For the field of high energy physics to continue to have a bright future, priority within the field must be given to investments in the development of both evolutionary and transformational detector development that is coordinated across the national laboratories and with the university community, international partners and other disciplines. While the fundamental science questions addressed by high energy physics have never been more compelling, there is acute awareness of the challenging budgetary and technical constraints when scaling current technologies. Furthermore, many technologies are reaching their sensitivity limit and new approaches need to be developed to overcome the currently irreducible technological challenges. This situation is unfolding against a backdrop of declining funding for instrumentation, both at the national laboratories and in particular at the universities. This trend has to be reversed for the country to continue to play a leadership role in particle physics, especially in this most promising era of imminent new discoveries that could finally break the hugely successful, but limited, Standard Model of fundamental particle interactions. In this challenging environment it is essential that the community invest anew in instrumentation and optimize the use of the available resources to develop new innovative, cost-effective instrumentation, as this is our best hope to successfully accomplish the mission of high energy physics. This report summarizes the current status of instrumentation for high energy physics, the challenges and needs of future experiments and indicates high priority research areas.