Silicon devices are dominating power electronics due to their excellent starting material quality, streamlined fabrication, low-cost volume production, proven reliability and ruggedness, and design/circuit legacy. Although Si power devices continue to make progress, they are approaching their operational limits primarily due to their relatively low bandgap and critical electric field that result in high conduction and switching losses, and poor high temperature performance. In this presentation, the favorable material properties of Silicon Carbide (SiC), which allow for highly efficient power devices with reduced form-factor and cooling requirements, will be outlined. The co-existence of Si, SiC, and GaN will be discussed, and their respective competitive advantages highlighted. High volume applications where SiC devices are displacing their Si counterparts will be reported. Wafer and device fabrication aspects will be summarized with an emphasis on the processes that do not carry over from the mature Si manufacturing world and are thus specific to SiC. The fab models of the vibrant SiC manufacturing infrastructure (that mirrors that of Si) will be presented. Barriers to SiC mass commercialization will be identified and analyzed. These include the higher than silicon device cost, defects that degrade performance and limit scalability of device area, reliability and ruggedness concerns, and the need for a trained workforce to skillfully insert SiC into power electronics systems.