Awarded to an individual, or individuals, for applications of physics in an industrial setting. The purpose of the prize is to recognize excellence in the industrial application of physics, and thereby to publicize the value of physics in industry, to encourage physics research in industry, and to enhance students' awareness of and interest in the role of physics in commercial product development.

The Prize consists of $10,000 and a certificate citing the contribution for which the Prize was awarded. In addition, an allowance is made for the expenses incurred by the recipient(s) to attend the APS meeting at which the Prize is presented. The APS Prize will be presented in odd-numbered years, with the first Prize awarded in 2009.