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 Deve

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

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
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
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