Market Research Report

Global Quantum Computing in the Oil and Gas Market Research Report: Forecast (2024-2030)

Quantum Computing in the Oil and Gas Industry Report - By Offerings (Hardware, Software, Services), By Deployment (On-Premises, Cloud, Hybrid), By Application (Machine Learning, Si...mulation, Optimization, Others (Cryptography, Risk Assessment, etc.)), and Others Read more

  • ICT & Electronics
  • Feb 2024
  • 195
  • PDF, Excel, PPT

Market Definition

Quantum computing in the oil & gas industry refers to the enhancement of various aspects of operations within the sector using quantum computing applications. This includes development, deployment, and utilization to optimize exploration &production activities, simulate reservoir behavior, solve intricate mathematical problems, etc., and improve overall efficiency in tasks related to resource extraction, exploration, and operational planning.

Market Insights & Analysis: Global Quantum Computing in the Oil and Gas Industry (2024-30):

The Global Quantum Computing in the Oil and Gas Industry size is estimated to grow at a CAGR of around 30.5% during the forecast period, i.e., 2024-30. The adoption of quantum computing is gradually surging in the oil & gas sector due to the rising need for solutions that would help solve complex problems & optimize operations. The oil & gas industry involves highly complex logistics and operational challenges in supply chain management, drilling site selection, etc. Through the use of quantum computing, oil & gas companies can improve their efficiency by optimizing routes, schedules, resource allocation, etc. As a result, the adoption of quantum computing is surging in the oil & gas sector.

Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-2030) 30.5%
Regions Covered North America: US, Canada, Mexico
Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
Asia-Pacific: China, India, Japan, Australia, Rest of Asia-Pacific
South America: Brazil, Rest of South America
Middle East & Africa: The UAE, Saudi Arabia, South Africa, Rest of the Middle East & Africa
Key Companies Profiled IBM Corporation, Honeywell International Inc., Quantinuum Ltd., Quantum Computing Inc., Others
Market Value (2023) USD In Billion

 

Additionally, the industry is concentrating on minimizing its carbon emissions and exploring methods for carbon capture, utilization, and storage (CCUS) technologies. The utilization of quantum simulations aids in identifying appropriate materials for carbon capture technologies, crucial for the energy sector's goal of achieving carbon neutrality and combating climate change. Consequently, companies such as TotalEnergies, ExxonMobil, Shell, and others are planning to utilize quantum simulations to advance these efforts.

As the industry leaders adopt advanced technologies, it would set a benchmark for innovation within the oil & gas sector. Their investment in quantum computing for environmental & efficiency initiatives would showcase quantum computing’s potential and encourage broader adoption across the industry.

Global Quantum Computing in the Oil and Gas Industry Driver:

Surging Digitalization of Oil & Gas Sector to Foster Market Growth – During the past decade, companies in the oil & gas sector are momentously integrating digital technologies for streamlining operations, from exploration to distribution, helping to reduce downtime & operational costs. In line with this, ongoing digital transformation, players in the oil & gas industry, such as Woodside Petroleum, BHGE LLC, etc., are expanding the usage of robots beyond traditional surveillance and inspection tasks to more advanced applications.


Global Quantum Computing in the Oil and Gas Market Research Report: Forecast (2024-2030)

Similarly, addressing the challenges of producing specific components with extended market lead times and bespoke design requirements, these companies are increasingly turning to digital solutions. This growing digital transformation is paving the way for noteworthy adoption of quantum computing in the oil & gas sector.

Global Quantum Computing in the Oil and Gas Industry Opportunity:

Surging Adoption of Big Data Analytics in Oil & Gas Industry to provide New Opportunity – Big Data Analytics offers insights from large amounts of data generated during oil & gas operations, which enables more informed and strategic decision-making. As the oil & gas major players, such as Exxon Mobil, Shell, etc., have identified benefits of big data analytics, it has emerged as one of the key areas of planned investments.

Furthermore, for applications like flare monitoring, reservoir modeling, etc., the usage of big data analytics is surging due to the complex nature of these operations and the vast amounts of data they generate. As oil & gas companies significantly invest in Big Data Analytics, there is a parallel demand for technologies that enhance the value derived from it. This would open new doors for Quantum Computing in the Oil and Gas Industry players as quantum computing, known for its potential to solve complex computational problems, stands out as a complementary technology that amplifies the benefits of Big Data Analytics.

Global Quantum Computing in the Oil and Gas Industry Challenge:

Slow Adoption in Downstream Segment to Hinder the Market Growth – The downstream operations extend to pipeline, rail, storage, truck operations, etc., across diverse geographies. Although quantum computing has the potential to optimize these operations across these verticals, the immediate computational challenges are still within the frame of advanced classical computing solutions. Owing to this, downstream operations spanning refineries, sales, and marketing rely on established, classical computing systems integrated into their operational processes.

Transitioning these systems to quantum computing would not only require technological advancements but also significant changes in infrastructure & training for staff. As a result, the adoption of quantum computing in downstream applications is anticipated to witness a slow momentum, further hampering the potentiality of Quantum Computing in the Oil & Gas Industry Market.

Global Quantum Computing in the Oil and Gas Industry Trend:

Integration of Quantum Computing as Part of an Integrated Suite of Technologies – Major oil & gas companies across the globe are aiming to leverage advanced computing technologies to harness emerging technologies such as hybrid cloud, AI, and quantum computing. This is being done to address objectives such as sustainability, decarbonization, etc., in major areas of oil & gas, like supply chain, security, and material science. For this, oil & gas majors are allying with technology giants to harness the combined expertise of leading energy/oil & gas companies with the technological innovation capabilities of tech firms. For instance,

  • In 2022, tech company IBM and oil major Saudi Aramco announced preliminary plans for a strategic collaboration to establish an Innovation Hub in Riyadh, Saudi Arabia.

Moreover, as quantum computing technology matures and becomes more accessible, its integration with other digital technologies will become a key differentiator in the oil & gas industry, eventually instigating Quantum Computing in the Oil & Gas Industry Market during the forecast period.

Global Quantum Computing in the Oil and Gas Industry (2024-30): Segmentation Analysis

The Global Quantum Computing in the Oil and Gas Industry study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the global, levels. In accordance to the analysis, the market has been further classified as:

Based on Application:

  • Machine Learning
  • Simulation
  • Optimization
  • Others (Cryptography, Risk Assessment, etc.)

In the oil & gas industry, the usage of quantum computing is expected to see its most significant growth in optimization applications, particularly for upstream operations. This segment is predicted to grasp the prominent share of Quantum Computing in the Oil & Gas Industry Market in the following years. The upstream segment of the oil & gas industry includes processes such as surveying, exploration, drilling, and planning for extraction & production.

With the ongoing digital transformation of the oil & gas sector, these processes are generating vast amounts of data due to the adoption of technologies, such as seismic 3D & 4D reservoir modeling, to provide surface drilling locations, among other vital data sets. Such flow simulations would demand large classical computing resources & require long durations. However, oil & gas companies involved in upstream operations aim to deliver the highest possible return on investment with the smallest operational footprint, owing to which adoption of quantum computing of optimization applications is anticipated to surge.

Based on Offering:

  • Hardware
  • Software
  • Services

Software is anticipated to witness the highest growth rate and capture the dominating share of Quantum Computing in the Oil & Gas Industry Market due to surging demand for specialized solutions that can interface with existing workflows in the oil & gas sector, simulate complex physical processes, and optimize operations. Along with this, the demand for quantum computing software is anticipated to surge from mid-stream operations owing to its potential to enhance the overall efficiency of logistics & transportation.

Moreover, quantum computing software is beneficial for optimizing routes & schedules for pipelines, trucking fleets, tanker ships, rail cars, etc., which reduces costs and enhances the speed of transporting crude oil & petroleum products from extraction sites to processing facilities. Hence, as oil & gas companies try to navigate the logistical complexities of transporting and processing oil & gas, the demand for specialized solutions offered by quantum computing software is anticipated to surge.

Global Quantum Computing in the Oil and Gas Industry (2024-30): Regional Projections

Geographically, the Global Quantum Computing in the Oil and Gas Industry expands across:

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

The Middle East & Africa to outperform & seize the largest share of the Quantum Computing in the Oil and Gas Industry. The countries in the Middle East & Africa, such as Saudi Arabia, the UAE, Qatar, Kuwait, etc., have the world’s largest proven oil and gas reserves and are the major players in the global energy market. As per the Organization of the Petroleum Exporting Countries (OPEC), as of 2023, approximately 79.5% (1,243.52 billion barrels) of the world's proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 67.2% of the OPEC total.

The abundance of natural resources in these areas is creating substantial demand for advanced technologies to optimize exploration, production, and refining processes. By enabling more accurate simulation and modeling of geological data, quantum computing helps identify potential oil and gas reserves more efficiently and with higher precision, as a result, its adoption is surging.

Gain a Competitive Edge with Our Global Quantum Computing in the Oil and Gas Industry Report

  • Global Quantum Computing in the Oil and Gas Industry Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & market share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
  • This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  • Global Quantum Computing in the Oil and Gas Industry Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The Global Quantum Computing in the Oil and Gas Industry is expected to grow at a compound annual growth rate (CAGR) of 30.5% from 2024 to 2030.

   A. The surging digitalization of oil & gas sector is expected to drive the Global Quantum Computing in the Oil and Gas Industry during 2024-30.

   A. Some of the top companies in Global Quantum Computing in the Oil and Gas Industry include IBM Corporation, Honeywell International Inc., Quantinuum Ltd, and Quantum Computing Inc., among others.

   A. The software segment would hold a substantial market share in the Global Quantum Computing in the Oil and Gas Industry.

   A. The Middle East & Africa is expected to showcase significant growth prospectus in the Global Quantum Computing in the Oil and Gas Industry Market during 2024-30.

   A. The integration of quantum computing as part of an integrated suite of technologies is the newest trend in the Global Quantum Computing in the Oil and Gas Industry.

   A. The surging adoption of big data analytics in oil & gas industry to provide new opportunity for the market players.

  1. Market Segmentation
  2. Introduction
    1. Offerings Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Global Quantum Computing in the Oil and Gas Industry Trends & Developments
  5. Global Quantum Computing in the Oil and Gas Industry Dynamics
    1. Growth Drivers
    2. Challenges
  6. Global Quantum Computing in the Oil and Gas Industry Hotspot & Opportunities
  7. Global Quantum Computing in the Oil and Gas Industry Regulations, Policies & Standards
  8. Global Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Offerings
        1. Hardware- Market Size & Forecast 2019-2030F, USD Million
        2. Software- Market Size & Forecast 2019-2030F, USD Million
        3. Services- Market Size & Forecast 2019-2030F, USD Million
      2. By Deployment
        1. On-Premises- Market Size & Forecast 2019-2030F, USD Million
        2. Cloud- Market Size & Forecast 2019-2030F, USD Million
        3. Hybrid- Market Size & Forecast 2019-2030F, USD Million
      3. By Application
        1. Machine Learning- Market Size & Forecast 2019-2030F, USD Million
        2. Simulation- Market Size & Forecast 2019-2030F, USD Million
        3. Optimization- Market Size & Forecast 2019-2030F, USD Million
        4. Others (Cryptography, Risk Assessment, etc.)- Market Size & Forecast 2019-2030F, USD Million
      4. By Region
        1. North America
        2. South America
        3. The Middle East & Africa
        4. Europe
        5. Asia-Pacific
      5. By Company
        1. Competition Characteristics
        2. Revenue Share
  9. North America Quantum Computing in the Oil and Gas Industry Analysis, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
      2. By Deployment- Market Size & Forecast 2019-2030F, USD Million
      3. By Application- Market Size & Forecast 2019-2030F, USD Million
      4. By Country
        1. The US
        2. Canada
        3. Mexico
    3. The US Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    4. Canada Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    5. Mexico Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
  10. South America Quantum Computing in the Oil and Gas Industry Analysis, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
      2. By Deployment- Market Size & Forecast 2019-2030F, USD Million
      3. By Application- Market Size & Forecast 2019-2030F, USD Million
      4. By Country
        1. Brazil
        2. Rest of South Africa
    3. Brazil Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
  11. Europe Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
      2. By Deployment- Market Size & Forecast 2019-2030F, USD Million
      3. By Application- Market Size & Forecast 2019-2030F, USD Million
      4. By Country
        1. Germany
        2. The UK
        3. France
        4. Spain
        5. Italy
        6. Rest of Europe
    3. Germany Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    4. The UK Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    5. France Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    6. Spain Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    7. Italy Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
  12. The Middle East & Africa Quantum Computing in the Oil and Gas Industry Analysis, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
      2. By Deployment- Market Size & Forecast 2019-2030F, USD Million
      3. By Application- Market Size & Forecast 2019-2030F, USD Million
      4. By Country
        1. Saudi Arabia
        2. The UAE
        3. South Africa
        4. Rest of the Middle East & Africa
    3. Saudi Arabia Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    4. The UAE Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    5. South Africa Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
  13. Asia-Pacific Quantum Computing in the Oil and Gas Industry Analysis, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
      2. By Deployment- Market Size & Forecast 2019-2030F, USD Million
      3. By Application- Market Size & Forecast 2019-2030F, USD Million
      4. By Country
        1. China
        2. India
        3. Japan
        4. Australia
        5. Rest of Asia-Pacific
    3. China Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    4. India Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    5. Japan Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    6. Australia Quantum Computing in the Oil and Gas Industry Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Offerings- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
  14. Global Quantum Computing in the Oil and Gas Industry Key Strategic Imperatives for Success & Growth
  15. Competition Outlook
    1. Company Profiles
      1. IBM Corporation
        1. Business Description
        2. Offerings Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      2. Honeywell International Inc.
        1. Business Description
        2. Offerings Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      3. Quantinuum Ltd.
        1. Business Description
        2. Offerings Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      4. Quantum Computing Inc.
        1. Business Description
        2. Offerings Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      5. Others
  16. Disclaimer


Quantum Computing in the Oil and Gas Industry