The Qt Quick 2 stack in Qt 5 is based on OpenGL, and requires OpenGL 3.0 (alternatively OpenGL 2.x with the framebuffer_object extension) or higher or OpenGL ES 2.0.
OpenGL ES 2.0 (Open Graphics Library for Embedded Systems) is a stripped-down version of OpenGL for use on embedded systems, which is missing some functions. It's the de-facto standard for hardware-accelerated graphics operations on Mac OS X, Linux, and most embedded platforms. OpenGL (Open Graphics Library) is a wide spread industry standard for rendering 2D and 3D computer graphics.
The Qt project offers binary installers for both variants. Qt 5 on Windows can be configured to use either OpenGL drivers, or DirectX drivers through the ANGLE library.
