NASA has selected a $200 million mission to carry out a full-sky survey for exoplanets orbiting nearby stars. The space observatory, called the Transiting Exoplanet Survey Satellite (TESS), is scheduled for a 2017 launch.
Like the currently operational Kepler Space Telescope, TESS will be in the lookout for exoplanets that orbit in front of their host stars, resulting in a slight dip in starlight. This dip is known as a "transit" and Kepler has revolutionized our understanding about planets orbiting other stars in our galaxy by applying this effective technique. As of January 2013, Kepler has spotted 2,740 exoplanetary candidates.
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Although Kepler's powerful optics have allowed astronomers an unprecedented look into multiplanetary systems, identifying worlds as small as Mercury to many times the size of Jupiter, it is restricted to gazing at a small field of view - accounting for a mere 0.28 percent of the sky. Tiny it may be, but 145,000 main sequence stars fill that view, providing us with a gargantuan amount of transit data for hundreds of exoplanets.