-epsilon turbulence model is one of the most common models used in CFD to simulate mean flow characteristics for turbulent flow conditions. The model evolved over time and functions under the RANS equation and Boussinesq hypothesis, as well as Reynold-Stress (product of fluctuating velocity components average taken in divergent RANS terms). Recommended 2-equation model that gives turbulenceby means of transported variables such as turbulent kinetic energy (k) and rate of dissipation of turbulent kinetic energy (ε).
It's popular because it's computationally cheap. Also be aware that it doesn't capture fluctuations so if you're worried about thermal or other stresses in a pipe, it won't help as it's time averaged.
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With my limited knowledge, K-W and K-E model are universal for most low-speed flow such as ships, wind turbines. However, they are uncertain when your research includes numerous eddies.