The goal of this work is to provide a method for monitoring performance degradation in counter-flow double-pipe heat exchangers. The overall heat transfer coefficient is estimated by an adaptive observer and monitored in order to infer when the heat exchanger needs preventive or corrective maintenance. A simplified mathematical model is used to synthesize the adaptive observer and a more complex model is used for simulation. The reliability of the proposed method was demonstrated via numerical simulations and laboratory experiments with a bench-scale pilot plant.