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
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.
Download Free Sample Report
The Global Bridge Plugs Market is divided into type, condition, material, and
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.
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.
- 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.
Download Sample Report