Design, control, reliability, economic and energy management of microgrid: A review

•Assessment of Optimum design and modeling of the microgrid system.•Energy management of the microgrid system.•Analysis of the control system and reliability of the microgrid system.•Application of the recent trends such as artificial intelligence, data analysis and Blockchain in the field of micro grid system. Currently, fossil fuels still dominate as the primary energy source, accounting for around 80% of global output. However, the COVID-19 pandemic has severely affected various industries, including the electric power sector. Consequently, the energy industry has recognized the importance of renewable energy sources in addressing environmental concerns and establishing a sustainable future. Recently, microgrid systems based on renewable energy have emerged as crucial players in reducing pollution and promoting environmental sustainability. This paper offers a comprehensive assessment of microgrid systems, starting with the optimal design of the microgrid and extending to the evaluation of its control system. Through a detailed analysis of existing literature and case studies, the review identifies several key findings. Firstly, effective design and control strategies are crucial for optimizing the operation of microgrid's and maximizing their economic and energy management potential. Secondly, the integration of renewable energy sources and energy storage systems can significantly enhance the reliability and resilience of microgrid's. Thirdly, advanced control techniques and optimization algorithms play a vital role in achieving optimal energy management, cost reduction, and efficient load scheduling within microgrid systems. Furthermore, the paper explores energy management, reliability assessment, and economic analysis within the microgrid context. Lastly, the paper highlights the application of cutting-edge trends like artificial intelligence, data analysis, and blockchain in the field of microgrid systems. The numerical results showcase the enhanced reliability and resilience of microgrid's with the integration of energy storage systems, reducing the frequency and duration of power outages by 30% compared to traditional grids.