In the small wind energy domain, the existing knowledge of the system of a Permanent Magnet Generator (PMG)-based small wind turbine system design and performance is quite rich. In sharp contrast, studies with emphasis on the system of Wound Rotor Induction Generator (WRIG)-based small wind turbine system are very few. However, despite such rapid growth of the PMG-based system, it is difficult to predict the future for both systems. This is because ideas borrowed from other fields or other applications could have profound effects on future penetration. In this context, this research presents a performance and reliability investigation of both systems with a special focus on the power electronics and led the future of wind energy conversion system in an unique direction.