High-efficiency power electronic converters are imperative for future applications aiming to meet sustainability goals, as increased efficiency translates to reduced energy consumption. The emerging wide bandgap technology is a key enabler, offering better efficiency, power density, switching speed, and reduced size and weight. In view of this, we present an extensive overview of wide bandgap and ultra-wide bandgap devices for present & nextgeneration power electronics applications. The electrical characteristics of these devices are compared in this article, along with their present state and projected future developments. The current status of wide bandgap and ultra-wide bandgap devices' applicability for a wide range of emerging power electronics application areas, including solid-state transformers, data centers, ultra-fast electric vehicle charging stations, renewable energy generation, energy storage systems, solid-state circuit breakers, military electronic warfare systems, graphics processing units, quantum computers, and 6G networks, is reviewed. Furthermore, the expectations for these devices for the future of each of these applications are assessed, and the related future challenges and opportunities are discussed. The study shows that while SiC semiconductors will continue to dominate in high-power, high-voltage applications like transportation, grid-side converters, solid-state transformers, and renewable energy integration, GaN semiconductors will be crucial for low-voltage, high-frequency applications such as consumer electronics, power supplies, and data centers. Although not yet commercialized, ultra-wide bandgap devices like Diamond, and beta - Ga2O3, with their exceptional material properties, are projected to be indispensable for high-power, high-frequency power electronics applications.