B737-700
Flight Crew Air Transport Pilot (ATP)
Situational Awareness; Training / Qualification; Distraction
Aircraft Equipment Problem Critical; Inflight Event / Encounter Weather / Turbulence
Flight Crew Landed As Precaution; Flight Crew Returned To Departure Airport; General Maintenance Action
Aircraft; Procedure; Weather
On takeoff roll at 110 KIAS; MASTER CAUTION/AIR COND amber light illuminated.  Continued takeoff; accomplished After Takeoff Checklist and flew departure.  Noted that amber BLEED TRIP (number two; right side illuminated).  Accomplished BLEED TRIP checklist and BLEED TRIP reset (light extinguished).   Continued climb to destination discussing with First Officer further actions.  Contacted Maintenance Control for any further info.  This flight departure was delayed 3 hours to Maintenance replacing number two PRSOV after the previous flight came in with a BLEED TRIP light (number two) above FL 350 maintenance writeup.  Since we were flight planned at FL400 and left with slightly more fuel than minimum required for trip; I considered a lower altitude (FL330 or 320) to complete trip and wanted to make sure we had enough fuel for the lower altitude; consulting with Dispatch.  Climbing through FL180; the BLEED TRIP illuminated again.  I elected not to try another reset; referred again to the checklist which then required to shut off the associated air conditioning pack (right side).  The end of the checklist for that flow indicated 'Avoid icing conditions.'   About that time we entered a thick overcast at about FL240 with temperatures at negative 30 degrees.   Given the note; inflight conditions; lack of an air conditioning pack and limited fuel state; I elected to return to the departure airport.  Notified Operations and Dispatch I was returning to departure airport. A malfunction somewhere in the bleed system or sensing system; unknown by me at this writing.
A B737-700 number two engine bleed; which tripped on takeoff; was reset during climb but tripped again as the aircraft entered possible icing so the flight returned to the departure airport for the second BLEED trip maintenance of the day.