ASML once again the largest R&D investor in the Netherlands

The R&D Top 50 list published by Technisch Weekblad, VNO-NCW, and TNO once again highlights ASML's dominant position. With an investment of more than €3 billion in 2024, ASML is by far the largest R&D investor in the Netherlands. The Veldhoven-based company invests more than the numbers 2 to 10 combined and also shows the strongest growth.

The increase in total private R&D expenditure is therefore almost entirely attributable to ASML and, to a lesser extent, Booking.com. Without ASML – and adjusted for inflation – private investment in research and innovation is stagnating.

Philips, Booking.com, TomTom, and Shell complete the Top 5. The top of the list thus consists of representatives from various sectors of our economy. Booking.com stands out as the fastest-growing large R&D investor in the R&D Top 50 in terms of percentage growth.

Improve the conditions for investment

Tjark Tjin-A-Tsoi, CEO of TNO: "The analysis of the R&D Top 50 shows that the Netherlands is losing ground structurally due to insufficient investment in innovation. Moreover, our R&D expenditure is too heavily concentrated in a handful of companies, with ASML far ahead of the rest. Now is the time to create the right preconditions so that companies can grow and we can strengthen our competitive position."

Focco Vijselaar, Managing Director of VNO-NCW: "As a country, we can be proud of all these companies that are 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 make a strong commitment to improving the preconditions for stimulating investment."

New to the list: deep tech scale-ups

A striking feature of the list is the rise of deep tech scale-ups within the manufacturing industry, some of which are active within Tech Champions. TNO spin-offs such as Nearfield Instruments and LeydenJar, as well as SMART Photonics, show that the Netherlands is producing new R&D-intensive companies. Although still small in absolute terms, these companies invest almost their entire R&D budget in the Netherlands and contribute directly to renewing and broadening our private knowledge base.

Trends

Dutch R&D investments show a strong concentration. The top three companies now account for 23.5% of all private R&D expenditure, almost a quarter of the total, compared to 18.5% in 2016. The top 10 remain relatively stable, accounting for about one-third of total investments. In addition, there is a clear regional focus: the center of gravity of R&D activities lies in the southern Netherlands, especially in the Eindhoven region and in the machinery industry.

Aligning with European ambition

At the same time, the R&D Top 50 shows that of the thirty largest R&D investors in the R&D Top 50, a relatively large proportion operate in sectors that Europe labels as “high-tech.” This gives the Netherlands a favorable starting position to align with the European ambition to strengthen the high-tech base and to make better use of the European funds available for this purpose, benefiting the future earning capacity and international competitive position of the Netherlands. The recently announced AI factory in Groningen, which is being established with European co-financing, is a good example of this.