The power-sharing possibility amongst microgrids (MGs) in networked microgrids (NMGs) offers multiple profits to the NMG by employing an applicable energy management system. An efficient energy management system can provide an adequate compromise in terms of the component sizing of NMGs through MG collaboration. This paper proposes a procedure to size the component for an isolated networked hybrid microgrid. The proposed design procedure relies on the optimum operation of individual MGs. The defined Reduced Factor (RF) identifies the possible size reduction for the dispatchable components, such as diesel generators and the energy storage system of each MG. The introduced RF is based on the operating reserve evaluation obtained from the optimal operation of individual MGs and the correlation between load profiles. Eventually, the simulation and practical results of a networked hybrid MG consisting of three MGs are presented to verify the proposed component sizing procedure. The practical results verify the theoretical expectations. The results show that NPC and capital costs are reduced up to 13% and 17%, respectively.