Alternative fuels derived from renewable sources are considered promising to address the above issues. Among the renewable biomass resources, microalgal biomass is rapidly emerging as a promising third generation feedstock for the production of biofuels such as biodiesel and bioethanol [5], [6] and [7]. Microalgal biomass are environmentally sustainable [8] and [9], because they do not compete with other food crops for arable land and water [10] and [11]. Compared to first and second generation biofuel feedstocks, algae can produce more energy per hectare [12]. Despite these advantages, algae biofuels are still not commercially viable due to higher production costs when compared to fossil fuels [13]. Traditionally, microalgae have been cultivated either in open raceway ponds or in engineered photobioreactors (PBR) under natural or artificial illumination. These two systems have their own advantages and shortcomings [14]. Although PBR cultivation technique requires substantially higher capital cost and operating expenses [15], it helps in maintaining pure cultures and results in higher photosynthetic efficiencies. PBRs ensure higher cell concentrations, improved CO2 utilization efficiencies and enhanced volumetric productivities [16].