Europe was already industrializing before 1850.The fact that most european states were monarchies during the 19th century rather obscures a more subtle reality on the ground. Outside of Russia, the era of absolute monarchy in Europe was largely brought to an end by around 1850 as an result of longer lasting effect of the French revolution and Napoleonic war. The monarchs, while not powerless, generally had limited ability to influence the economic policies and legal developments of most states. The tradition of effective parliamentarianism in states such as holland, belgium, italy and germany was in fact fairly well developed under 19th century monarchies.
It would be reasonable to suppose the powers of monarchs were far more circumscribed, abd they were far more beholden to a truly elected parliment, during main parts of their industrialization than the strongmen in Taiwan and south korea during their industrializations, or the CCP central committee in china now.
Industrial revolution occurred mainly between 1780's to 1850 when majority of Europe was still ruled by absolute monarchy.
Undergirding the development of modern Europe between the 1780s and 1849 was an unprecedented economic transformation that embraced the first stages of the great Industrial Revolution and a still more general expansion of commercial activity.