Inspired by the vast potential of microalgae in the bioeconomy and the numerous applications and benefits associated with their cultivation, a multitude of pilot- and industrial-scale microalgae production systems have been developed in recent years. Both open and closed cultivation systems have been successfully utilized, with closed photo-bioreactors (PBRs) emerging as the most versatile option for various applications and products, enabling the implementation of advanced optimization strategies. Therefore, this short review provides a comprehensive overview of the different PBR configurations and their recent applications, primarily in large-scale but also in pilot- and laboratory-scale microalgae cultivation. A detailed discussion of the advantages, limitations, specific applications and recent advancements of each type of PBR is presented to aid researchers, engineers and industry stakeholders in selecting the most suitable PBR design for their specific goals and constraints. Moreover, this review highlights the major challenges impeding the full commercialization of microalgal products and forecasts future trends in the microalgae-based industry. The diverse potential applications of microalgae in various sectors, including biofuels, nutraceuticals, pharmaceuticals, agriculture and environmental remediation, underscore the versatility and significance of the relevant cultivation technologies. By offering valuable insights into the future commercial scale and trends of microalgal biotechnology, this work sheds light on the challenges and opportunities facing this burgeoning industry.