Recently, power electronic devices have reached fundamental limits imposed by the low breakdown field, low thermal conductivity and limited switching frequency of Si. Substantial improvements can only be achieved by turning over to semiconductors showing remarkable performance in the frame. These are WBG semiconductors which constitute GaN, SiC and diamond which have long been swashed for their potential superior performance in high frequency and high power applications. This review paper envisages, the core aspects of WBG semiconductors, comparison on the basis of their characteristics and their applicability in power electronics. It also includes an overview of the market for WBG semiconductors and the future perspective for power devices.