Press Release

Global Quantum Computing in the Oil and Gas Industry Market to Record Impressive CAGR of 30.5% (2024-30)

The Global Quantum Computing in the Oil and Gas Industry Market is projected to grow at a CAGR of 30.5% in the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Over the past few years, the oil & gas industry has been significantly embracing digital technology to enhance efficiency across operations such as exploration, distribution, etc., thereby reducing both downtime and operational costs. As part of this digital revolution, oil & gas companies, like Woodside Petroleum, BHGE LLC, etc., have been broadening the application of robotics from traditional monitoring and inspection to more sophisticated tasks. These companies are also increasingly relying on digital solutions to overcome the production challenges associated with unique components that have long lead times and specific design requirements. This shift towards digitalization is setting the stage for the significant integration of quantum computing within the sector.

Furthermore, by embracing digital transformation, oil & gas companies are better positioned to streamline both operational & capital expenditures, effectively mitigating the downward trend in return on capital employed (ROCE), even in times of sustained low oil prices. Therefore, the ongoing digital transformation within the oil & gas industry is expected to grow further, boosting the demand for quantum computing in the coming years. Additionally, the industry is focusing on reducing carbon emissions and investigating carbon capture, utilization, and storage (CCUS) technologies.

Quantum simulations play a pivotal role in discovering suitable materials for carbon capture technologies, essential for the energy sector's pursuit of carbon neutrality and climate change mitigation. As a result, corporations like TotalEnergies, ExxonMobil, Shell, etc., are employing quantum simulations to enhance their initiatives in this area.

By embracing cutting-edge technologies like quantum computing, industry frontrunners are establishing a standard for innovation in the oil & gas sector. Their commitment to deploying quantum computing for initiatives aimed at environmental sustainability and operational efficiency would promote its wider acceptance throughout the sector in the forecast period, further states the research report, "Global Quantum Computing in the Oil and Gas Industry Market, 2024."

Global Quantum Computing in the Oil and Gas Industry Market Segmentation Analysis

The Use of Quantum Computing for Optimization Application to Witness Substantial Surge

Based on the Application the market is bifurcates Machine Learning, Simulation, Optimization, and Others (Cryptography, Risk Assessment, etc.). In the oil and gas sector, quantum computing is poised for substantial growth, for Optimization Tasks, especially within upstream operations. The upstream segment, which encompasses activities like surveying, exploration, drilling, and the planning of extraction and production, is currently undergoing a significant digital transformation. This has led to the generation of massive amounts of data, spurred by the use of advanced technologies such as seismic 3D and 4D reservoir modelling, which are crucial for determining surface drilling sites.

Moreover, as oil and gas companies strive to achieve the highest possible returns on investment with the least environmental and operational impact, the transition to quantum computing for optimizing these applications is expected to accelerate, instigating the Quantum Computing in the Oil and Gas Industry Market share.

Demand for Quantum Computing from the Middle East is Set to Surge Ahead

The Middle East & Africa are expected to lead in the Quantum Computing in the Oil and Gas Industry Market. Countries like Saudi Arabia, the UAE, Qatar, and Kuwait possess the world's largest proven oil and gas reserves across the region. The abundance of oil reserves is fueling a demand for advanced technologies to enhance exploration, production, and processing efficiency.

Additionally, regional governments and energy companies are investing in technology to reduce the industry's carbon footprint. Quantum computing plays a key role in this by improving carbon capture and storage methods, optimizing renewable energy integration, and developing low-emission materials & chemicals. Hence, this is expected to drive interest and investment in quantum computing technologies in the sector, leading to increased adoption in the coming years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including IBM Corporation, Honeywell International Inc., Quantinuum Ltd, Quantum Computing Inc., and others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Global Quantum Computing in the Oil and Gas Industry Market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?