Modular Construction Market is a method of constructing a structure off-site, under controlled plant settings, using the same materials and adhering to the same codes and standards as conventionally constructed facilities, but in half the time. Buildings are made up of "modules" that, when assembled on site, mirror the same architectural intent and standards as the most sophisticated site-built facility — without sacrificing quality.
Due to an increase in government programmes for encouraging green buildings and minimising waste generated during construction activities, the Modular Construction Market is likely to grow significantly over the forecast period. For example, in 2016, China's State Council issued a circular stating that prefabricated construction would account for about 30% of all buildings. In addition, according to Australia's Minister for Industry, Science and Technology, the country will spend US$ 2 million in 2019 to construct a collaborative lab that will assist manufacturers in designing creative and environmentally friendly prefabricated buildings.
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