Cross-disciplinary market analysis of commercial potential in new technology

Experts from three different technical fields at Danish Technological Institute have carried out an extensive market analysis for Grundfos New Business A/S. The analysis looked at the Grundfos Group’s commercial potential for developing new business if the company gets involved with new technology developed by the Danish Technological Institute.

For a number of years, the centre for Refrigeration and Heat Pump Technology at Danish Technological Institute has been working with sustainable technology in the field of refrigeration. The technology developed in this area can now be further expanded to include other applications in other fields than refrigeration.

One of the Institute’s planned activities in the Result Contract 2007-2009 with the Ministry of Science, Technology and Innovation concerns this expansion of the technology.

To that end, the Institute was hired by Grundfos New Business A/S to carry out a market analysis which focused on the most attractive possibilities and market segments for applying and selling the new technology if a development project were initiated.

- The market analysis for Grundfos New Business A/S shows that there is considerable commercial potential for the technology, but not necessarily in the application areas and buyer segments that were at first thought the most attractive, explains Ebbe Nørgaard from Danish Technological Institute.

The Institute has drawn on competences and experience from different technical units at the Institute, including the centre for Chemicals and Water Technology, the centre for Policy and Business Analysis and the centre for Refrigeration and Heat Pump Technology. As a result, Grundfos New Business A/S now has a unique market analysis covering all aspects of the technology’s technical performance coupled with the commercial potential in different areas.

- It was very exciting to conduct a technologically-based market analysis together with the Danish Technological Institute, which has such a broad range of competences covering both technology and market analysis and marketing, says Thorbjørn Machholm, Chief Investment Advisor from Grundfos New Business A/S. He adds that the project was in good hands at the Danish Technological Institute, which was very committed and professional in its management of the project. The market consultants were very good at tying the project together and providing a broad, customer-orientated solution.