Quantum computing is a new computing paradigm that holds great promise for the efficient simulation of quantum mechanical systems. However, the hardware envelope provided by noisy, intermediate-scale quantum (NISQ) devices is still small compared to the size of molecules that are relevant to industry. In the present paper, the method of increments (MI) is introduced to help expedite the application of NISQ devices for quantum chemistry simulations. The MI approach expresses the electron correlation energy of a molecular system as a truncated many-body expansion in terms of orbitals, atoms, molecules, or fragments. Here, the electron correlation of the system is expanded in terms of occupied orbitals, and the MI approach is employed to systematically reduce the occupied orbital space. At the same time, the virtual orbital space is reduced based on the frozen natural orbitals (FNO), which are obtained using a one-particle density matrix from second-order, many-body perturbation theory. In this way, a method referred to as the MI-FNO approach is constructed for the systematic reduction of both the occupied space and the virtual space in quantum chemistry simulations. The subproblems resulting from the MI-FNO reduction can then be solved by any algorithm, including quantum algorithms such as the phase estimation algorithm and the variational quantum eigensolver, to predict the correlation energies of a molecular system. The accuracy and feasibility of the MI-FNO approach are investigated for the case of small molecules-i.e., BeH 2 , CH 4 , NH 3 , H 2 O, and HF-within a cc-pVDZ basis set. Then, the efficacy of the proposed framework is investigated for larger molecules used in realistic industrial applications using a qubit-count estimation on an industrially relevant, mediumsized catalyst molecule, the "constrained geometry" olefin polymerization catalyst. We show that, even by employing a modest truncation of the virtual space, the MI-FNO approach reduces the qubit requirement by almost a factor of one half. In doing so, our approach can facilitate hardware experiments based on smaller, yet more realistic, chemistry problems, assisting in the characterization of NISQ devices. Moreover, reducing the qubit requirement can help scale up the size of molecular systems that can be simulated in quantum chemistry applications, which can greatly enhance computational chemistry studies for large-scale industrial applications.