According to a new market, report published by Transparency Market Research the global upstream petrotechnical training services market was valued at US$ 734.8Mn in 2016 and is expected to expand at a CAGR of 6.3% from 2018 to 2026, reaching US$ 1,315.3 Mn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the upstream petrotechnical training services market in 2016.
Increase in demand for skilled workforce in upstream petrotechnical industry
The global upstream petrotechnical training services market is expected to witness considerable growth due to rising demand for skilled workforce in upstream petrotechnical industry across the globe. The oil and gas industry requires skilled workforce due to technological advancement. Hence, upstream petrotechnical companies (both operators and service providers) are focusing on enhancing workforce skills by providing training. Moreover, government policies and regulations regarding safety of workers is expected to boost training services in the upstream petrotechnical market. Operators and service providers in the upstream petrotechnical industry must provide training to their employeesin order to implement government rules and regulations.
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Upstream Petrotechnical Training Services Market: Scope of the Report
The global market for upstream petrotechnical training services is segmented on the basis oftraining mode, training type, upstream sector, end-user, and geography. Based on training mode, the market is segmented into training courses, e-learning (third party), and simulator (immersive training). Training courses are further categorized into face-to-face, in-house, and online. In 2017, the training courses segment accounted for largest market share in terms of revenue inthe global upstream petrotechnical training services market. However, simulator training is expected to grow at the highest CAGR as it offers cost effective benefits.
In terms of training type, the market can be divided into operational and domain training. Operational training is further classified into information management; and health, safety,and environment (HSE). Domain training is divided into geology & geophysics, petrophysics, surface facilities design and engineering, geomechanics, field operations and management, reservoir engineering, drilling engineering, production engineering, and economics & finance. Operational training segment is expected to expand at a high rate as need for training is continuous with regulations and protocols put in place regularly to monitor unlawful business activities, safety of workers, and environment safety measures. In terms of upstream sector, the market is segmented into exploration, development, and production. Based on end-user, the market is divided into national oil companies and independent oil companies.
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Geographically, the global upstream petrotechnical training services market is bifurcated into North America, Asia Pacific, Europe, South America, and Middle East & Africa. North America dominates the global upstream petrotechnical training services market. In the North America market, the U.S. is expected to generate the highest revenue in 2019 due to increase in drilling activity. The market in South America is expected to create significant incremental opportunity over the forecast period.
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Global Upstream Petrotechnical Training Services Market: Competitive Dynamics
Major industry players in the upstream petrotechnical training services market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for technologies and new product development. In the upstream petrotechnical industry, non-profit associations, oil and gas operators, service providers, and third party companies provide training services. The global upstream petrotechnical training services market includes key players such as The Society of Petroleum Engineers (SPE), International Association of Drilling Contractors (IADC), The European Association of Geoscientists and Engineers (EAGE), The Society of Exploration Geophysicists (SEG), American Petroleum Institute (API), Total S.A., Royal Dutch Shell, Baker Hughes (GE Company), Halliburton, Intertek Group plc., RPS Group PLC, PetroKnowledge, Novomet Group, Aucerna, International Human Resources Development Corporation (IHRDC), and Asia Edge Pte Ltd. (PetroEdge).
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The post Upstream Petrotechnical Training Services Market: Rising Demand for Skilled Workforce from Oil and Gas and Petrotechnical Industries Favor Growth in the market appeared first on 360PRWire.
