Power Electronics is the application of solid-state electronics for the control and conversion of electric power. It also refers to a subject of research in Electrical and Electronics Engineering which deals with design, control, computation and integration of nonlinear, time varying energy processing electronic systems with fast dynamics. Power electronics specialization deals with advanced power electronic devices, Electric drives, control and operation of industrial drives. Within next 20 years Power Electronics will shape and condition the electricity somewhere between its generation and all its users. Power Electronics therefore should now be considered as a full fledged and independent technological discipline. The ongoing development of inter connection standards and regulations will present both marketing opportunities and technological challenges for the power electronic industries. Future trends and development efforts will need of focus on improving efficiency, reliability, communication and interface ,thermal management ,reduce parts and points of failure ,packaging and bringing down the cost.