Upstream Petrotechnical Training Services Market
Upstream Petrotechnical Training Services Market Forecasts to 2028 - Global Analysis By Training Mode (Training Courses, Simulator and E-Learning), Training Type (Domain Training and Operational Training), Upstream Sector (Exploration, Production and Development), End User (Independent Oil Companies and National Oil Companies) and Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $969.1 MN |
|
Projected Year Value (2028) |
US $1581.1 MN |
|
CAGR (2022 - 2028) |
8.5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Upstream Petrotechnical Training Services Market is accounted for $969.1 million in 2022 and is expected to reach $1581.1 million by 2028 growing at a CAGR of 8.5% during the forecast period. Upstream petrotechnical training services are designed to improve the industry's productivity. The training services provide opportunities for growth that improve knowledge, optimise skills, and benefit the organisation.
According to Occupational Safety and Health Administration (OSHA), workers have suffered injuries during oil and gas extraction. OSHA was established to assure safe and healthy working conditions for employees by setting and enforcing standards and by providing training, outreach, education, and assistance.
Market Dynamics:
Driver:
Increasing demand for skilled workers
Due to a global shortage of skilled workers in the upstream petrochemicals and oil extraction industries, Upstream Petrotechnical Training Services are in high demand. Leading businesses in the industry have stepped in to help upstream firms transform their business operations with highly skilled workers and employees to increase competitiveness in the market by offering domain-specific training, services, and solutions.
Restraint:
High cost and security concerns
Increased training costs will lower the organization's return on investment, and the high resources needed for e-learning services are anticipated to be a major barrier to the expansion of upstream petrotechnical training services during the forecast period. Upstream petrotechnical training services market growth during the forecast period may be constrained by rising security concerns and the difficulty of integrating team collaboration software with business objectives.
Opportunity:
Technological innovations
Players in the global market for upstream petrotechnical training services are generating cutting-edge, real-world simulation experiences with training services and modules that can efficiently train the workforce in the petrotechnical industry. Designing structured learning experiences and modifying teamwork abilities can be accomplished using simulation-based training techniques, tools, and strategies. NExT Schlumberger's OilSim learning simulator is an upstream learning tool that steps users through every phase of the exploration and production business cycle, from block acquisition through development, production, and abandonment. Participants are divided into teams and compete against one another to achieve the best results using tactical choices and decisions in a simulated business environment in this cutting-edge and interactive training method.
Threat:
Unusual downturn in oil and gas sectors
An unprecedented downturn in the oil and gas sectors has been caused by structural changes in supply curves, which are largely the result of technological innovation. Additionally, these changes have resulted in significant workforce reductions and set the stage for future talent gaps. And, oil and gas operators will not have the petrotechnical expertise required to scale up their operations. Operators must develop fresh talent strategies for the workforce of the future if they avoid the impending talent crisis that could harm their companies.
Covid-19 Impact:
COVID-19 has been a significant factor that has impacted different business industries. During a pandemic, the oil and gas industry has seen significant slack. This proposal was challenging for OPEC and other members, including Russia and other petroleum exporting nations. The COVID-19 pandemic also had a major impact on lowering global demand. The demand for upstream petrotechnical training services has been inconsistent during the pandemic. On-field training has experienced significant slack as a result of travel restrictions and social distance norms, but as these restrictions are being lifted, the market for upstream petroleum technical training services is anticipated to gradually grow over the forecasted period.
The training courses segment is expected to be the largest during the forecast period
The training courses segment is expected to dominate the market over the projection period. To ensure that the right employee is placed on the petroleum platform or another relevant site, training courses are a crucial component for upstream companies. Globally expanding oil drilling and extraction projects create a need for highly skilled workers who are familiar with and proficient in such environments.
The operational training segment is expected to have the highest CAGR during the forecast period
Due to the segment's rapid growth and the sustained need for training prompted by the regular emergence of regulations and protocols to keep an eye on illegal business practises, worker safety, and environmental protection measures, the operational training segment is expected to have lucrative growth during the prediction period. Furthermore, the upstream industry is comprised of a variety of main domains and subdomains, including geology and geophysics, petrophysics, surface facility design and engineering, geomechanics, field operations and management, reservoir engineering, drilling engineering, production engineering, and economics and finance. Moreover, to ensure that the course is taught in a structured manner, each domain needs its own training and operational oversight. As a result, the market for upstream petrotechnical training services has become competitive.
Region with largest share:
During the projection period, North America is anticipated to hold the largest market share for upstream petrotechnical training services globally. In the global market for upstream petroleum technology services, sales are led by the United States. US oil and gas companies offer training services for the development of oil industry technology. The oil and gas industry has additional opportunities to maximise hydrocarbon reserves due to advances in technology. There are currently 746 active oil rigs in North America, and these rigs employ approximately 1,27,000 employees who have received training in their respective fields.
Region with highest CAGR:
During the forecast period, Europe is expected to have the highest CAGR as Russia is a major player in the oil and gas sector in the region. The costs associated with employee training are rising. With more than 12% of global crude oil production, Russia is the third-largest oil producer in the world. Additionally, with a majority ownership in Rosneft, a company that is entirely owned by the Russian government, the company dominates the domestic market. As a result, the market for upstream petrotechnical training services is given an opportunity by the need for training to produce highly skilled workers to manage such a large industry.
Key players in the market
Some of the key players in Upstream Petrotechnical Training Services market include Hot Engineering, API, Intertek Group plc, EAGE, NExT, IADC, Asia Edge Pte Ltd, NOVOMET, Baker Hughes (GE Company), IFP Training, Petroknowledge, Aucerna, International Human Resources Development Corporation, PETEX, Halliburton, Rigworld Training, Shell, Petrofac Limited, RPS Group, Petroskills, Simtronics Corporation, Society of Petroleum Engineers, Society of Exploration Geophysicists, Aucerna, American Petroleum Institute, International Association of Drilling Contractors, The European Association of Geoscientists and Engineers and Royal Dutch Shell.
Key Developments:
In November 2021, Omega Simulation launched a new version of OmegaLand Unified Environment for Dynamic Simulation with Enterprise-scale Plant Operation Training Package for Oil & gas, refining, petrochemicals, chemicals, electric power, water treatment, and beverages.
Training Modes Covered:
• Training Courses
• Simulator
• E-Learning
Training Types Covered:
• Domain Training
• Operational Training
Upstream Sectors Covered:
• Exploration
• Production
• Development
End Users Covered:
• Independent Oil Companies
• National Oil Companies
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Upstream Petrotechnical Training Services Market, By Training Mode
5.1 Introduction
5.2 Training Courses
5.2.1 Face-to-face
5.2.2 In-house
5.2.3 Online
5.3 Simulator
5.3.1 Immersive Training
5.4 E-Learning
6 Global Upstream Petrotechnical Training Services Market, By Training Type
6.1 Introduction
6.2 Domain Training
6.2.1 Geology & Geophysics
6.2.2 Petrophysics
6.2.3 Surface Facilities Design and Engineering
6.2.4 Geomechanics
6.2.5 Reservoir Engineering
6.2.6 Drilling Engineering
6.2.7 Field Operations and Management
6.2.8 Production Engineering
6.2.9 Economics & Finance
6.3 Operational Training
6.3.1 Information Management
6.3.2 Health, Safety, and Environment (HSE)
7 Global Upstream Petrotechnical Training Services Market, By Upstream Sector
7.1 Introduction
7.2 Exploration
7.3 Production
7.4 Development
8 Global Upstream Petrotechnical Training Services Market, By End User
8.1 Introduction
8.2 Independent Oil Companies
8.3 National Oil Companies
9 Global Upstream Petrotechnical Training Services Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Hot Engineering
11.2 API
11.3 Intertek Group plc
11.4 EAGE
11.5 NExT
11.6 IADC
11.7 Asia Edge Pte Ltd
11.8 NOVOMET
11.9 Baker Hughes (GE Company)
11.10 IFP Training
11.11 Petroknowledge
11.12 Aucerna
11.13 International Human Resources Development Corporation
11.14 PETEX
11.15 Halliburton
11.16 Rigworld Training
11.17 Shell
11.18 Petrofac Limited
11.19 RPS Group
11.20 Petroskills
11.21 Simtronics Corporation
11.22 Society of Petroleum Engineers
11.23 Society of Exploration Geophysicists
11.24 Aucerna
11.25 American Petroleum Institute
11.26 International Association of Drilling Contractors
11.27 The European Association of Geoscientists and Engineers
11.28 Royal Dutch Shell
List of Tables
1 Global Upstream Petrotechnical Training Services Market Outlook, By Region (2020-2028) ($MN)
2 Global Upstream Petrotechnical Training Services Market Outlook, By Training Mode (2020-2028) ($MN)
3 Global Upstream Petrotechnical Training Services Market Outlook, By Training Courses (2020-2028) ($MN)
4 Global Upstream Petrotechnical Training Services Market Outlook, By Face-to-face (2020-2028) ($MN)
5 Global Upstream Petrotechnical Training Services Market Outlook, By In-house (2020-2028) ($MN)
6 Global Upstream Petrotechnical Training Services Market Outlook, By Online (2020-2028) ($MN)
7 Global Upstream Petrotechnical Training Services Market Outlook, By Simulator (2020-2028) ($MN)
8 Global Upstream Petrotechnical Training Services Market Outlook, By Immersive Training (2020-2028) ($MN)
9 Global Upstream Petrotechnical Training Services Market Outlook, By E-Learning (2020-2028) ($MN)
10 Global Upstream Petrotechnical Training Services Market Outlook, By Training Type (2020-2028) ($MN)
11 Global Upstream Petrotechnical Training Services Market Outlook, By Domain Training (2020-2028) ($MN)
12 Global Upstream Petrotechnical Training Services Market Outlook, By Geology & Geophysics (2020-2028) ($MN)
13 Global Upstream Petrotechnical Training Services Market Outlook, By Petrophysics (2020-2028) ($MN)
14 Global Upstream Petrotechnical Training Services Market Outlook, By Surface Facilities Design and Engineering (2020-2028) ($MN)
15 Global Upstream Petrotechnical Training Services Market Outlook, By Geomechanics (2020-2028) ($MN)
16 Global Upstream Petrotechnical Training Services Market Outlook, By Reservoir Engineering (2020-2028) ($MN)
17 Global Upstream Petrotechnical Training Services Market Outlook, By Drilling Engineering (2020-2028) ($MN)
18 Global Upstream Petrotechnical Training Services Market Outlook, By Field Operations and Management (2020-2028) ($MN)
19 Global Upstream Petrotechnical Training Services Market Outlook, By Production Engineering (2020-2028) ($MN)
20 Global Upstream Petrotechnical Training Services Market Outlook, By Economics & Finance (2020-2028) ($MN)
21 Global Upstream Petrotechnical Training Services Market Outlook, By Operational Training (2020-2028) ($MN)
22 Global Upstream Petrotechnical Training Services Market Outlook, By Information Management (2020-2028) ($MN)
23 Global Upstream Petrotechnical Training Services Market Outlook, By Health, Safety, and Environment (HSE) (2020-2028) ($MN)
24 Global Upstream Petrotechnical Training Services Market Outlook, By Upstream Sector (2020-2028) ($MN)
25 Global Upstream Petrotechnical Training Services Market Outlook, By Exploration (2020-2028) ($MN)
26 Global Upstream Petrotechnical Training Services Market Outlook, By Production (2020-2028) ($MN)
27 Global Upstream Petrotechnical Training Services Market Outlook, By Development (2020-2028) ($MN)
28 Global Upstream Petrotechnical Training Services Market Outlook, By End User (2020-2028) ($MN)
29 Global Upstream Petrotechnical Training Services Market Outlook, By Independent Oil Companies (2020-2028) ($MN)
30 Global Upstream Petrotechnical Training Services Market Outlook, By National Oil Companies (2020-2028) ($MN)
Note: Tables for North America, Europe, Asia Pacific, South America and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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