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It can be concluded from the previous chapters that microalgae are currently acquiring enormous recognition because they emerge as a promising biofuel feedstock. Despite the effectiveness, certain obstacles like gigantic biomass requirement, biomass harvest from liquid culture, and expensive lipid extraction techniques are restricting the commercial success. The present chapter aims to reveal the current status and associated challenges of algae biofuel and discuss future opportunities in the technology. One of the current approaches is to use the hybrid cultivation systems involving wastewater to reduce the algae cultivation cost along with water treatment as previously discussed in Chapter “Algal biomass as a promising tool for CO₂ sequestration and wastewater bioremediation: an integration of green technology for different aspects”. Also, focusing on integrated processes and a biorefinery approach to …