Completion Equipment and Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Packers, Sand Control Tools, Liner Hangers, Valves and Others), By Service Type (Well Planning and Design, Casing and Tubing Running, Cementing Services, Perforating Services, Sand Control Services, Artificial Lift Services, Other Services), By Application (Onshore and Offshore), By Region, By Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 12.17 Billion
CAGR (2026-2031)	8.01%
Fastest Growing Segment	Onshore
Largest Market	North America
Market Size (2031)	USD 19.32 Billion

Market Overview

The Global Completion Equipment and Services Market will grow from USD 12.17 Billion in 2025 to USD 19.32 Billion by 2031 at a 8.01% CAGR. Completion equipment and services encompass the specialized hardware and operational support deployed to prepare a wellbore for production or injection following the drilling phase. This category includes critical components such as packers, sand control systems, liner hangers, and safety valves designed to establish a secure interface between the reservoir and the surface. The market is primarily supported by rising global energy consumption and the strategic need to maximize recovery factors from mature reservoirs. Additionally, the resurgence of deepwater exploration and the ongoing development of unconventional assets are distinct drivers that necessitate reliable well construction solutions to maintain output levels.

The industry faces a significant challenge regarding the cyclical nature of commodity prices, which often leads to unpredictable capital expenditure reductions by operators and impedes long-term project planning. According to the International Energy Agency, in 2024, global upstream oil and gas investment is expected to increase by 7% to reach USD 570 billion. Despite this projected spending increase, financial caution due to market volatility remains a potential hurdle that could delay the authorization of complex completion projects.

Key Market Drivers

The surge in exploration of unconventional shale and tight oil reserves serves as a primary catalyst for the completion equipment sector, particularly in North America. Operators in these basins require multistage fracturing systems and high-pressure completion hardware to maintain wellbore integrity during intense stimulation processes. This activity directly fuels demand for composite plugs and hydraulic fracturing equipment essential for extracting hydrocarbons from low-permeability formations. According to the U.S. Energy Information Administration, October 2024, in the 'Short-Term Energy Outlook', U.S. crude oil production is forecast to average 13.2 million barrels per day in 2024, reflecting sustained activity in key shale basins. High production targets necessitate continuous well intervention and completion services to offset natural decline rates in these unconventional plays, thereby sustaining equipment orders.

Simultaneously, the expansion of deepwater and ultra-deepwater offshore drilling is revitalizing the market for specialized subsea completion technologies. These environments demand robust equipment capable of withstanding extreme pressures and corrosive conditions, leading to increased procurement of intelligent well systems and heavy-duty packer assemblies. According to TotalEnergies, May 2024, in a press release regarding the Kaminho project, the company approved a Final Investment Decision for a deepwater development in Angola valued at USD 6 billion. Such major capital commitments signal a long-term reliance on complex completion solutions to access remote offshore reserves. Furthermore, general market momentum is underpinned by the fundamental need to satisfy consumption requirements. According to the Organization of the Petroleum Exporting Countries, in 2024, world oil demand is projected to grow by approximately 2.03 million barrels per day, ensuring continued operational necessity for completion services globally.

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Key Market Challenges

The cyclical nature of commodity prices serves as a formidable barrier to the growth of the Global Completion Equipment and Services Market. This volatility forces operators to adopt rigorous capital discipline, often resulting in the sudden deferral of well completion programs. Since completion equipment such as sand control systems and liner hangers is deployed only during the final phase of well construction, these delays cause immediate and severe revenue contractions for service providers. The unpredictability of these cycles prevents suppliers from efficiently planning inventory or investing in capacity expansion, thereby stifling the market's overall development.

The impact of this investment reluctance is substantial. According to the Organization of the Petroleum Exporting Countries, in July 2025, the global oil market risks a severe supply deficit of 23 million barrels per day by 2030 if adequate upstream spending is not sustained. This statistic highlights the critical gap created by price-driven financial caution, demonstrating how the inability to commit to long-term completion projects directly hampers the industry’s ability to scale and meet future energy demand.

Key Market Trends

Implementation of eco-friendly and zero-flaring green completion techniques is becoming standard as regulatory bodies intensify pressure to decarbonize upstream activities. Operators are deploying closed-loop systems and vapor recovery units during the flowback phase to capture methane and eliminate routine flaring, ensuring compliance while preserving marketable gas volumes. This transition is supported by government incentives accelerating the adoption of low-carbon technologies among service providers. According to the U.S. Department of Energy, January 2025, in a press release regarding the Methane Emissions Reduction Program, the agency announced approximately USD 850 million in funding to help oil and gas operators monitor and reduce methane emissions.

Integration of AI and machine learning for real-time well monitoring is reshaping completion strategies by enabling predictive maintenance and automated decision-making. Service companies are embedding digital solutions into downhole tools to analyze vast datasets instantly, allowing for the precise optimization of fracturing parameters and the immediate identification of operational anomalies without human intervention. This digital shift generates substantial commercial value as operators prioritize software-driven efficiency to lower costs. According to SLB, January 2025, in the 'Fourth-Quarter and Full-Year 2024 Results', the company reported that its Digital & Integration revenue grew by 20% year-on-year to reach USD 2.44 billion, driven by increased customer adoption of cloud and AI technologies.

Segmental Insights

The Onshore segment currently stands as the fastest-growing category in the Global Completion Equipment and Services Market. This expansion is primarily driven by the escalating development of unconventional hydrocarbon resources, particularly shale gas and tight oil. Operators are increasingly favoring onshore projects due to their comparative cost-efficiency and reduced logistical complexities versus offshore environments. Furthermore, the widespread adoption of hydraulic fracturing and horizontal drilling techniques has significantly boosted recovery rates from land-based reservoirs. Consequently, energy companies are allocating substantial capital toward onshore completion activities to maximize production returns.

Regional Insights

North America maintains a dominant position in the Global Completion Equipment and Services Market, driven primarily by extensive unconventional oil and gas extraction activities. The United States and Canada heavily utilize hydraulic fracturing and horizontal drilling techniques, which necessitate substantial well completion infrastructure. Reports from the U.S. Energy Information Administration regarding sustained hydrocarbon production levels further validate the stability of exploration activities in this region. Additionally, the concentration of established oilfield service providers here ensures a robust supply chain, securing the continuous deployment of equipment required to finalize wells for efficient operation.

Recent Developments

• In September 2025, Halliburton introduced the Turing electro-hydraulic control system, a next-generation technology within its intelligent completions portfolio. This new system was engineered to enhance reservoir recovery and reduce well count by facilitating fast zonal optimization through integrated position sensors. The technology enabled operators to manage up to 12 zones using a simplified control line architecture, which significantly reduced rig time and subsea infrastructure costs. By pairing this hardware with digital reservoir management suites, the company provided customers with real-time insights and operational control to maximize asset performance and manage subsurface uncertainty.
• In March 2025, Baker Hughes signed a significant multi-year agreement with Petrobras to supply fully integrated completion systems for deepwater fields offshore Brazil. The contract, awarded following a competitive tender process, encompassed the deployment of intelligent completion technologies tailored to high-flowrate environments. Key equipment included premium interval control valves designed to provide remote operations capabilities and multizone control. These solutions allowed the operator to manage water and gas breakthrough risks effectively while responding to evolving well conditions in real time, ultimately optimizing production across multiple deepwater assets.
• In May 2024, Weatherford International plc secured a two-year frame agreement extension with Equinor to deliver completion, liner-hanger, and slot recovery services. This collaboration aimed to enhance operational efficiency in the North Sea by utilizing advanced downhole monitoring solutions and next-generation whipstock systems. The agreement enabled the operator to access specific optical reservoir monitoring technologies that integrate various measurement types into a single fiber optic cable. This streamlined downhole architecture facilitated reliable reservoir monitoring, thereby supporting production optimization and reducing rig time for the energy company’s offshore assets.
• In April 2024, SLB announced a definitive agreement to acquire ChampionX Corporation in an all-stock transaction valued at approximately $7.8 billion. This strategic move was designed to bolster the company’s production and recovery portfolio by integrating leading artificial lift technologies and production chemical solutions. The collaboration addressed the growing industry demand for maximizing asset value and improving efficiency throughout the reservoir life cycle. By combining these capabilities, the company aimed to provide operators with world-class production performance and sustainable energy recovery solutions in both maturing shale fields and international markets.

Key Market Players

• Schlumberger
• Halliburton
• Baker Hughes
• National Oilwell Varco
• Weatherford
• Trican Well Service
• Precision Drilling
• Calfrac Well Services
• Superior Energy Services

By Type	By Service Type	By Application	By Region
Packers Sand Control Tools Liner Hangers Valves and Others	Well Planning and Design Casing and Tubing Running Cementing Services Perforating Services Sand Control Services Artificial Lift Services Other Services	Onshore and Offshore	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Completion Equipment and Services Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Completion Equipment and Services Market, By Type:

• Packers
• Sand Control Tools
• Liner Hangers
• Valves and Others

• Completion Equipment and Services Market, By Service Type:

• Well Planning and Design
• Casing and Tubing Running
• Cementing Services
• Perforating Services
• Sand Control Services
• Artificial Lift Services
• Other Services

• Completion Equipment and Services Market, By Application:

• Onshore and Offshore

• Completion Equipment and Services Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE