Europe can compete as a global space power but musn't be complacent,  the EU's Commissioner for the Internal Market has warned.

"It has the necessary expertise, industrial capacity…start ups, assets, to weigh-in on the global stage," Thierry Breton told a gathering of European officials and space industry experts.

"But we know also there is no time for complacency. Europe must defend its interest and freedom to operate in space."

Breton was addressing some of the biggest players in Europe's space sector at the 14th annual European Space Conference in Brussels.

The gathering focuses on what Europe need to do to remain a competitor in space, which is set to have an increasing strategic and military importance and is becoming increasingly contested.

The freedom Bretton had in mind includes the ability to launch and operate new equipment safely. With tens of thousands of pieces of space debris orbiting the earth, the risk of collisions with satellites and other technological infrastructure is growing. 

The China National Space Administration reported one if its satellites was almost hit by debris created as a product of a Russian anti-satellite test carried out in November 2021. 

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The Space Debris Monitoring and Application Center said it came within 14.5 meters of the satellite in an incident described as 'extremely dangerous' by the Chinese government. 

The Deputy Prime Minister of Belgium, Sophie Wilmes, believes stricter regulation is needed.

"The Russian guided anti-satellite test conducted in the low earth orbit zone on November 15 last year that was strongly condemned by the international community illustrates the great need for rule based order in outer space," Wilmes told the conference.

Europe's space industry could also have a role to play in the continent's post-COVID economic recovery. The sector is already believed to be worth around $65 billion, according to figures from the European Commission, with that figure expected to grow over the next decade. 

Kris Peeters, Vice President of the European Investment Bank, says finance needs to be made available to ensure the private sector can thrive. 

"To really make Europe a leading continent for innovative space solutions for a better planet and improving our lives here on earth we need a persistent and substantial investment policy," he said. 

Banks are working closely with other European stakeholders in a bid to ensure the continent keeps up with its competitors.

Cover photo: An Ariane 5 carrying two telecommunications satellite lifts off from its launchpad in Kourou, at the European Space Center in French Guiana, on August 6, 2019. Jody Amiet