I don't really hear much out of guitar music that's pushing things forward. I suspect innovation might be like beauty (in the eye of the beholder) though. Personally, I've been really excited by a load of contemporary composers lately - Dusapin, Lachenmann, Ullmann, J Schwarts, Spahlinger, Pintscher... Most of these are 'new' in classical terms, but not really new in this forum's terms. But then I'm back to getting excited by Murail, Grisey, Sibelius, Strauss (etc) the latter two of whom were dead by the 50s. Pérotin excites me quite a bit, and he's been dead 500-odd years.
I suppose what I'm saying is that we're lucky to exist in a time when I'm not really confined to listen to music of my own era. That's not to say that Lucky Dragons or whoever aren't doing something forward-thinking, but I don't really feel obliged to listen to it. Someone like Tommy Potts (Irish fiddler) is fucking incredible, and
this blew my mind at the time it was released.
Something DDD alluded to above - the idea of technology changing the approach to music. It's interesting that we haven't really had a new generation picking up on various technological advances. I'm thinking of things like the addition of valves changing tempered horn music, or how equal temperament revolutionised the fugue, or later on how spectral analysis inspired the spectralists. There's a few movements in classical music that are interesting on that basis - Lachenmann's concrete/ acoustic, latter digital concrete guys like Mario Radrigue, this 'micro-composition' thing (which I've not heard anything good in, yet)... but I have no idea what non-academic guys are doing with new instruments. Something like the
fluid piano could produce something interesting, but rock music (generally speaking) refers to electronic devices - and most of those electronic devices seem to refer to earlier music these days. I've heard that the first generation of digital keyboards are quite desirable now, following the last decade or so of analogue fetishes. Stuff like circuit-bending produces some interesting things, but it's interesting how that, or various purely digital patches/ plugins seem to get stuck into old ways of looking at things. But again, I don't really know too much about that side of things.
Ultimately, I'm sure there are people doing something interesting things - maybe even with that museum piece the guitar - but I haven't heard it.
tl;dr: Yeah, probably.