Often, I see Clients using varied "equipment" or "component" life values rather than an overall plant life. One could say the plant life is the design life of the longest piece of equipment (such as a reactor, alloy piping or large column). This is often set between 15-30 years, depending on the industry (if the rate of return is high and the product is expected to be superceded by better products, a shorter life makes sense). However, some components should have lives of 8-12 years (or a more specific 100,000 operating hours), because it is impossible or very expensive to provide longer lives (such as for furnace tubes, heat exchanger tubes, pump impellers, valves, flow meters). Finally, equipment in cyclic service usually has trouble making it through very long operating lives unless managed very well. For example, I have heard of coke drums needing major repairs or even replacement after just a few years, while I know of one operator with coke drums the just passed 50 years in operation.