Investments in aeronautics research and technology have declined substantially over the last decade, in part due to the perception that technologies required in aircraft design are fairly mature and readily available. This perception is being driven by the fact that aircraft configurations, particularly the transport aircraft, have evolved only incrementally over the last several decades. If, however, one considers that the growth in air travel is expected to triple in the next 20 years, it becomes quickly obvious that the evolutionary development of technologies is not going to meet the increased demands for safety, environmental compatibility, capacity, and economic viability. Instead, breakthrough technologies will be required both in traditional disciplines of aerodynamics, propulsion, structures, materials, controls and avionics as well as in the multidisciplinary integration of these technologies into the design of future aerospace vehicles concepts. The paper discusses challenges and opportunities in the field of aerodynamics over the next decade. Future technology advancements in aerodynamics will hinge on our ability to understand, model and control complex, three-dimensional, unsteady viscous flow across the speed range. This understanding is critical for developing innovative flow and noise control technologies and advanced design tools that will revolutionise future aerospace vehicle systems and concepts. Specifically, the paper focuses on advanced vehicle concepts, flow and noise control technologies, and advanced design and analysis tools.