New space is still a very recent subject in Latin America and the Caribbean. Since the start of the CubeSat wave, Latin American countries have launched 23 nanosatellites, with Brazil taking the lead with 7 launches, followed by Peru and Ecuador with 4 launches each, and Argentina with 3 nanosatellites launched. These numbers reflect a lack of innovation in these countries' space sectors. With a worldwide interest in small satellites and their applications, Latin America and the Caribbean have not taken a stand in the New Space race. Even though those countries have almost no efforts together, the number of events related to New Space has increased, indicating the rise of interest among students, professors, and other sectors in the area. This article aims to give an overview of the past and present of CubeSats in Latin America and the Caribbean by gathering information about the CubeSats, such as mission state, orbit, payload, CubeSat developer, and some lessons learned through the process in those countries. This article will bring all these elements together by analyzing the future missions of these countries, with the aim of examining the gaps between local governments, industries, and universities. Moreover, it will provide an outlook on the field, highlighting areas where these countries can collaborate and take action to develop the New Space in the region. Furthermore, the analyses should serve as a blueprint for businesses that plan on engaging in future missions and applications.
