Power electronics, a pivotal field orchestrating electrical energy flow in the modern world, deals with efficient conversion, control, and management of electrical power across diverse applications. While its scope encompasses circuits for energy conversion, its challenges include transporting electrical energy over extended distances. Focusing on electrical‐to‐electrical conversions, the goal is minimal loss for delivering maximum power. The article explores the intricacies of power electronics, presenting key equations, and concepts. The current global power electronics market witnesses growth, driven by demand for energy‐efficient technologies, renewables integration, and the rise of electric vehicles. Future trends indicate continued growth, driven by renewable energy systems, and electric vehicles. Wide bandgap semiconductors, play a crucial role, with ultra‐wide bandgap semiconductors like diamond emerging as potential disruptors. A comparative analysis of semiconductor properties reveals diamond's unique attributes. Despite its challenges, diamond shows promise for power electronic applications, with ongoing research on components like Schottky diodes. Thermal considerations, substrate limitations, and dislocation challenges are discussed, emphasizing the need for advancements to harness the full potential of diamond in power electronics. Finally, some inputs about the importance of overcoming these challenges for the successful integration of diamond in power electronic systems are given.