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Electronics

Daikin, Panasonic invest in cooling European heat pump market

Despite setbacks, demand for energy-saving tech still seen rising in long run

Panasonic has announced plans to invest 45 billion yen in its Czech factory to increase heat pump production capacity. (Photo obtained by Nikkei)

TOKYO -- The market for energy-saving heat pumps in Europe is slowing as countries cut subsidies, but Japanese manufacturers like Daikin and Panasonic Holdings have bet big on their spread and are continuing to invest, anticipating medium- to long-term growth.

"Our air-to-water business in Europe is facing a persistent market slowdown," said Hirokazu Umeda, executive vice president and group chief financial officer of Panasonic, in a July 31 briefing on April-June earnings.

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