Why not? This is centered on utilizing water wheels for power. Where are all the Dutch water wheels?

To my knowledge the only countries which could compete with Britain in use of water wheels would be Nordics, France, Northern Italy, Austria, possibly parts of Spain.

Netherlands use primarily windmills which don't give access to quite the same amount of power. In addition the Netherlands lacks coal and iron deposits.

But it is true that the Netherlands did in fact have a sort of early mini-Industrial revolution powered by dutch canals and windmills. The canal system allowed the transport of bulk quantities. Before coal, the Netherlands was a leader in the use of peat. Large quantities of peat could be transported on canals to cities for any industry requring heath such as brewing, brick making, glass etc. Thus the Netherlands was to some degree a manufacturing hub.

It was just limited how far this could be taken without direct access to water power, coal and iron.