Report Description

The Global Bridge Plugs Market is anticipated to grow robustly in the forecast period 2024-2028. Rising oil and gas demand worldwide are the major factor propelling the growth of the global bridge plugs in year 2024-2028. Bridge Plugs are downhole tools  slips, a mandrel, and a sealing part made of elastomer. It is routed through a hole and fitted in a casing to separate a lower and higher zone. It can be installed permanently to shut off a well or temporarily to undertake well maintenance. Bridge plugs are essentially utilized to abandon the well following the manufacturing procedure. New developments in the oil and gas sector are improving the sector's effectiveness, safety, and intelligence. To do this, businesses investigate effective and competitive ways to digitize, automate, and address challenging sub-surface engineering issues.

Rapidly rising in demand of oil and Gas Demand and Environmental Concern Fueling the Market Growth.

The market for bridge plugs is propelled by the rising demand for gas and oil. For instance, according to a monthly report from the Organization of the Petroleum Exporting Countries (OPEC), global oil consumption would increase by 2.25 million barrels per day (bpd) or around 2.3% in 2023. Due to which the market is expected to grow in the forecast period.

An open oil & gas well can cause fires and explosions the ignition of combustible vapors or gases poses a fire and explosion danger to anyone working in the oil and gas industries. Wells, trucks, production equipment, or surface equipment such tanks and shale shakers can all produce flammable gases such well gases, vapors, and hydrogen sulfide. Hence environmental concern is taking place due to which bridge plug market is expected to grow in future.

As the industry continues to recover from the epidemic and the obstacles presented by the Omicron variety, global investments in oil and gas would increase by USD26 billion this year. Rystad Energy study predicts that overall oil and gas spending would increase by 4% to USD628 billion this year from USD602 billion in 2021.

Rising upstream oil and gas industry investment driving the global bridge plug market, since a rise of 14% in upstream LNG and gas investments is a key factor. With an increase in investment from USD 131 billion in 2021 to around USD 149 billion in 2022, which has the largest growth this year.

Latest Technological Advancement of One Trip Bridge Plugs Expanding the Market Growth

Bridge plug technological innovations are the most recent trend in the bridge plug industry; drillers employ several types of bridge plugs in the subsurface. Nowadays, the new tool, when used in conjunction with the cement plug in the top portion, improves the accuracy of the plug setting operation and solves the obstacles associated with setting cement plug operations in granite open hole intervals with high leakage.

One trip is sufficient to correctly fix the cement plug and drillable open hole bridge plug, it can be economical in the field. When the cement plug's length was drastically shortened, it showed no movement under a 220 kN load. Since the drillable open hole bridge plug and cement plug may completely fulfil the requirements for MFE tests with liner support in the bottom hole, drillers are turning to open hole bridge plugs since drillers are moving towards one trip bridge plug market.

Latest Environmental, Health, and Safety (EHS) Guidelines related to offshore and onshore oil and gas industry future fueling the market grow with a high CAGR in the forecast period. For instance, The Production Sharing Contract (PSC(Article)'s 14) "Protection of Environment" clause states that the Contractor is responsible for ensuring environmental protection and resource conservation using cutting-edge technologies, modern oilfield practices, and operational procedures that minimize environmental impact.

Fire or explosion caused by the presence of combustible liquids and gases is one of the main reasons restraining the worldwide market for bridge plugs. A further danger of burns, asphyxiation, cancer, or system corrosion may be present when toxic substances or gases are encountered during these procedures.


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Market Segmentation

The Global Bridge Plugs Market is divided into type, condition, material, and application. Based on Type, the market is segmented into Retrievable Bridge Plugs (RBP) and Non- Retrievable Bridge Plugs. Based on Condition, the market is divided into High Pressure and Others, Based on Material, the market is split into Cast Iron and Composite Plugs. Based on Application, the market is segmented into offshore and onshore.

Market player

Major market players in the Global Bridge Plugs Market are Omega Well Intervention, Halliburton, Baker Hughes, Schlumberger, Rubicon Oilfield International, D&L Oil Tools, Interwell, Coretrax, Avalon Global Research, Peak Completion Technologies.

Recent Developments

  •       The area of the oil and gas industry expected to show a rise in investment volume is the market for gas and LNG. Investments in gas and LNG are anticipated to increase to 171 billion US dollars in 2024 from 131 billion US dollars in 2021. The projection is made considering an energy supply crisis that is expected to occur in late 2021, mostly because of a gas shortage. The recent decision by the European Union to include natural gas as clean energy in its Fit for 55 green transition packages further demonstrates how countries continue to use this category of fossil fuels while also accelerating their use-reduction efforts for coal and oil.
  •       Current estimates place India's conventional hydrocarbon resources at over 42 BMT of oil and oil equivalent gas (O+OEG), distributed over 26 sedimentary basins spanning an area of 3.36 million square kilometers.

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Attribute

Details

Base Year

2022