Nicosia, Cyprus. Europe needs a modern regulatory framework for space that inspires confidence among operators, investors and citizens, Deputy Research Minister Nikodemos Damianou said on Tuesday at the opening of the high-level EU Space Days 2026 conference in Nicosia.
Space as a strategic sector
Damianou said space had become a critical sector for Europe’s competitiveness, security, resilience and strategic autonomy. He said the sector now formed part of Europe’s geopolitical and economic architecture and underpinned navigation, telecommunications, disaster response, financial systems and connectivity across the continent.
The event brought together representatives from the European Commission, the European Space Agency, the European Union Agency for the Space Programme (EUSPA), industry executives and researchers to discuss the future direction of Europe’s space policy and industrial strategy.
Calls for stronger industrial capacity
Damianou said the global space economy had already surpassed €500 billion and was expected to exceed €1.5 trillion within the next decade. He said Europe must strengthen its technological sovereignty and build a genuine single market for space.
He warned that Europe risked falling behind global rivals unless it accelerated efforts to convert innovation into industrial and strategic power. “Let’s face it, others are moving much faster,” he said. “We need not only innovation, but the ability to turn it into real industrial and strategic strength.”
EU Space Act and funding priorities
Damianou said the Cypriot presidency had prioritised advancing the proposed EU Space Act and shaping the future space pillar of the European Competitiveness Fund as part of the EU’s next multiannual financial framework for 2028-2034.
“Europe’s ambitions in space require not only clarity, but also the financial, industrial and technological capacity to deliver,” he said.