Silicon-based power electronic device, the most popular and well established material technology is witnessing constant improvements with regard to power handling capability. However with silicon subjected to certain theoretical limitations, wide bandgap semiconductor materials holds promise to deliver high efficiency leading to savings in energy. With different materials emerging as viable alternative for silicon based power electronic devices, cost and performance remains to be major roadblocks in realizing the potential of these devices in power grid applications. The research service captures the capabilities and potential of emerging power semiconductor devices in realizing future Smart Grid applications.