In recent years, there has been an increasing awareness of compact heat exchanger technology in the process industries around the world. While it is difficult to specifically classify compact heat exchangers, they are typically defined as highly efficient non-tubular type heat exchangers. The high efficiency and non-traditional configurations result in a compact design. Although compactness is often not the leading design criteria of a process heat exchanger, compactness is typically a secondary advantage that makes compact heat exchangers an excellent solution for retrofit applications in process plants that are often space limited. It is often the high efficiency of a compact heat exchanger that offers the greatest benefits to the process industry. The countercurrent now configuration, high heat transfer coefficients, and low fouling tendencies result in a heat exchanger that is extremely economical and efficient, especially in energy recovery applications. This paper will review Plate Heat Exchangers (PHE's), one of the more popular compact heat exchanger technologies that is seeing increased use in the process industries. The advantages, benefits, and limitations of PHE's in the process industry are reviewed. Recent advancements of PHE technology and the process industry implications are also discussed.