The demand for power electronics increases continuously with technological development. Next-generation power electronic converter circuits and electrical power system will require sustainable, highly efficient, and higher functionality material which should outperform Cu. In future electrical systems, Cu transmission cables and windings would be replaced by carbon nanotubes (CNTs) and Cu/CNT composite. This paper presents the investigation of using CNT and Cu/CNT wires for replacing Cu for power electronics and electrical applications. Conducting wires made of Cu, Cu/CNT composite, and CNT are considered. Frequency domain electromagnetic analysis was carried out to obtain the performance parameters such as magnetic flux density, current density, impedance, voltage, power, resistance losses, inductance and AC resistance at the current of 1 A supplied with the frequency of 50 Hz . Finite element modeling simulation is carried out using COMSOL Multiphysics. The frequency of the supply current was also varied from 50 Hz to 5 MHz. The analysis shows that Cu/CNT is performing close to Cu in terms of electromagnetic parameters. Thermal analysis was also carried out by varying the current from 1 A to 35 A. CNT conductors produces lowest temperature and perform better in terms of electro-thermal parameters.