A heat exchanger is a device that transfers thermal energy between two or more fluids. There are two main types: plate heat exchangers and shell and tube heat exchangers. Plate heat exchangers use metal plates with fluid channels to transfer heat, while shell and tube use tubes bundled inside a cylindrical shell. Both have advantages like efficiency and reliability but also disadvantages such as limited pressure tolerance or difficulty of cleaning. They are widely used to heat or cool fluids in applications like water heating, cooling towers, and industrial processes.