Completion Equipment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Smart Wells, Valves, Multistage Fracturing Tools, Liner Hangers, Packers, Sand Control Tools, Others), By Application (Onshore, Offshore), By Completion Method (Open Hole, Cased Hole, Liner Completion, Multiple, Slim-hole)By Region, Competition 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 16.95 Billion
CAGR (2026-2031)	6.68%
Fastest Growing Segment	Packers
Largest Market	North America
Market Size (2031)	USD 24.98 Billion

Market Overview

The Global Completion Equipment Market will grow from USD 16.95 Billion in 2025 to USD 24.98 Billion by 2031 at a 6.68% CAGR. Completion equipment encompasses the specialized downhole tools and surface technologies installed in a wellbore to facilitate the safe and efficient production of hydrocarbons after drilling operations conclude. The market is primarily driven by the resurgence of offshore exploration and the sustained intensification of hydraulic fracturing activities in unconventional reservoirs, which necessitate advanced zonal isolation and flow control systems. Supporting this growth trajectory, according to the International Energy Agency, in 2024, global upstream oil and gas investment was projected to increase by 7% to reach $570 billion, reflecting a robust capital environment that directly fuels the procurement of well completion services and hardware.

Despite these favorable conditions, the market faces a significant challenge in the form of stringent capital discipline exercised by operators, particularly in mature regions like North America. Companies are increasingly prioritizing returns to shareholders over production volume growth, which, combined with volatile commodity prices and rigorous environmental mandates, can lead to delayed project sanctions and reduced expenditure on completion operations.

Key Market Drivers

The surge in global energy consumption is fundamentally driving upstream exploration activities, creating a direct pipeline of projects requiring completion services. According to the Organization of the Petroleum Exporting Countries, November 2024, in the 'Monthly Oil Market Report', the forecast for global oil demand growth for 2024 was revised to 1.82 million barrels per day, necessitating immediate reserve replacement. This heightened demand intensifies drilling operations, which subsequently requires a higher volume of wellbore construction and equipment installation. Supporting this trend, according to Baker Hughes, in 2024, the average international rig count for October reached 950, signaling a broadening base for potential completion contract awards globally. This elevation in drilling activity ensures a continuous requirement for packers and sand control systems as energy firms move rapidly from the drilling phase to production to capitalize on market needs.

Rapid expansion of unconventional shale gas and tight oil projects further amplifies the demand for specialized hardware, particularly for high-intensity hydraulic fracturing. Unconventional reservoirs require complex multistage completion systems to maximize reservoir contact and hydrocarbon recovery. The reliance on these technical solutions remains high as operators focus on efficiency and well productivity. Consequently, service providers are witnessing resilient performance; according to Halliburton Company, October 2024, in the 'Third Quarter 2024 Press Release', their Completion and Production segment generated revenue of $3.3 billion, reflecting the operational reliance on advanced tools in tight formations. Such financial results underscore the critical role of fracturing services and auxiliary downhole tools in maintaining productivity levels within challenging geological environments.

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Key Market Challenges

Based on the provided overview, the primary challenge hampering the growth of the Global Completion Equipment Market is the stringent capital discipline exercised by operators. This financial caution, characterized by a strategic pivot toward maximizing shareholder returns through dividends and buybacks rather than pursuing aggressive production volume growth, significantly constrains capital expenditure. Consequently, oil and gas companies are increasingly hesitant to sanction new large-scale projects or expand drilling campaigns in mature regions. This restraint directly reduces the demand for essential completion hardware, such as zonal isolation tools and flow control systems, as fewer wells are drilled and completed despite the favorable commodity price environment.

This trend of underinvestment creates a substantial disparity between required infrastructure development and actual spending. According to the Organization of the Petroleum Exporting Countries (OPEC), in 2024, the global upstream sector faced a projected cumulative investment requirement of $14.9 trillion by 2050 to ensure market stability, a target currently threatened by these restrictive spending policies. Such a significant investment gap highlights the extent to which operators are prioritizing immediate financial discipline over long-term capacity expansion, thereby limiting the revenue opportunities for completion equipment manufacturers.

Key Market Trends

The integration of intelligent well completion systems is becoming a defining trend as operators seek to maximize reservoir contact and optimize production without costly physical interventions. This technology employs permanent downhole gauges and flow control valves to monitor pressure and temperature in real-time, allowing for immediate zonal adjustments from the surface. Such capabilities are critical for complex offshore developments where intervention risks and costs are prohibitive. Highlighting the market demand for these sophisticated solutions, according to Baker Hughes, October 2025, in the 'Third Quarter 2025 Results' press release, the company secured a significant award to supply integrated subsea production and intelligent completion systems for Phase 3 of the Sakarya Gas Field, contributing to total company orders of $8.2 billion for the quarter.

Simultaneously, the implementation of remote and automated completion operations is reshaping the sector by removing personnel from hazardous red zones and enhancing operational efficiency. Service providers are increasingly deploying automated connection systems and remote control centers that allow engineers to execute complex installation tasks, such as setting tubing hangers, from a safe distance. This shift not only mitigates safety risks but also reduces the logistical footprint required at the wellsite. According to Halliburton, October 2025, in the 'Third Quarter 2025 Results' press release, the company reported total revenue of $5.6 billion, a financial performance that supports its continued commercialization of advanced technologies like the Remote Operated Control System (ROCS) for umbilical-less tubing hanger installations.

Segmental Insights

The Packers segment is currently experiencing the most rapid growth within the Global Completion Equipment Market. This expansion is primarily driven by the escalating need for precise zonal isolation in complex wellbores, particularly during multistage hydraulic fracturing operations in unconventional shale reserves. High-performance packers are essential for segregating multiple production zones and preventing annular fluid migration, ensuring optimal reservoir performance. Additionally, heightened scrutiny from regulatory bodies regarding well integrity and groundwater protection compels operators to invest in reliable isolation solutions, further accelerating demand for this segment globally.

Regional Insights

North America holds a commanding position in the Global Completion Equipment Market, primarily driven by extensive unconventional oil and gas exploration in the United States and Canada. The region’s dominance is anchored in the robust development of shale reserves, which requires intensive completion operations such as hydraulic fracturing and horizontal drilling. According to the U.S. Energy Information Administration, the continuous need for new drilling to offset production declines in major basins sustains a high demand for completion tools. This consistent operational activity ensures North America remains the central hub for market expansion and technological adoption.

Recent Developments

• In May 2025, SLB launched a new portfolio of digitally enabled electric well completion technologies designed to enhance reservoir recovery and lower asset ownership costs. This innovative system digitized the control of the wellbore's productive area, providing operators with real-time production intelligence and the ability to rapidly adapt to dynamic subsurface conditions. The technology allowed for precise control of water production, thereby reducing the energy required for lifting and treating water. By enabling remote responsiveness to changing well dynamics, this advancement aimed to maximize the return on investment and extend the productive life of complex reservoirs.
• In March 2025, Baker Hughes announced the receipt of a major, multi-year fully integrated completions systems contract from Petrobras following a competitive tender process. This agreement focused on optimizing production across multiple deepwater fields by leveraging a portfolio of innovative completion technologies tailored to the operator's specific offshore requirements. The project scope included the deployment of intelligent completion solutions combined with conventional upper and lower completion systems. These technologies were designed to provide remote operation capabilities and multi-zone control, effectively mitigating risks associated with water and gas breakthroughs while reducing the need for costly interventions in harsh, high-pressure environments.
• In July 2024, Oil States Industries was awarded a significant four-year services contract by Petrobras to support operations involving dual bore riser systems and associated equipment. The scope of this agreement encompassed completion, withdrawal, and intervention services for subsea wells, ensuring the integrity and functionality of critical subsea assets. The company was tasked with providing maintenance for equipment, peripherals, and accessories, as well as operational planning and resource management. This contract consolidated the organization's long-standing relationship with the operator, emphasizing the provision of expertise and quality in executing complex subsea completion and intervention activities.
• In May 2024, Weatherford International plc secured a two-year framework agreement extension with Equinor to supply completion, liner-hanger, and slot recovery services. This collaboration aimed to enhance operational efficiency and reduce rig time by utilizing advanced downhole monitoring solutions and next-generation whipstock systems. The agreement enabled the operator to access optical reservoir monitoring technologies alongside a comprehensive suite of completion solutions. This extension underscored the service provider's capability to integrate various measurement types into a single fiber optic cable, simplifying downhole architecture and facilitating reliable reservoir monitoring for production optimization in offshore environments.

Key Market Players

• Schlumberger
• Halliburton
• Baker Hughes
• Weatherford
• National Oilwell Varco
• TechnipFMC
• Aker Solutions
• TETRA Technologies
• Tenaris
• Welltec

By Type	By Application	By Completion Method	By Region
Smart Wells Valves Multistage Fracturing Tools Liner Hangers Packers Sand Control Tools Others	Onshore Offshore	Open Hole Cased Hole Liner Completion Multiple Slim-hole	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

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

• Completion Equipment Market, By Type:

• Smart Wells
• Valves
• Multistage Fracturing Tools
• Liner Hangers
• Packers
• Sand Control Tools
• Others

• Completion Equipment Market, By Application:

• Onshore
• Offshore

• Completion Equipment Market, By Completion Method:

• Open Hole
• Cased Hole
• Liner Completion
• Multiple
• Slim-hole

• Completion Equipment 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