Contemporary society heavily depends on power electronic systems, playing a pivotal role in realizing sustainability objectives by mitigating adverse environmental effects like the release of greenhouse gases and the exacerbation of global warming. Wide Bandgap (WBG) power components have the potential to bring about a paradigm shift in energy efficiency as compared to conventional silicon (Si)-based components. Amid various WBG materials, namely Gallium Nitride (GaN) and Silicon Carbide (SiC), GaN and SiC have surfaced as the most promising due to their exceptional performance capabilities. By utilizing WBG-based components, it becomes possible to achieve swifter switching accompanied by reduced energy losses at higher frequencies, thus facilitating the advancement of compact and remarkably efficient power converters. This present evaluative paper delves into the advantages and obstacles linked with SiC and GaN power devices, along with their applications in the realm of power electronics.