This paper deals with the recent evolution of microgrids being used around the world in real life applications as well as laboratory application for research. This study is intended to introduce the subject by reviewing the components level, structure and types of microgrid applications installed as a plant or modeled as a simulation environment. The paper also presents a survey regarding published papers on why the microgrid is required, and what the components and control systems are which constitute the actual microgrid studies. It leads the researcher to see the microgrid in terms of the actual bigger picture of today and creates a new outlook about the potential developments. Additionally, comparison of microgrids in various regions based on several parameters allows researchers to define the required criteria and features of a special microgrid that is chosen for a particular scenario. The authors of this paper also tabulated all the necessary information about microgrids, and proposed a standard microgrid for better power quality and optimizing energy generation. Consequently, it is focused on inadequate knowledge and technology gaps in the power system field with regards to the future, and it is this which has been illustrated for the reader.