Global Retrievable Bridge Plug Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Retrievable Bridge Plug Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Retrievable Bridge Plug market finds that the global Retrievable Bridge Plug market reached a value of USD 68.97 million in 2022. It’s expected that the market will achieve USD 85.98 million by 2028, exhibiting a CAGR of 3.74% during the forecast period.

Short-term impact on industry demand

COVID-19 has caused disruptions in the supply chain, slower production cycles, reduced imports and exports, reduced labor, and increased production costs. The suspension of production by small and medium-sized enterprises has severely affected supply and demand. This factor hinders the development of the industry.

Imports and exports are affected

Under the epidemic situation, countries have adopted blockade policies one after another, making import and export more difficult. Coupled with reduced supply and rising prices, it has further weakened its global competitiveness. Import and export costs increase, and foreign trade restricts the development of the industry.

The long-term impact is not significant

The petrochemical industry is the focus of development in the industrialized era. With the gradual restoration of economic and social order in the later period of the epidemic, related equipment companies will also recover. In the long run, the Retrievable Bridge Plug market has little impact.

Strength Product advantages

As a downhole plugging tool for oilfields, it is widely used in oilfield exploration and development to seal the lower well section during the layered fracturing, layered acidification, and layered oil test construction of oil and water wells. It better solves the problems of complex setting, salvaging and unsealing operations and low success rate in use. Functionally, it can replace drop-off packers, permanent bridge plugs and ash injection plugging. It is a safe, reliable, low-cost, and fully functional downhole plugging tool. In the medium and shallow oil test construction, for special layers such as abnormal high pressure, high production, large span or inclined wells, the upper return test is realized. The success rate of double packer construction is low, which is convenient for subsequent tests. Oil, to improve the success rate of one-time oil test, usually this type of bridge plug is used to seal the layer.

Weakness Universally single function

Retrievable Bridge Plug is mainly used for plugging function, and there are many alternative technologies for related plugging products. Especially if it is used as a permanent closure, it is not the most mature and lowest-cost technical means. The main application scenario of Retrievable Bridge Plug is temporary blocking.

Region Overview:

In 2021, the share of the Retrievable Bridge Plug market in Middle East and Africa stood at 34.28%.

Company Overview

Halliburton, Schlumberger Limited, Interwell, Franks International and BHGE are the five key players in the global Retrievable Bridge Plug market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Retrievable Bridge Plug market in the past 5 years.

Halliburton

Halliburton Company provides services and products to the upstream oil and natural gas industry throughout the lifecycle of the reservoir, from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the field. It operates through two segments: The Completion and Production segment, and the Drilling and Evaluation segment. The Completion and Production segment delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift and completion services. The Drilling and Evaluation segment provides field and reservoir modeling, drilling, evaluation and wellbore placement solutions that enable customers to model, measure, drill and optimize their well construction activities. It serves national and independent oil and natural gas companies.

Schlumberger Limited

Schlumberger is the worlds leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. With product sales and services in more than 120 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industrys most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.

Segmentation Overview:

By type, High Pressure Type segment accounted for the largest share of market in 2021.

High Pressure Type

High-pressure type recoverable bridge plug technology is usually limited to long-term operation at 15,000 psi and below and 450°F. It withstands high pressure from above and below. It can be used for regional isolation, temporary abandonment, acidification, cementing, and fracturing. It can also be used to replace wellheads close to the surface. The tool can be set to stretch or compress. It can be set in the shallower part of the unsupported casing to maintain pressure when working on the wellhead equipment. It can be set under tension and is very suitable for setting shallow wells to test wellhead equipment and deep wells and high pressure wells.

Application Overview:

The market's largest segment by application is the segment Onshore Wells, with a market share of 96.06% in 2021.

Onshore Wells

Onshore drilling is carried out on land, not on water. The drilling rig is moved by ground transportation, and multiple wells are drilled from the same location in close proximity to each other by moving the drilling rig a little. In oilfield exploration and development, Retrievable Bridge Plug is widely used in oil and water wells for layered fracturing, layered acidification, and layered oil test construction to plug down well sections. The problems of complex operation of setting, salvaging and unsealing, and low success rate of use are better solved.

Offshore Wells

Offshore Wells is a channel for subsea drilling to extract natural resources, while Retrievable Bridge Plug is used in oil well repair, oil testing, and well abandonment stages. It can partially replace lost hands plus packers, permanent bridge plugs and injection Ash plugging is a safe, reliable, low-cost, and fully functional downhole plugging tool.

Key Companies in the global Retrievable Bridge Plug market covered in Chapter 3:

Schlumberger LimitedOmega Well InterventionPeak CompletionsRubicon Oilfield InternationalPeak Well SystemsHalliburtonAvalon ResearchBHGEFrank's InternationalCoretraxInterwellD&L Oil Tools

In Chapter 4 and Chapter 14.2, on the basis of types, the Retrievable Bridge Plug market from 2018 to 2029 is primarily split into:

High Pressure TypeOther

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Retrievable Bridge Plug market from 2018 to 2029 covers:

Onshore WellsOffshore Wells

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)Latin America (Brazil, Mexico, Argentina)Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)