Microalgae cultivation: photobioreactors, CO2 utilization, and value‐added products of industrial importance.

Increasing world population, industrialization, and economic development demand more energy at a global scale, and this challenge is being met with the exploitation of fossil fuels that cause CO2 and CH4 emissions and contribute towards earth's rising temperature. Microalgae are considered potential sources for CO2 abatement and for combating food insecurity by ensuring a nutritional food supply for the sustainable living of an increasing population. The CO2 utilization potential of microalgae has been continuously researched for augmentation through various photobioreactor and open raceway pond designs and developments. Apart from recognition for their nutritional importance, microalgae are finding the place in the market as 'functional foods' due to their bioactive components. In view of this, the present study highlights the status and current attempts being made for photobioreactor development, CO2 sequestration, and the production of industrially important microalgal metabolites. This review also explains the factors responsible for microalgal growth and provides research needs and recommendations to make microalgal CO2 sequestration and value‐added compounds production an industrially competitive process. © 2021 Society of Chemical Industry (SCI). [ABSTRACT FROM AUTHOR]