The industrial revolution is in the book, it's the actual antagonist of the story. Tolkien was a devout Catholic distributist and Hobbingen was his ideal Catholic community of self reliant Hobbits who answer to wizards and kings, not to factory floor managers and administrators.
Right, the industrialists are literally right there in the form of Saruman and the Orcs of Isengard: "Together, my lord Sauron, we shall rule this Middle-earth. The old world will burn in the fires of industry. Forests will fall. A new order will rise. We will drive the machine of war with the sword and the spear and the iron fist of the orc." The orcs could be looked at as an allegory of the faceless, dehumanized, i…
It doesn't feature in the films but the scouring of the Shire happens after the defeat of Sauron, in which Saruman and Wormtongue take over the Shire and push the same industrialization they were pushing at Orthanc. They have a small battle, Saruman is killed by Wormtongue, who is killed by Hobbits and then everything is right again for the last chapter.
I'd also say an industrial revolution of sorts is definitely a component of the story and unambiguously considered bad.