The global space economy is valued at €572 billion in 2023 and is projected to reach €1.6 trillion in a decade. The new EU Space Act focuses on launchers and satellites, highlighting Europe's lag behind the US in public and private funding. The Act aims to establish common rules for security and resilience in space, addressing risks like collisions and cyber-attacks. The law does not cover military uses, but a European Space Strategy for Security and Defence has been in place since 2023. Commissioner Andrius Kubilius emphasizes the need for increased investment and capacity building in the space sector.