In recent years,Microgrids have evolved from a nascent concept to a significant source of opportunity?and concern?to players across the electric power industry. Drivers of this evolution include the following: Acceleration of distributed energy resource (DER) deployments (particularly solar PV and energy storage) Increase in frequency and duration of outages due to aging grid infrastructure and extreme weather events Rise of engaged prosumers (those who both produce and consume energy), communities, and their advocates, which place a higher value on independent control Energy resilience as an economic enabler In an effort to understand this emerging market, the sponsors of this multi-client survey commissioned Navigant to help them develop a deeper understanding of and sharper strategic approaches to the emerging microgrid industry. Navigant engaged 12 project sponsors in a collaborative effort to define the scope of this research through a series of webinars and in-person workshops. Market research, expert interviews, strategy and business model tool development, and collaborative engagement between the sponsors and Navigant?s subject matter experts yielded the conclusions and insights presented in this report. The most important outcomes are summarized according to the mutually agreed upon five scope areas of the project?an introduction to microgrids, market and drivers, business modeling, strategy, and implementation. Navigant communicated these insights to the study sponsors through a series of deliverables, including a final report and other interim reports and presentations.