What will be voltage drop across 1N4007 Bridge wave rectifier at 24 volts AC?
If the bridge rectifier arrangement uses 1N4007 devices (and a large output capacitor to filter some of the voltage ripply and supply current for part of each half-cycle) and this is the usual situation where you expect to use an average draw of \$2\:\textrm{A}\$, then the diodes will be experiencing much higher peak currents than \$2\:\textrm{A}\$. In such situations, peak currents may reach roughly 5 times that much and you might easily see \$1.2\:\textrm{V}\$ across a single diode.

But you probably can't use the 1N4007 anyway. Peak currents are, I think, too high. Just to pick something with an equivalent reverse voltage and a safer average current spec (and not because I'm recommending it) you might look at devices like Rohm's RFN5TF8S.

Either way, the boilerplate \$0.7\:\textrm{V}\$ estimate is always wrong in cases such as the one you outlined. You will never see it. (And I've never seen a Schottky that could even get up close to that kind of reverse voltage spec.)