Summary
Microgrid is a recently developed concept for future power systems. The main characteristics of the microgrid are the capability of integration of renewable energy sources and the ability to operate in two grid‐connected and islanded modes. A significant challenge of microgrid implementation is developing comprehensive control methods to ensure efficient, stable, and reliable operation. Real‐time studies are a promising approach in this case. In this paper, various real‐time energy management approaches have been thoroughly explained following a new categorization of them. A significant literature review of real‐time simulation and modeling methods has also been presented. A review of different applications of hardware‐in‐the‐loop testing of the microgrid is included in the present study. Finally, a discussion on demand for further research has been made. The presented work is organized to allow a reader to understand the importance of real‐time studies of microgrids and highlight trends in literary works without delving deeply into each one.