We present a comprehensive review and outlook of silicon carbide (SiC) and gallium nitride (GaN) transistors available on the market for current and next-generation power electronics. Material properties and structural differences among GaN and SiC devices are first discussed. Based on the analysis of different commercially available GaN and SiC power transistors, we describe the state-of-the-art of these technologies, highlighting the preferential power conversion topologies and the key characteristics of each technological platform. Current and future fields of application for GaN and SiC devices are also reviewed. The article also reports on the main reliability aspects related to both technologies. For GaN HEMTs, threshold voltage stability, dynamic ON-resistance, and breakdown limitation are described, whereas for SiC MOSFETs the analysis also focuses on gate oxide failure and short-circuit (SC) robustness. Finally, we give an overview on the perspective of such materials in different fields of interest. An indication of possible future improvements and developments for both technologies is drawn. The requirements for hybrid converters, along with Manuscript