Is another telescope being launched in space?

Yes, the telescope promised to be the successor to the Hubble telescope, the James Webb telescope was going to be launched soon but this has been delayed until 2020. It will be launched by the European Space Agency's Ariane 5 launcher, with accompanying services from the ESA to NASA.

Excitingly, this infrared observatory has the ability to peer deep into the universe so that old and distant stars can be seen, and new observation about far space, such as previously unknown planets, can be increased. This means that every stage/age of our developing universe can be studied. The delay is caused because of the need for testing of the intricate systems after setbacks, such as finding tears in the huge sun shield.

The next major telescope that is set to be launched into space is the James Webb Space Telescope. This project is one that is being done in coordination with NASA, the Canadian Space Agency, and the European Space Agency. The James Webb Space Telescope is touted as a replacement of the Hubble Space Telescope but one that is supposed to be more powerful and having more technological reach.

The James Webb Space Telescope has been in development since 1996 and is named after NASA's chief administrator during the 1960's and was most noted in developing the Apollo space program. Currently, the James Webb Space Telescope has a launch date set of May 2020. The Webb telescope will have a farther range than the current Hubble telescope. The Hubble telescope orbits the Earth at 340 miles above the surface. The Webb telescope will orbit at 930,000 miles above the Earth's orbit. For a more precise reference point, the Moon currently sits 250,000 miles above Earth's orbit. The development and engineering of the James Webb Space Telescope is being handled by long time NASA contractor, Northrup Grunman.