ASML was by far the largest R&D investor in the Netherlands in 2024, the R&D Top-50 shows. The Veldhoven-based company invested over three billion euros in R&D. This is more than the number two to ten rankings combined.
The R&D Top-50 was compiled by Technisch Weekblad, VNO-NCW and TNO. The parties report that the increase in total private R&D spending in 2024 will be almost entirely accounted for by the chipmaker. To a lesser extent, Booking.com, which is third in the ranking, also contributes to this growth. Without ASML, however, private R&D investment stagnates.
Booking.com is fastest growing large R&D investor
Besides ASML, the top five consists of Philips, Booking.com, TomTom and Shell. Booking.com is thereby the fastest-growing large R&D investor in the R&D Top-50 in terms of percentage growth; the company invested 40% more in R&D than in 2022. At ASML, this increase is 16%.
R&D investments actually decreased at Philips (-4%) and TomTom (-1%). No comparable figures are available on Shell.
Other parties in the R&D Top-50 that invested substantially more in R&D in 2024 include DEMCON (+28%), Axelera AI (+37%) and Hadrian (+41%). Also consider Quantware (+38%) and Florensis (+36%). Another outlier is SyncVR Medical (+73%).
ASML leads in absolute amounts
Looking at absolute amounts, ASML is thus the leader with an investment of three billion euros. Philips follows with 650 million euros, while Booking.com invested 554 million euros. TomTom invested 335 million euros in R&D, while Shell spent 325 million euros.
"The analysis of the R&D Top-50 shows that the Netherlands is structurally losing ground due to insufficient investments in innovation. Moreover, our R&D spending is too concentrated in a handful of companies, with ASML far in the lead. Now is the time to create the right framework conditions so that companies can grow and we strengthen our competitiveness," says Tjark Tjin-A-Tsoi, CEO of TNO.
Focco Vijselaar, general director of VNO-NCW, adds: "As a country, we can be proud of all these companies investing heavily in the future of our economy. But we also see that R&D investments are stagnating across the board, mainly due to the deteriorating investment climate. Investments in research and innovation are the growth engine of our economy. A new cabinet must therefore firmly commit to improving the framework conditions to stimulate investment."
Rise of deep-tech scale-ups
Technisch Weekblad, VNO-NCW and TNO call the rise of deep-tech scale-ups within the manufacturing industry striking. These include Nearfield Instruments, LeydenJar and SMART Photonics. Their investments are relatively small in absolute amounts, but the parties invest their R&D budgets almost entirely in the Netherlands. They also contribute to renewing and broadening our private knowledge base.
In addition, the R&D Top-50 shows that the centre of gravity of R&D activities lies in the southern Netherlands, and especially in the Eindhoven region. It also shows that the machinery industry is by far the largest investor in R&D of all Dutch sectors.
The R&D Top-50 does not give a complete overview of all R&D investors in the Netherlands. Only parties that provided information themselves are included in the ranking. The ranking can be found here.
Image: Michal Jarmoluk via Pixabay
