Advancements in Microalgal Biorefinery Technologies and Their Economic Analysis and Positioning in Energy Resource Market

In the energy sector, bioenergy has been utilized as a replacement for non-renewable resources. Due to the depletion of resources, mankind may face adversities in the future. To overcome these challenges, sustainable and reliable bioenergy-based alternatives are to be used. Bioenergy sources are bio-based alternatives that have become acceptable in society for their renewability, sustainability, and environmentally friendly characteristics, but they still lag in the energy market due to their less cost-effective output of upstream and downstream processing in comparison with age-old fossil fuels. This review provides a detailed overview of their techno-economic and life cycle assessment, their positioning and competition in the energy market, and the strategies that might assist them in overcoming the market challenges. Microalgal bioenergy products have been lifting their market positioning at a slower rate that is almost unnoticeable, but their assistance in becoming a better solution against adversities of energy resource depletion in the future makes them quite promising. The new research alternatives for microalgal biomass conversion in biorefinery products for bioenergy production, which are based on combating pollution and reuse of waste products, along with the strategic application for combating the energy market competition, have also been highlighted.