Economic Evaluation of Microalgae Production Costs: A Perspective on Sustainable Development

The use of fossil fuels determined significant technological and socioeconomic developments and was the foundation of the industrial revolution, starting from Industry 1.0 up to the current phase of industrial revolution based on interconnected devices, data analytics, and artificial intelligence. The massive consumption of fossil fuels had the negative consequence of high levels of CO2 releasing into the atmosphere, contributing to climate change, and serious risks to the environment. The implications of Industry 4.0 in sustainable development have gained wide attention from the perspective of profitability, sustainable business models, and circular economy. Renewable raw materials and Industry 4.0 technologies in supply chains could make the circular economy operational by creating value-added chains in the context of introducing waste as a commodity in the economy. The present study explores potential configurations of using microalgal biomass as a low-cost primary and secondary raw material for various industrial applications. The microalgae biomass is a product that offers promising commercial opportunities, supported by continuous production technologies and relatively fast generating valuable biomass yields. Recent years showed an increase in the interest for microalgae biomass, which is currently becoming a tradable commodity in the market. However, the use of microalgae at the industrial level is not at its maximum potential, the problem of investors is mainly related to their high production costs. These costs can be reduced when the microalgae biomass employed in the technological flow is a secondary raw material produced by wastewater treatment facilities. The main objective of this study is the analysis of microalgae production costs, together with evaluation of commercial feasibility for a study case of an additional microalgae wastewater treatment module using the technical-economic analysis method.