MODULAR CONSTRUCTION MARKET ANALYSIS
Market Dynamics:
The Modular Construction market is expected to witness significant growth over the forecast period, owing to an increase in government initiatives for promoting green buildings and also reducing waste generated during construction activities. For instance, in 2016, the State Council of China had released a circular which stated that around 30% of the buildings would be utilizing prefabricated construction. Also, as per the announcement of Australia’s Minister for Industry, Science & Technology, in 2019, Australia would spend US$ 2 million for establishing a collaborative lab which would help the manufacturers design innovative and eco-friendly prefabricated buildings. However, the growth of this market is expected to be hampered by the volatility in the transportation charges which are required to be borne for transportation of modular construction units. This can also create an unpredictable business environment.
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