Abstract-Advances in power electronics enable efficient and flexible interconnection of renewable sources, loads and electric grids. While targets concerning efficiency of power converters are within reach, recent research endeavors to predict and improve their reliability to ensure high availability, low maintenance costs, and therefore, low Levelized-Cost-of-Energy (LCOE) of renewable energy systems. This paper presents the prior-art Design for Reliability (DFR) process for power converters and addresses the paradigm shift to Physics-of-Failure (PoF) approach and mission profile based analysis. Moreover, the lifetime prediction of reliability-critical components IGBT modules is discussed in a 2.3 MW wind power converter. Finally, the challenges and opportunities to achieve more reliable power electronic converters are discussed.